1904 Canadian 10-Cent (Dime) Value Guide

The 1904 Canadian 10-cent piece belongs to the Edward VII (1902–1910) series and was struck entirely at the Royal Mint in London, England — before the Ottawa Mint opened its doors in 1908. With a mintage of one million pieces, the 1904 dime survives in quantity in circulated grades but represents a genuine condition rarity in Mint State: coins that escaped 120+ years of circulation with an undisturbed crown band and intact lustre are exceedingly scarce. It is the quintessential "common date, uncommon coin" of Edwardian Canadian numismatics. For values across all years of the Canadian 10-cent denomination, see our Canadian Dime Value Guide.

The 1904 Canadian dime obverse (left) shows King Edward VII's Coronation Portrait by G.W. De Saulles. The reverse (right) features the Victorian Leaves Wreath with Tudor Crown. All 1904 Canadian 10-cent coins were struck in London and bear no mint mark.

Note: Production anomalies such as off-center strikes may exist for the 1904 issue but are outside the scope of this standard value guide.

1904 Canadian Dime Composition & Melt Value

The 1904 Canadian dime was struck to the Sterling Standard — the traditional British Commonwealth alloy of 92.5% silver and 7.5% copper. Pure silver is too soft for circulation coinage; copper is added as a hardening agent while preserving the coin's aesthetic appeal. This composition remained the standard for Canadian 10-cent coins until 1919, when wartime debt forced a reduction to 80% silver. The 1904 issue therefore belongs to Canada's premier high-purity silver era.

Silver Content

• Total weight: 2.32 grams
• Silver purity: 92.5% (0.925 fine)
• Actual Silver Weight (ASW): 0.0691 troy ounces (approximately 2.15 grams of pure silver)

Melt Value (February 2026)

At a silver spot price of approximately $3.21 CAD per gram (reflecting a market rate of approximately $100 CAD per troy ounce as of early 2026), the approximate melt value of the 1904 Canadian dime is:

~2.15 g pure silver × $3.21 CAD/g ≈ $6.89 CAD

This intrinsic value functions as a hard price floor. Even a heavily worn Good-4 example commands approximately $12.00 CAD — a premium driven by numismatic scarcity rather than bullion alone. Unlike common 1960s silver coinage that often trades near melt, the 1904 dime is a true numismatic collectible where grade scarcity drives value far above its silver content. For current silver spot prices, see Ottawa Gold's live silver price tracker.

Authentication via Magnetism and Weight

The fastest screening test for the 1904 Canadian dime is the magnet test. Sterling silver (92.5% Ag) is non-magnetic. If a magnet adheres to the coin, the piece is almost certainly a modern counterfeit struck on a magnetic nickel-steel alloy. A genuine 1904 dime also weighs approximately 2.32 grams — significant deviation on an otherwise unworn coin is a red flag. For high-value examples (MS-63 and above), professional certification by ICCS, PCGS, or NGC is strongly recommended.

A supplementary "ping" test provides additional confirmation: gently tap the edge of the coin with a plastic pen while balancing it on a fingertip. Sterling silver produces a high-pitched, lingering ring. A base-metal or clad counterfeit sounds dull and flat by comparison.

Business Strike Lustre: What Genuine High-Grade Looks Like

A genuine Mint State business strike shows "cartwheel" lustre — radial flow lines of light emanating from the coin's center toward the rim as it is rotated under directed light. This optical effect is produced by metal flowing under die pressure during striking. Its absence — a flat, overly bright white surface without the radial glow — is the primary indicator of a cleaned or artificially brightened coin. (Illustration — not a photo of your exact coin)

In Mint State (MS-60 through MS-66), the 1904 dime exhibits a distinctive "cartwheel" lustre effect — radial flow lines that sweep from the center outward when the coin is tilted under a light source. This effect is the product of metal flowing under high-pressure die strikes at the London Mint. A coin with flat, bright white fields that lacks this radiating glow has almost certainly been cleaned or dipped and carries a heavy grade penalty regardless of its underlying detail.

Legal Note

Under Canada's Currency Act, melting coins of the realm for their metal content is prohibited. The melt value figures above are provided for authentication and investment context only.

1904 Canadian Dime Value Chart by Grade

The 1904 Canadian dime exists in a single recognized finish: the business strike (circulation issue), struck at the Royal Mint in London. No official Proof-Like or Specimen sets are documented for this year. Value is determined almost entirely by grade — the degree to which the coin has escaped wear and contact damage over more than a century of potential use. The following table represents typical retail prices for problem-free, accurately graded specimens. See the Coins and Canada 2026 Price Guide for Edward VII 10 cents and the NGC World Coin Price Guide for KM-10 for additional reference.

(Illustration — not a photo of your exact coin) The 1904 Canadian dime's "J-curve" price progression. Values are relatively flat in lower circulated grades before rising sharply once AU-50 is crossed. The steepest cliff — between AU-50 ($230) and MS-60 ($540) — reflects the extreme scarcity of coins that never entered significant circulation.

1904 Canadian 10 Cents — Business Strike (Circulation)

Obverse: King Edward VII Coronation Portrait (George William De Saulles) | Reverse: Victorian Leaves Wreath with Tudor Crown | Mint: Royal Mint, London | No Mint Mark | Mintage: 1,000,000

Values in CAD represent typical retail prices for problem-free, accurately graded coins as of February 2026. Sources: Coins and Canada 2026 Price Guide; NGC Price Guide. For the complete denomination price guide, see our Canadian Dime Value Guide.

Understanding the Two Value Cliffs

The grade-value table reveals two pronounced "cliffs" in the 1904 dime market. The first cliff occurs between VF-20 ($74) and EF-40 ($140): the price nearly doubles, reflecting the sharp decline in coins that retain any original lustre in the protected areas of the design. The second and steeper cliff falls between AU-50 ($230) and MS-60 ($540), more than doubling the price, and highlights the extreme rarity of coins that never circulated. Ten cents was a meaningful denomination in 1904 — a significant fraction of a day's wages — and most coins were used until worn smooth. Surviving the intervening 120+ years without the King's eyebrow or crown band being rubbed flat is statistically uncommon.

Dealer Terminology at a Glance

When interpreting older dealer lists or auction catalog descriptions, the following mappings apply to this series:

• "Unc" or "Typical Unc" → usually MS-60 to MS-62
• "Choice Unc" or "BU" (Brilliant Uncirculated) → usually MS-63
• "Gem Unc" → strictly MS-65 or higher
• "Bankroll Fresh" → a marketing term implying MS-63 or better; always verify independently

Most Valuable 1904 Canadian Dime Varieties

The 1904 Canadian 10-cent piece is notable for its production consistency. Unlike some Edward VII issues — such as the 1908 dime with its Small 8 and Large 8 varieties, or the 1913 issue with its Broad Leaves and Small Leaves reverses — the 1904 production run at the Royal Mint in London shows no major Charlton-listed die varieties. There are no widely recognized doubled dies, repunched dates, or significant design transitions for this year. Rarity for the 1904 dime is defined almost entirely by condition, not by die variety attribution.

The most important attribution check for any 1904 10-cent piece: LEFT shows a Canadian 1904 dime with no mint mark below the date (struck in London). RIGHT shows a Newfoundland 1904-H dime with the "H" Heaton Mint mark clearly visible below the date. These are completely different legal tender issues with entirely separate value guides. Never price one using the other's data.

A. Trophy-Level Examples (Condition Rarity)

The most valuable 1904 Canadian dimes are those that have survived more than a century without significant wear. The survival rate in MS-65 or higher is estimated to be a very small fraction of the original one-million-coin mintage. These are the coins pursued by Registry Set collectors competing for the finest known examples.

Market Note: The Coins and Canada trend listing shows $7,200+ CAD for MS-66. The 2022 Heritage auction realized approximately $5,500 CAD, a modest discrepancy that reflects the optimism of published trend guides versus actual competitive bidding. Both data points confirm that top-population examples command strong and rising premiums. For most collectors, the MS-63 at $1,150 CAD offers the best balance of quality, certified liquidity, and value.

B. Attribution Traps and Die State Curiosities

1904 Canadian Dime Identification Guide

Before assigning a value, confirm the coin's identity and authenticity. The Edwardian 10-cent series requires careful attention: the existence of visually similar Newfoundland issues and the potential for counterfeits on magnetic alloys make a systematic check essential for any coin above VF-20 in apparent condition.

30-Second Checklist

1. Monarch Check: Does the obverse show a balding king facing right, wearing a Tudor crown and ermine coronation robes?
   • ✅ Yes: King Edward VII — correct for a 1904 Canadian dime.
   • ❌ Veiled queen (Victoria): 1901 or earlier. ❌ Clean-shaven king (George V): 1911 or later.
2. Date and Country Check: Does the reverse read "10 CENTS CANADA 1904"?
   • ✅ Yes: Proceed to the next check.
   • ❌ Reads "NEWFOUNDLAND": This is an entirely different series — consult a Newfoundland value guide.
3. Mint Mark Check: Examine the area below the date and the bow of the wreath on the reverse.
   • ✅ Empty — no letter: Royal Mint, London — the correct and only configuration for a 1904 Canadian 10-cent coin.
   • ❌ "H" present: Heaton Mint, Birmingham — this is a Newfoundland coin, not a Canadian one.
4. Edge Check: The edge should be fully reeded (milled, with fine grooves running around the circumference). A plain or partially plain edge is a warning sign.
5. Alignment Check (↑↓ Coin Alignment): Flip the coin vertically (top to bottom, like turning a page). The reverse should appear inverted relative to the obverse — this Coin Alignment (↑↓) is standard for all 1902–1907 Canadian 10-cent coins. If the reverse is right-side up after a vertical flip (Medal Alignment ↑↑) on a coin with no documented rotation error, treat it as a potential counterfeit.
6. Magnet Test (Composition Verification):
   • Apply a strong magnet to the coin.
   • ✅ No attraction: Consistent with 92.5% sterling silver — likely genuine.
   • ❌ Magnet adheres: The coin is magnetic — almost certainly a modern counterfeit on a nickel-steel alloy. Sterling silver is non-magnetic.
7. Weight Check: A genuine, unworn 1904 Canadian dime weighs 2.32 grams. Use a jeweler's precision scale. Significant deviation below 2.25 g or above 2.40 g on a coin showing little wear is a serious red flag.
8. Finish Identification — Business Strike (the only confirmed finish for 1904):
   • Fields: Smooth but not mirror-like. In high Mint State grades, radial "flow lines" are visible under directed light — the hallmark "cartwheel" effect.
   • Devices: Frosted or satin, sharing the general texture of the fields. No stark contrast between devices and fields (contrast is the hallmark of Proof or Specimen finishes).
   • Marks: Even fully Uncirculated coins may show light bag marks or contact marks from transport — this does not prevent a coin from grading MS-60 or above.
   • Specimen (SP) — note: No Specimen strikes are documented for 1904. Unless a coin carries verifiable auction provenance and certification from PCGS, NGC, or ICCS at the SP level, assume business strike.

Grading Diagnostic: The Crown Band and the Eyebrow Criteria

The two critical grading checkpoints on the 1904 Edward VII dime. The crown band of the Tudor Crown determines the Fine-to-Very Fine boundary: flat (VG), separating from cap (F-12), individual jewels visible (VF-20). The King's eyebrow is the first point to show friction in high circulated and AU grades — any flattening disqualifies the coin from Mint State designation.

Accurate grading of the 1904 dime hinges on two specific diagnostic features, as referenced by the Saskatoon Coin Club's Edward VII Photo Grading Guide:

• The Crown Band (Tudor Crown): In VG-8, the band is worn completely smooth — no individual jewels are visible. In F-12, the band must separate visibly from the velvet cap of the crown. In VF-20, individual jewels (pearls and gemstones) on the band must be distinct, even if partially worn. This single feature defines the critical Fine-to-Very-Fine boundary for this coin series.
• The King's Eyebrow: For coins in EF through Mint State condition, the eyebrow ridge is the first high point to exhibit friction. Any greyish flattening on the eyebrow immediately disqualifies a coin from a Mint State designation, dropping it to AU-50 at best. This is the definitive AU/MS dividing line for the 1904 Edward VII dime.

Quick Silver Authenticity Tests

The fastest authentication test for the 1904 Canadian dime. Sterling silver (92.5% Ag) is non-magnetic — a genuine coin will not be attracted to a magnet. A coin that clings to a magnet is a modern counterfeit on a nickel-steel alloy. Combine the magnet test with a weight check (2.32 g) and the "ping" test for a reliable quick screen before sending a coin for professional authentication.

• Magnet: No attraction = consistent with sterling silver. Attraction = counterfeit on magnetic alloy.
• Weight: 2.32 grams on a precision scale. Significant deviation on an unworn coin is a red flag.
• Sound: Tap the edge with a plastic pen while balancing the coin on a fingertip. Sterling silver produces a high-pitched, lingering ring. A base-metal or clad counterfeit sounds dull and flat.

1904 Canadian Dime Value FAQs

Methodology & Sources

Values in this guide reflect typical retail prices for problem-free, accurately graded specimens as of February 2026. They represent the expected cost for a collector to acquire a coin from a reputable numismatic firm — not dealer buy prices or melt-value estimates. Silver melt value is calculated from publicly quoted spot prices and the coin's documented Actual Silver Weight; it is subject to daily fluctuation.

Primary sources consulted:

• Coins and Canada — Edward VII 10 Cents (1902–1910) Price Guide: Primary Canadian retail value reference for circulated and Mint State grades.
• NGC World Coin Price Guide — Canada KM-10: Technical specifications, mintage figures, and grade-value benchmarks.
• PCGS Auction Prices — 1904 10¢ MS-66+ (Heritage Auctions, 2022): Verified realized price for trophy-level MS-66 example.
• PCGS Auction Record — Canada Edward VII 10 Cents 1904 MS-65: Verified realized price for Gem Mint State example.
• Numista — Canada 10 Cents Edward VII: Specification cross-reference, design attribution, and die alignment confirmation.
• Saskatoon Coin Club — Canadian Circulation Coin Mintage Quantities: Mintage figure verification.
• Saskatoon Coin Club — Edward VII Coin Photo Grading Guide: Crown band and eyebrow grading criteria.
• Charlton Standard Catalogue of Canadian Coins: Primary Canadian variety reference, historical series context, and design attribution.
• Ottawa Gold — Silver Spot Prices (February 2026): Bullion value baseline for melt calculation.

Disclaimer: Coin values fluctuate with market conditions, silver spot prices, and auction results. Values shown are indicative retail prices and are not a guarantee of purchase or sale price. This guide covers standard business strike coins only; mint errors and non-standard strikes are outside its scope.