1904 Canadian 25-Cent (Quarter) Value Guide
Find out what your 1904 Canadian quarter is worth. Complete price guide by grade for this key-date Edward VII sterling silver coin, including Business Strike and rare Specimen values. All prices in CAD as of February 2026.
The 1904 Canadian quarter is the key date of the Edward VII series — worth far more than face value in every grade. Circulated examples trade from $30–$45 (G4) to $1,100–$1,500 (AU50). In top Gem Uncirculated grades, values exceed $25,000 CAD.
- Circulated (G4–VG8):$30–$65 — accessible entry point for album collectors
- Fine to Very Fine (F12–VF20):$100–$450
- Extremely Fine to About Uncirculated (EF40–AU50):$600–$1,500
- Mint State (MS60–MS63):$2,500–$9,500
- Gem Uncirculated (MS65+):$25,000+
- Specimen (SP63):$4,500+ — rare matte/satin presentation strike
Is it silver? Yes — this coin is 92.5% sterling silver, containing approximately 5.39 g of pure silver with a melt value of roughly $19.63 CAD at February 2026 spot prices. It is non-magnetic; a coin that sticks to a magnet is a counterfeit. Cleaned or artificially brightened examples trade at a 30%–50% discount from values listed here. All values in CAD as of February 2026. See full value chart →
The 1904 Canadian 25-cent piece is the undisputed key date of the Edward VII quarter series. With a mintage of only 400,000 — the lowest of any Edwardian business-strike quarter — it functions as the proverbial "stopper" for serious Canadian silver set collectors worldwide. Struck entirely at the Royal Mint, Tower Hill, London (no mint mark), this sterling silver coin combines intrinsic precious-metal value with extreme condition rarity that drives prices into five figures for top-grade survivors. For prices spanning the full quarter series, see the Canadian Quarter Value Guide.
Note: Major mint errors — such as off-center strikes and wrong-planchet coins — can exist for any circulation issue but are outside the scope of this standard value guide, which covers the Business Strike and documented Specimen finish only.
1904 Canadian Quarter Composition & Melt Value
Alloy Breakdown
The 1904 Canadian quarter adheres to the Sterling Silver standard of the British Empire, the same alloy used for British domestic coinage of the period:
- Silver (Ag): 92.5% — This high purity gives the coin a distinctly white lustre, markedly different from the 80% silver coins Canada adopted in 1920 or the cupronickel coins of the modern era.
- Copper (Cu): 7.5% — Added to harden the alloy and enable the coin to withstand decades of commercial circulation without excessive deformation or wear.
Melt Value (February 2026)
With silver trading at approximately $3.64 CAD per gram (approximately $113.00 CAD per troy ounce, as of February 10, 2026), the melt value of a single 1904 Canadian quarter is calculated as follows:
- Total Weight: 5.83 g
- Silver Purity: 0.925
- Actual Silver Weight (ASW): 5.83 × 0.925 = 5.3927 g (approximately 0.1734 troy ounces)
- Melt Value: 5.3927 g × $3.64 CAD/g = approximately $19.63 CAD
This melt value establishes an absolute floor price: even a damaged, slick, or heavily worn 1904 quarter retains nearly $20 in silver. In the lowest collectible grade (G4, approximately $30–$45), the numismatic premium above melt is already 50%–125%. By Mint State grades, the silver content represents less than 0.1% of the coin's market value — this is a coin that has fully decoupled from the bullion market and trades as a historical artifact.
ℹ️ The Magnet Test Is Your First Authentication Step
A genuine 1904 Canadian quarter is non-magnetic. Both silver and copper are non-magnetic metals, so a genuine coin will show absolutely no attraction to a standard fridge magnet. If your coin sticks to a magnet, it is a modern counterfeit struck on a nickel-plated steel planchet — not the genuine article. Do not buy or sell it as authentic.
Note on heavily worn examples: Coins in Good (G4) or Very Good (VG8) condition may weigh fractionally less than 5.83 g due to metal loss from decades of handling. However, the numismatic premium so vastly exceeds the value of any lost silver that this reduction is financially irrelevant for collectible specimens.
1904 Canadian Quarter Value Chart by Grade & Finish
The 1904 Canadian quarter exists in two documented finish categories: the standard Business Strike produced for general circulation, and the extremely rare Specimen (SP) striking produced with specially prepared dies and planchets. No Proof-Like (PL) finish is documented for this issue. All values in CAD as of February 2026.
⚠️ Grading the Edward VII Portrait Is Difficult
The DeSaulles portrait places the crown band, jewels, and shoulder ermine on the highest relief points — these are the first areas to show wear. A critical complication is the "weak strike" factor: coins struck at the Royal Mint for export sometimes display slightly soft detail that mimics circulation wear. Competent grading requires distinguishing between metal that was never fully struck up and metal genuinely removed by wear. For any example in Fine (F12) or better, professional certification by ICCS, PCGS, or NGC is strongly recommended.
1904 Canadian Quarter — Business Strike (Circulation)
Grade comparison for the 1904 Canadian quarter from heavily circulated (G4) through mid-grade circulated (VF20) to Mint State (MS65). The crown detail on the King's portrait is the primary grading diagnostic at each level — note how luster, surface texture, and crown definition change dramatically. The difference in value between G4 and MS65 exceeds $24,000 CAD. (Illustration — not a photo of your exact coin)
| Type | G4 | VG8 | F12 | VF20 | EF40 | AU50 | MS60 | MS63 | MS65 (Gem) |
|---|---|---|---|---|---|---|---|---|---|
| 1904 Standard Business Strike | $30–$45 | $45–$65 | $100–$140 | $300–$450 | $600–$850 | $1,100–$1,500 | $2,500–$3,200 | $7,500–$9,500 | $25,000+ |
Source: canadian-coins.ca — 1904 Quarter pricing data. Values represent typical market prices for uncleaned, unaltered examples. An MS65 example realized $25,000 USD (~$33,750 CAD) at Heritage Auctions; a separately documented PCGS MS66 example realized well above $20,000 CAD in a Canadian sale. These records underscore why the 1904 quarter is considered a registry-set stopper coin.
Market insight by grade tier:
- Circulated (G4–VF20): The most active trading segment. Album collectors frequently settle for G4 or VG8 due to cost barriers in higher grades. The jump from F12 (~$100–$140) to VF20 (~$300–$450) is significant and reflects the scarcity of coins that retained meaningful detail before leaving circulation.
- The Condition Cliff (EF40–AU50): An EF40 coin ($600–$850) represents a genuinely scarce survivor. By AU50 ($1,100–$1,500), the coin qualifies as a condition rarity — finding a 1904 quarter with most of its original luster intact after more than a century is a statistically improbable event.
- Mint State (MS60+): Trophy-asset territory. With the population of MS examples estimated in the low dozens worldwide, a certified MS63 at $7,500–$9,500 and MS65 at $25,000+ reflect genuine supply scarcity, not speculative inflation.
⚠️ Cleaned Coins Trade at a 30%–50% Discount
Because the 1904 is a high-demand key date, a large proportion of surviving examples have been cleaned at some point. Artificial brightening strips original toning, leaves hairlines visible under 10× magnification, and results in a "Details" (net-grade) designation from ICCS, PCGS, or NGC. Cleaned examples trade at a 30%–50% discount from the values above. "Blast white" coins with no natural toning should be scrutinized carefully — original-skin 1904 quarters frequently exhibit natural grey or golden toning, not blinding white surfaces.
1904 Canadian Quarter — Specimen (SP) Finish
Business Strike (left) versus Specimen SP finish (right) for an Edward VII Canadian quarter. The Business Strike shows rotating cartwheel luster under raking light. The Specimen has a uniform matte or satin texture across the fields with visibly squared-off rims and exceptional device sharpness — particularly on the King's crown and ermine collar. (Illustration — not a photo of your exact coin)
Specimen strikings of the 1904 quarter were produced individually using specially prepared dies and planchets, most likely for archival purposes or as presentation pieces for senior officials. They are not simply "shiny" coins — the defining characteristics are a matte or satin finish on the fields, sharply squared-off rims, and a level of crown and ermine detail unavailable on any business strike. These coins appear at major auction perhaps once per decade.
| Finish | SP63 | SP65 | SP67 | Notes |
|---|---|---|---|---|
| Specimen (SP) — Matte/Satin | $4,500+ | $12,000+ | $25,000+ | Extremely rare. Values are conservative estimates extrapolated from scarce auction data and realized prices of comparable Edward VII-era Canadian Specimen coinage. An SP67 in a competitive sale would be effectively a "name your price" event. |
SP value estimates are referenced from Lot-Art Numismatic Auction, May 2025 (Day 2) and the 2025 New Year's Sale catalogue — Canadian Coins and Paper Money. If you believe you have a Specimen example, do not attempt to self-authenticate — submit directly to ICCS, PCGS, or NGC.
Values in CAD represent typical market prices as of February 2026. For the complete denomination price guide across all years and monarchs, see our Canadian Quarter Value Guide.
Most Valuable 1904 Canadian Quarter Varieties
Unlike the 1906 quarter — which carries the well-known "Small Crown" vs. "Large Crown" die variety — the 1904 issue is generally homogeneous. The scarcity is a function of mintage, not design complexity: the date itself is the variety. However, two additional points merit attention for specialist collectors.
Close-up of the "1904" date on a Canadian quarter at 10× magnification. For authentication, all four digits should show consistent aging and metal flow. Altered dates (tooled from 1901 or 1900) will show irregular metal flow or tool marks around the "4." The Repunched Date variety displays a shadow or doubling on one or more digits. (Illustration — not a photo of your exact coin)
A. Trophy-Level: Mint State and Specimen Examples
The supreme prizes in the 1904 market are certified examples that combine the inherent rarity of the date with extraordinary preservation.
| What | Why It Commands a Premium | Documented Result | Source |
|---|---|---|---|
| 1904 PCGS/ICCS MS65+ | Condition rarity: the population of Gem Mint State survivors is estimated in the low dozens worldwide. Original skin and cartwheel luster are paramount. | $25,000 USD (~$33,750 CAD) | Heritage Auctions, Monthly Auction 61157 |
| 1904 PCGS MS66 | Registry-set stopper coin; one of the highest-known graded examples for the issue. | Well above $20,000 CAD | Canadian Coin News |
| 1904 Specimen (SP) | Manufacturing rarity: likely fewer than 10 examples exist in any finish. Struck individually with specially prepared dies. | Est. $20,000+ CAD | Extrapolated from comparable Edward VII Canadian Specimen sales |
B. Findable Variety: Repunched Date
Minor die-tooling anomalies consistent with a repunched date have been noted on some 1904 quarter dies, with doubling visible on one or more digits of "1904" under magnification. This variety is currently unlisted in the Charlton Standard Catalogue but has been referenced in specialist literature.
- How to identify: Examine the date "1904" under 10× magnification. Look for a shadow impression or doubling on any digit — particularly the "1" or the "4."
- Premium if certified: Approximately +10%–20% over standard values at the same grade.
⚠️ The "1904-H" Quarter Does Not Exist
Some general coin-value websites erroneously list a "1904-H" Canadian quarter. This variety does not exist. Royal Mint records confirm that all 400,000 Canadian 25-cent pieces dated 1904 were struck in London with no mint mark. The Heaton Mint in Birmingham ("H" mark) produced Canadian 5-cent pieces and Newfoundland coins during this era — not Canadian quarters. Any coin presented as a "1904-H" quarter is almost certainly a misidentified Newfoundland coin (different design and denomination) or a counterfeit. Authenticate immediately at ICCS, PCGS, or NGC before any transaction.
1904 Canadian Quarter Identification Guide
Use this 30-second checklist to confirm you have a genuine 1904 Canadian 25-cent piece before consulting the value tables above.
1904 Canadian 25-cent piece: obverse (left) shows King Edward VII facing right wearing the Imperial State Crown and coronation robes — portrait by G.W. DeSaulles. Reverse (right) shows the maple-wreath design with Imperial Crown and denomination "25 CENTS CANADA 1904." No mint mark appears anywhere on genuine examples.
30-Second Identification Checklist
Monarch Check (Obverse)
You must see a right-facing profile of King Edward VII — a mature man wearing the Imperial State Crown, with detailed coronation robes and a high-relief bust by George W. DeSaulles.
— Older woman with veil: Victorian coin, pre-1902.
— Bearded man facing left: George V, 1911 or later.
— Lady Liberty: US Barber Quarter — a different coin entirely.Reverse Design Check
The center of the reverse must read "25 CENTS CANADA 1904" within a maple-bough wreath surmounted by an Imperial Crown.
— Reads "20 CENTS": Dominion of Newfoundland coin.
— Reads "50 CENTS": Canadian half dollar.
— Shows an "H" below the date: Re-check the denomination immediately — it is almost certainly a Newfoundland coin or a 5-cent piece, not a quarter. A genuine 1904 Canadian quarter carries no mint mark of any kind.Magnet Test (Composition Verification)
Apply a standard magnet to the coin.
— Should NOT stick: The coin is 92.5% silver and 7.5% copper — neither metal is magnetic. A genuine coin will show zero attraction to a magnet.
— Sticks to magnet: Modern counterfeit on a nickel-plated steel planchet. Do not buy or sell as authentic.
The magnet test in practice: a genuine 1904 Canadian quarter (92.5% silver, 7.5% copper) will show no attraction to a standard magnet. A coin that clings to the magnet is a steel-core counterfeit.
Finish Identification
— Business Strike: Under raking light, genuine uncirculated examples display a characteristic "cartwheel" luster that sweeps across the fields as the coin is tilted. Bag marks (small contact nicks) are expected and do not constitute damage in the numismatic sense.
— Specimen (SP): The fields have a uniform matte or satin texture — no rotating cartwheel luster. Rims are sharply squared off. Device detail in the King's crown and ermine collar is exceptionally crisp. These coins are extraordinarily rare; if you believe you have one, submit it directly to ICCS, PCGS, or NGC for authentication before doing anything else.The Crown Test (Grading Shortcut)
The band of the Imperial Crown on the King's portrait is the single most important grading diagnostic for this issue. Grades — and therefore thousands of dollars in value — turn on this one area:- G4: The crown is a flat silhouette outline. No internal detail whatsoever is visible.
- VG8: The crown band outline is present and distinguishable from the field, but the interior is worn smooth.
- F12: Distinct, separate diamonds or jewels are visible within the crown band.
- VF20: The pearls in the upper arches of the crown are fully distinct and separate from one another.
A Fine (F12) example is worth nearly three times the value of a Good (G4). Accurate crown assessment is the single largest variable in determining your coin's specific value.
The Crown Test — four grade levels of the Imperial Crown detail on the 1904 Canadian quarter at 10× magnification. G4: flat crown outline, no detail. VG8: crown band visible, interior worn smooth. F12: individual jewels in the band become distinct. VF20: pearls in the crown arches are clearly separate. This one diagnostic can separate a $45 coin from a $450 coin. (Illustration — not a photo of your exact coin)
No Documented Mint Marks
No mint marks appear on genuine 1904 Canadian quarters. The entire mintage was struck in London. Do not expect a "W," "C," or any other mark. If a mark is present, the coin requires immediate third-party authentication.Counterfeit Red Flags
The high base value of the 1904 quarter — worth $30+ even in the most worn condition — makes it a counterfeit target.- Altered dates: A 1901 or 1900 quarter tooled to read "1904" is the most common forgery type. Under 10× magnification, the "4" will show uneven metal flow, filing marks, or spacing inconsistent with the other digits.
- Chinese struck fakes: Modern struck counterfeits often exhibit "mushy" or undefined hair texture on the King's portrait and incorrect or inconsistent edge reeding. The weight test (5.83 g) and magnet test are your first lines of defence.
⚠️ Never Clean Your Coins
Cleaning strips original luster and leaves hairlines visible under magnification. A cleaned 1904 quarter receives a "Details" (net-grade) designation from ICCS, PCGS, or NGC and trades at a 30%–50% discount from the values in this guide — potentially costing you thousands of dollars on a higher-grade example. Never dip, polish, or buff an old silver coin.
1904 Canadian Quarter Value FAQs
What is a 1904 Canadian quarter worth?
In Good (G4) condition, a 1904 Canadian quarter is worth approximately $30–$45 CAD. Values rise steeply with grade: Fine (F12) examples trade for $100–$140, Very Fine (VF20) for $300–$450, Extremely Fine (EF40) for $600–$850, and About Uncirculated (AU50) for $1,100–$1,500. Certified Gem Uncirculated (MS65) examples have realized over $25,000 CAD. All values assume uncleaned, original-surface coins. Cleaned examples trade at a 30%–50% discount.
Is a 1904 Canadian quarter rare?
Yes — it is the key date of the Edward VII quarter series. Only 400,000 were struck, and fewer than 2% are estimated to survive in any condition due to heavy circulation, silver melt campaigns, and the passage of more than a century. The population of uncirculated (Mint State) examples is believed to number in the low dozens worldwide, making certified MS65+ coins genuine world-class rarities that appear at major auction infrequently.
What makes a 1904 Canadian quarter valuable?
Value is driven overwhelmingly by grade and surface preservation. The 1904 is a key date, so even heavily worn circulated examples command a meaningful numismatic premium well above their ~$19.63 CAD melt value. The roughly 600-fold price difference between G4 and MS65 reflects the extreme improbability of a coin surviving more than a century without circulating to destruction. Secondary factors include the absence of cleaning or artificial toning, original luster (for Mint State examples), and professional certification by ICCS, PCGS, or NGC, which is essentially required to achieve the highest auction prices.
Is my 1904 Canadian quarter silver?
Yes. The 1904 Canadian quarter is 92.5% silver (Sterling standard), containing approximately 5.39 grams (0.1734 troy oz) of pure silver. At February 2026 spot prices, the melt value is approximately $19.63 CAD. The quickest test: apply a magnet. A genuine coin is non-magnetic — both silver and copper are non-magnetic metals. A coin that sticks to a magnet is a nickel-plated steel counterfeit and not the genuine article.
Is there a "1904-H" Canadian quarter?
No — the "1904-H" Canadian quarter does not exist. Royal Mint records confirm that all 400,000 Canadian 25-cent pieces dated 1904 were struck at the Royal Mint in London, with no mint mark. The Heaton Mint in Birmingham (identified by an "H" mark) produced Canadian 5-cent pieces and Newfoundland coins during the Edwardian era, but no Canadian quarters. Any coin presented as a "1904-H" quarter is most likely a misidentified Newfoundland coin of a different denomination, or a counterfeit. Authenticate it immediately at ICCS, PCGS, or NGC before any transaction.
Should I get my 1904 Canadian quarter professionally graded?
For circulated examples below Very Fine (VF20), grading service fees — typically $30–$80+ CAD per coin, plus submission and return shipping — may approach or exceed the coin's premium above its silver melt value, making third-party certification economically marginal for low-grade examples. However, for any coin in EF40 or better, professional certification is strongly recommended. At these price levels, a single grade point can represent hundreds or thousands of dollars in value, authentication protects against the very real risk of altered-date fakes, and ICCS/PCGS/NGC certification is effectively required to achieve the documented auction record prices. For investment-grade coins (MS63+), PCGS grading is often preferred by Canadian specialists for its strong registry-set secondary market liquidity.
What is the difference between a Business Strike and a Specimen for this coin?
A Business Strike is a coin produced for circulation on standard dies and planchets. Uncirculated business strikes exhibit a characteristic "cartwheel" luster — a reflective sweep of light that rotates across the fields as the coin is tilted. A Specimen (SP) is a coin struck individually with specially prepared dies and planchets for archival or presentation use. On the 1904 quarter, Specimens show a matte or satin finish on the fields (not a mirror polish), sharply squared-off rims, and a level of crown and ermine detail impossible on business strikes. Importantly, Specimen coins do not look like "shiny" polished coins — the fields have a refined but non-reflective surface. If you think you may have a Specimen, submit it to ICCS, PCGS, or NGC immediately — do not attempt self-authentication given the extreme value difference.
My 1904 quarter has been cleaned — what is it worth now?
A cleaned 1904 quarter will receive a "Details" or "net grade" designation from ICCS, PCGS, or NGC and trades at a 30%–50% discount from the uncleaned values in this guide. For example, a cleaned VF20 example that would otherwise be worth $300–$450 may realize only $150–$225 CAD or less. There is no way to reverse cleaning damage — hairlines and stripped luster are permanent. Never dip, polish, buff, or treat an old silver coin with any chemical, including "silver cleaner" products.
Methodology & Sources
All values in this guide are expressed in Canadian Dollars (CAD) and represent typical market prices as of February 2026, derived from an aggregation of auction records (2024–2026), published dealer prices, and retail price guides. Primary sources include:
- Charlton Standard Catalogue of Canadian Coins — variety definitions, historical context, and base pricing structures
- Coins and Canada — 1904 Quarter pricing and variety reference
- Heritage Auctions, Monthly Auction 61157 (via biddr) — MS65 auction record
- Lot-Art Numismatic Auction, May 2025 (Day 2) — Canadian Specimen coin comparables
- NGC Price Guide — Canadian 25 Cents reference
- Numista — 25 Cents, Edward VII, Canada — technical specifications
- Saskatoon Coin Club — Canadian Circulation Coin Mintage Quantities — mintage verification
- Wikipedia — Quarter (Canadian coin) — Royal Mint origin and no-mintmark context
- Silver spot price reference: ~$3.64 CAD per gram (~$113.00 CAD per troy ounce) as of February 10, 2026
- PCGS CoinFacts and ICCS population reports — survival rate and Mint State population context
Disclaimer: Coin values fluctuate with silver spot prices, collector demand, and auction market conditions. Values listed are estimates for uncleaned, original-surface coins in the grades described. Cleaned, damaged, counterfeit, or improperly stored coins may trade at significant discounts or have no numismatic value. This guide is for informational purposes only and does not constitute investment advice.
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.