1902 Canadian 25-Cent (Quarter) Value Guide
What is your 1902 Canadian quarter worth? Complete price guide for the London (no mark) and Heaton ('H') varieties — circulated $22–$110, Gem Mint State up to $4,500+ CAD. Values as of February 2026.
A circulated 1902 Canadian quarter (Heaton 'H' variety) is worth $22–$80 CAD depending on grade. The scarcer London (no mint mark) variety commands $25–$110 CAD in the same grades. In Gem Mint State (MS65), values reach $3,000–$4,500+ CAD.
- Heavily circulated (G4–VG8), either variety:$22–$35 CAD — a modest premium above silver melt value
- Fine to VF (F12–VF20), 1902 H (Heaton):$45–$80 CAD
- Fine to VF (F12–VF20), 1902 London (No Mark):$55–$110 CAD
- Gem Mint State MS65, 1902 H:$3,000+ CAD
- Gem Mint State MS65, 1902 London:$4,500+ CAD
- Specimen SP65, 1902-H only (extremely rare):$6,000 CAD
Is it silver? Yes — the 1902 quarter is 92.5% sterling silver. A strong magnet will not attract it. The coin contains 0.1728 troy oz of pure silver, giving it a melt floor of approximately $19.55 CAD at February 2026 spot prices. Is it shiny or seemingly uncirculated? The Edward VII portrait wears first at the eyebrow and crown band — many coins sold as "Mint State" are actually AU-55 or AU-58 sliders. This distinction swings value by $400+ on the London variety. All values in CAD. See full value chart →
The 1902 Canadian 25-cent piece is the inaugural issue of the Edwardian coinage era, struck following the death of Queen Victoria in 1901. Two facilities produced this coin: the Royal Mint in London (no mint mark, 464,000 coins) and the private Heaton Mint in Birmingham ('H' mint mark, 800,000 coins). This dual-mint origin is the year's defining collectible distinction. The Edward VII quarter series ran from 1902 to 1910, making this first-year issue a foundational type piece for Edwardian specialists. For the full denomination history across all years and monarchs, see our Canadian Quarter Value Guide.
Note: Errors such as off-center strikes may exist for the 1902 quarter but are outside the scope of this standard value guide.
1902 Canadian 25-cent piece: obverse featuring King Edward VII facing right (portrait by G.W. DeSaulles) and reverse with crossed maple boughs surmounted by a crown. The 'H' mint mark, if present, appears at the bottom of the reverse below the wreath ribbon bow.
1902 Canadian Quarter Composition & Melt Value
The 1902 Canadian quarter adheres to the Sterling Standard (.925 fine silver) established in 1858 and maintained by the Dominion of Canada until 1919, when the alloy was reduced to .800 silver for circulating coinage. This high silver purity gives well-preserved specimens a characteristically bright "white" lustre that distinguishes them visually from the slightly greyer tone of later George V and George VI issues struck in the lower-purity alloy.
Composition Breakdown
| Property | Specification |
|---|---|
| Metal | Sterling Silver |
| Silver fineness | 92.5% (925/1000) |
| Copper content | 7.5% |
| Total weight | 5.81 grams |
| Actual Silver Weight (ASW) | 0.1728 troy oz (approx. 5.37 g pure silver) |
| Diameter | 23.62 mm |
| Edge | Reeded |
Melt Value (February 2026)
The numismatic floor price of the 1902 quarter is anchored by its silver content. With an ASW of 0.1728 troy oz and a February 2026 silver spot price of approximately $113.10 CAD per troy oz (approximately $3.64 CAD per gram), the melt value works out to approximately $19.55 CAD. This figure is consistent with the document's observation that heavily worn G4–VG8 examples trade at $22–$35 CAD — described as a modest premium above melt. For current live silver prices in Canadian dollars, see Canada Gold — Today's Silver Prices or SilverPrice.org (Canada).
ℹ️ This Is NOT Junk Silver
In G4–VG8, the 1902 quarter may appear to behave like fractional silver bullion. However, once the grade reaches Fine (F-12), numismatic collector value decouples entirely from the spot price. At VF-20, the coin is worth roughly 4–6× its melt value; at MS-63, it is worth 60–90× melt. Never treat a problem-free, finer-grade 1902 quarter as scrap silver.
Magnet Test — Authentication Check
Because the 1902 quarter is sterling silver — a non-ferrous alloy — a genuine example will not be attracted to a strong magnet. If a coin claiming to be an 1902 Canadian quarter is pulled toward a magnet, it is either counterfeit (iron or steel core) or a wrong-planchet anomaly outside the scope of this guide. Secondary authentication: a genuine coin should weigh 5.81 grams (±0.1 g). Significant underweight may indicate a counterfeit or extreme surface alteration.
Magnet test for the 1902 Canadian quarter: a genuine sterling silver example will not be attracted to a strong neodymium magnet. A coin that sticks immediately should be treated as counterfeit or wrong-metal. (Illustration — not a photo of your exact coin)
The reeded edge of the 1902 Canadian quarter. The bright, white-silver colour confirms the .925 sterling alloy. Later George V issues struck after 1919 in .800 silver exhibit a slightly greyer edge tone under direct light.
Note: The Currency Act of Canada prohibits the melting of coins of the realm. Melt value is provided as a numismatic floor reference only.
1902 Canadian Quarter Value Chart by Grade & Variety
Values below represent typical retail pricing for problem-free, original-surface examples as of February 2026. Coins exhibiting cleaning (visible hairlines), rim damage, or environmental corrosion typically trade at a 40–60% discount relative to the figures listed here. All prices in CAD.
1902 Canadian Quarter — Business Strike (Circulation)
| Variety | Mintage | G4 | VG8 | F12 | VF20 | EF40 | AU50 | MS60 | MS63 | MS65 |
|---|---|---|---|---|---|---|---|---|---|---|
| 1902 London (No Mark) | 464,000 | $25 | $35 | $55 | $110 | $240 | $500 | $900 | $1,800 | $4,500+ |
| 1902 H Heaton ('H' Mark) | 800,000 | $22 | $30 | $45 | $80 | $160 | $350 | $650 | $1,200 | $3,000+ |
Primary pricing sources: NGC World Coin Price Guide — Canada 25 Cents KM-11 (1902–1909); Calgary Coin Gallery — Canadian 25 Cents; London Coin Centre — 1902 25 Cents G4.
Key Market Insights
- The London Premium: In G4–VG8, the London variety carries only a $3–$5 premium over the Heaton issue — a negligible difference in heavily worn condition. From VF-20 upward, the spread widens to approximately 30–40%, directly reflecting the lower survival rate of the smaller-mintage London strike in higher preservation states.
- The VF-20 Sweet Spot: The VF-20 grade is considered highly liquid in the Canadian market for this series. At this level, the full band of the crown is visible with distinct jewels, and the ear shows clear internal detail — yet the price is approximately 10% of the Mint State equivalent, offering strong value retention.
- The AU/MS Boundary: The jump from AU-50 to MS-60 is stark on the London variety ($500 versus $900). The G.W. DeSaulles portrait of Edward VII features a relatively shallow relief, making the King's eyebrow and crown band highly susceptible to the first traces of friction. A true MS-60+ must show an absolutely unbroken cartwheel lustre across these high points with no grey "rub" at all.
⚠️ AU Slider Warning
The most common misrepresentation in 1902 quarter trading is the "AU slider" — a coin with slight friction on the King's eyebrow or crown jewels that is presented as Mint State. On the London variety, the difference between AU-50 ($500) and MS-60 ($900) is financially significant. Rotate the coin under a single strong directional light source and look for a full, unbroken cartwheel lustre flowing evenly across the entire field. Any grey patch on the portrait's high points means the coin is circulated.
Grade comparison for the 1902 Canadian quarter — left: G4 (portrait silhouette visible, crown and ear worn flat, legend legible); centre: VF20 (crown band jewels distinct, ear detail clear, moderate wear on high points); right: MS63 (full cartwheel lustre, no friction on eyebrow or crown band). (Illustration — not a photo of your exact coin)
1902 Canadian Quarter — Specimen (SP) Strikes — 1902-H Only
Specimen strikes for 1902 are exceptionally rare. Unlike the modern collector era (post-1937), these were not produced for large, publicly distributed sets. Confirmed Specimen examples exist primarily for the 1902-H (Heaton Mint) issue — likely retained in Heaton Mint archives or presented to dignitaries around the time of Edward VII's coronation. They are struck with polished, carefully prepared dies and exhibit a matte or semi-matte field texture contrasting with frosted, sharply struck devices. This finish is distinctly different from the deep mirror fields of modern silver proofs. No confirmed Specimen examples are attributed to the London Mint issue.
| Finish | SP63 | SP65 | SP67 | Notes |
|---|---|---|---|---|
| 1902-H Specimen (Matte/Semi-Matte) | $3,500 | $6,000 | $12,000+ | Extremely rare. Matte or semi-matte fields; frosted devices; unusually sharp squared-off rim. Authentication by ICCS or PCGS strongly recommended. |
Values in CAD represent typical market prices as of February 2026. For the complete denomination price guide across all Edward VII and other years, see our Canadian Quarter Value Guide.
Most Valuable 1902 Canadian Quarter Varieties
A) Trophy-Level Examples
The ceiling values for 1902 quarters are driven by condition rarity rather than a single scarce date or die variety. The following represent the most valuable documented categories for this year:
| What | Why It Commands a Premium | Documented Value (CAD) | Source |
|---|---|---|---|
| 1902 (London) MS66/MS67 | Lowest mintage of the year; extremely rare survivors in Gem or Superb Gem condition. MS67 virtually non-existent. | ~$5,000–$7,000+ (Est.) | CoinArchives Auction Results |
| 1902-H Specimen SP68 | Top Population status from Heaton Mint archives — finest known example with flawless matte/satin surfaces. | >$15,000 (Est. — rarely trades) | Heritage Auction Archives |
| 1902-H MS65 | Top-tier business strike survivor from the Heaton Mint; exceptional eye appeal at certified MS65 level. | $1,560 CAD (converted from USD sale) | PCGS Auction Prices — 1902-H 25C MS65 |
ℹ️ The Registry Stopper
The 1902 London (No H) in MS66 is considered a "registry stopper" for collectors building Edward VII Circulation Strike registry sets on PCGS or ICCS. High-grade survivors of the London issue are far fewer than its mintage figure suggests, and serious registry competitors will pay aggressive premiums for a certified example. While the 1906 quarter is the key date of the full Edward VII series, the 1902 London is the key condition rarity within the first year of issue.
B) Primary Variety Split — What to Look For
Unlike the 1902 five-cent coin, which carries a well-documented Large H vs Small H die variety, the 1902 25-cent quarter has one primary collectible distinction: the presence or absence of the 'H' mint mark at the bottom of the reverse. Standard catalogues including the Charlton Standard Catalogue do not list a Small H vs Large H split for the 1902 quarter. That variety is specific to the nickel — see the Calgary Coin Gallery 5-Cent Reference for that series. Any apparent minor positional or size variations of the 'H' on the 1902 quarter are considered minor die states rather than premium-commanding varieties.
| Variety | Charlton # | How to Identify (Diagnostic) | Mintage | Premium Over the Other (VF20+) |
|---|---|---|---|---|
| 1902 London (No Mark) | KM-11 | No letter or mark visible below the ribbon bow at the very bottom of the reverse. Plain field. | 464,000 | +30% to +50% over 1902 H in VF-20 and above |
| 1902 H — Heaton (H Mark) | KM-11 | Small letter H visible below the ribbon bow at the very bottom of the reverse. | 800,000 | Baseline value |
The 1902 quarter has a single reverse design type. Some references discuss "Small Crown" versus "Large Crown" varieties for Edward VII quarters — this distinction is specific to the 1906 issue only. For 1902, all examples share the standard Edwardian crown design; no Large Crown alternative exists for this year.
Reverse comparison of the two 1902 Canadian quarter varieties at the critical identification point. LEFT: 1902 London — plain field below the ribbon bow, no mark present. RIGHT: 1902 H (Heaton) — letter 'H' clearly visible below the ribbon bow. The London variety commands a 30–50% premium in VF-20 and above due to its lower mintage (464,000 vs 800,000). (Illustration — not a photo of your exact coin)
1902 Canadian Quarter Identification Guide
Use this 30-second checklist to confirm the identity, authenticity, finish, and approximate grade of your 1902 Canadian quarter before consulting the value tables above.
30-Second Identification Checklist
Monarch Check (Obverse): You must see King Edward VII facing right. The legend reads EDWARDVS VII DEI GRATIA REX IMPERATOR. If the portrait is Queen Victoria, you have a 1901 or earlier coin on a completely different value scale. If you see George V, the coin is 1911 or later.
Reverse Design Check: The reverse displays crossed maple boughs surmounted by a crown with "25 CENTS" and the date "1902" in the centre. The crown is the standard Edwardian type — no Large Crown alternative exists for 1902 (that variety is unique to 1906).
Mint Mark Check — THE KEY STEP: Examine the very bottom of the reverse, directly below the ribbon bow where the two wreath branches meet. Use a 5×–10× loupe for certainty.
- Nothing present → 1902 London (mintage 464,000 — scarcer variety, higher value in VF+)
- Letter H present → 1902 H Heaton Mint (mintage 800,000 — baseline value)
Edge Check: The genuine 1902 Canadian quarter has a reeded (serrated) edge. A smooth edge signals a different denomination, a wrong year, or a counterfeit.
Magnet Test (Composition Verification): Apply a strong neodymium magnet.
- Does not attract → Genuine sterling silver (expected result)
- Sticks immediately → Not genuine silver — discard as counterfeit
Weight Check: A genuine coin should weigh approximately 5.81 grams. A digital scale accurate to 0.01 g provides reliable confirmation. Significant underweight (below ~5.60 g) suggests a counterfeit or surface alteration.
No Documented Marks Other Than 'H': No privy marks, anniversary marks, or composition marks are attributed to the 1902 Canadian 25-cent piece. The only documented mint mark for this year is the Heaton 'H' described above.
Finish Identification:
- Business Strike (Circulation): Smooth fields display a flowing "cartwheel" lustre pattern when the coin is rotated under directional light. Circulated examples will be dull grey-silver or toned.
- Specimen (SP) — 1902-H only, extremely rare: Exceptionally sharp detail with a matte or semi-matte texture on the fields that contrasts with frosted, crisply struck devices (portrait, maple boughs, crown). The rims appear unusually sharp and squared-off. This finish does not resemble the deep mirror fields of modern proofs. Any coin believed to be a Specimen must be submitted to ICCS or PCGS for formal attribution before trading.
Quick Grade Check:
- G (Good): King's portrait is a readable silhouette, but the crown and ear detail are worn smooth. Date and legend legible.
- VF (Very Fine): The jewelled band of the crown shows distinct individual pearls/jewels. The ear has clear interior detail. This is the "sweet spot" for liquid Canadian market trading.
- MS (Mint State): The coin looks essentially new. No grey rubbing whatsoever on the King's eyebrow or the crown band. Full cartwheel lustre visible when rotated under a single light source.
Finish comparison for the 1902 Canadian quarter. LEFT: Business Strike — flowing cartwheel lustre across smooth fields. RIGHT: Specimen (1902-H only) — matte/semi-matte field texture with frosted, sharply struck devices and squared-off rim. These two finish types require completely separate value scales. (Illustration — not a photo of your exact coin)
Close-up of the Edward VII obverse showing the two critical high-point wear locations: the King's eyebrow (arrow A) and the jewelled band of the crown (arrow B). Because the DeSaulles portrait has a relatively shallow relief, these areas lose lustre with even minimal handling — making the AU/MS boundary particularly nuanced and financially significant on this coin. (Illustration — not a photo of your exact coin)
⚠️ Never Clean Your 1902 Quarter
1902 silver quarters regularly develop dark, uneven natural toning after more than 120 years — this original patina is considered desirable by serious collectors. Cleaning, even lightly with water or a cloth, strips original lustre and leaves microscopic hairlines that are immediately visible under magnification. A cleaned coin is graded "Details" (environmentally damaged) by ICCS, PCGS, and NGC, and trades at the VF or EF retail price regardless of its underlying sharpness. A suspiciously bright, flat-lustre coin is a red flag.
ℹ️ ICCS vs. PCGS/NGC — Which Grading Service?
ICCS (International Coin Certification Service) is the domestic standard for Canadian circulation coins, known for conservative, technically precise grading. Most Canadian dealers and auction houses price 1902 quarters based on ICCS grades. PCGS is the preferred service for "trophy-level" examples (MS65+) intended for the Set Registry market or international auction, where PCGS holders carry greater cross-border liquidity and may command a premium over an equivalent ICCS-graded coin.
1902 Canadian Quarter Value FAQs
What is a 1902 Canadian quarter worth?
Value depends on two factors: which mint produced the coin and its grade. A heavily circulated Heaton ('H') example in G4 is worth approximately $22 CAD — just above its silver melt value. The London (no mark) variety in G4 fetches around $25 CAD. In VF-20, values rise to $80 (Heaton) and $110 (London). Gem Mint State (MS65) examples command $3,000+ CAD (Heaton) and $4,500+ CAD (London). The rare 1902-H Specimen reaches $6,000 CAD at SP65. All values in CAD as of February 2026.
Is my 1902 Canadian quarter silver?
Yes. The 1902 Canadian quarter is struck in 92.5% sterling silver (925/1000 fine), the same high purity used for Canadian coinage from 1858 until 1919. The coin contains an Actual Silver Weight (ASW) of approximately 0.1728 troy oz (about 5.37 grams of pure silver). A simple magnet test confirms authenticity: a genuine coin will not be attracted to a strong magnet. At February 2026 spot prices of approximately $113.10 CAD per troy oz, the melt floor is approximately $19.55 CAD.
How do I tell the 1902 London variety from the 1902-H Heaton variety?
Turn the coin to the reverse and examine the very bottom, directly below the ribbon bow that ties the two wreath branches together. If there is nothing there, you have the London issue (mintage 464,000 — the scarcer, higher-value variety in VF and above). If you see a small letter 'H', you have the Heaton (Birmingham) issue (mintage 800,000 — the common, baseline-value variety). A magnifying loupe of 5× to 10× makes this confirmation straightforward. The London variety commands a 30–50% premium over the Heaton in grades of VF-20 and higher.
Is there a 'Small H' vs 'Large H' variety on the 1902 Canadian quarter?
No. The Small H / Large H variety distinction is specific to the 1902 five-cent (nickel) coin, not the 25-cent quarter. Standard catalogues including the Charlton Standard Catalogue and NGC do not list a Small H vs Large H split for the 1902 quarter. The only documented collectible variety distinction for the 1902 quarter is London (no mark) vs Heaton (H mark). Minor positional or apparent size differences of the 'H' on individual quarters are treated as normal die state variation, not premium varieties.
What makes the jump from AU-50 to MS-60 so significant on this coin?
At AU-50, the coin has slight friction — visible as a thin grey film — on the King's eyebrow or the jewelled crown band. At MS-60, there must be absolutely no interruption in the mint's original cartwheel lustre across these high points. The Edward VII portrait by G.W. DeSaulles has a relatively low relief, meaning minimal handling creates convincing near-Mint surfaces that many dealers mislabel as Uncirculated. On the London variety, the value difference is $500 (AU-50) versus $900 (MS-60) — a $400 swing on a single classification boundary. Always verify under strong directional light before purchasing a raw (uncertified) example in this grade range.
What is the 1902-H Specimen quarter and why is it so rare?
Specimen strikes are coins produced with specially prepared, polished dies for archival or presentation purposes — not intended for circulation. For the 1902 issue, confirmed Specimen examples exist only for the Heaton Mint ('H') issue, likely retained in the Heaton Mint's own archives or gifted to dignitaries at the time of Edward VII's coronation. They are identified by a matte or semi-matte field texture contrasting with frosted, crisply struck devices, and unusually sharp, squared-off rims. This finish is distinct from the deep mirror fields of modern proofs. Values range from $3,500 CAD (SP63) to $12,000+ CAD (SP67), with top-population SP68 examples estimated well above $15,000 CAD. No confirmed Specimen examples are attributed to the London Mint for this year.
Should I clean my 1902 Canadian quarter?
Never. Even the gentlest cleaning — with water, a soft cloth, or a commercially sold coin dip — removes original lustre and produces hairline scratches visible under magnification. These hairlines cannot be reversed. A cleaned coin is permanently categorised as "Details — Cleaned" by ICCS, PCGS, and NGC, and will trade at the VF or EF price regardless of the underlying sharpness and detail level. The dark, uneven natural toning that develops on 120-year-old silver is considered desirable by collectors and contributes positively to eye appeal.
Should I have my 1902 quarter professionally graded?
Grading economics depend on the coin's approximate grade. In G4 through F12 (values of approximately $22–$55 CAD), standard third-party grading fees likely exceed the coin's market value — grading is not recommended. At VF-20 to EF-40 ($80–$240 CAD), grading is borderline but worthwhile if authenticity or originality is in question. At AU-50 and above — particularly any coin you believe may reach MS-60 or higher — professional grading by ICCS (for the domestic Canadian market) or PCGS (for international auction or Set Registry competition) is strongly recommended. A certified MS-63+ example commands multiples of the equivalent raw coin's value.
Is a 1902 Canadian quarter rare?
In circulated grades, the 1902 quarter is not genuinely rare. The combined mintage of 1,264,000 coins (464,000 London plus 800,000 Heaton) means well-worn examples surface regularly in collections, estate sales, and at dealers. The coin becomes genuinely scarce above EF-40 and legitimately rare in true Mint State: the London variety in MS65 or higher is a census-level rarity that appears at major auction only occasionally. The 1902-H Specimen is extremely rare in any grade.
Methodology & Sources
Values in this guide reflect typical retail market prices for problem-free examples as of February 2026, drawn from the following primary sources:
- NGC World Coin Price Guide — Canada 25 Cents KM-11 (1902–1909) — circulated and Mint State base values
- PCGS Auction Prices — 1902-H 25C — verified high-grade and Specimen auction realizations
- Stack's Bowers Auction Archive — trophy-grade sales records
- CoinArchives — Auction Results — London variety MS66/67 estimate basis
- Calgary Coin Gallery — Canadian 25 Cents — variety context and market pricing trends
- Numista — 25 Cents Edward VII Canada — specifications and mintage data
- Saskatoon Coin Club — Canadian Circulation Coin Mintage Quantities — mintage verification
- Canada Gold — Today's Silver Prices and SilverPrice.org (Canada) — February 2026 silver spot price data
- Charlton Standard Catalogue of Canadian Coins — variety attribution, KM numbers, and baseline value trends
Values represent typical retail prices for problem-free, original-surface examples. Individual coins may trade above or below these ranges based on eye appeal, toning, and auction competition. This guide covers standard (non-error) varieties only. Values fluctuate with silver spot prices and collector demand.
A note on images: To help illustrate coin diagnostics and rare varieties — especially complex errors that are difficult to describe in text alone — this guide uses AI-generated images. All written values, diagnostics, and variety attributions have been manually reviewed against the cited sources above. While our editorial team works to ensure every image is accurate and helpful, AI-generated illustrations may occasionally misrepresent fine details. If you spot any discrepancy between an image and its written description, please contact us or leave a comment below — we review all feedback and correct errors promptly. Numismatic knowledge is a community effort, and your input helps us build a more accurate resource for everyone.