1906 Canadian 25-Cent (Quarter) Value Guide
Find out what your 1906 Canadian quarter is worth. Complete price guide by grade for the Large Crown and rare Small Crown varieties — including the $32,000+ AU-50 Small Crown rarity — with CAD values as of February 2026.
Most 1906 Canadian quarters are the common Large Crown variety, worth $30–$700 CAD in circulated grades and up to $12,000+ CAD in Gem Mint State. But the rare Small Crown variety — identifiable by a single feature in the crown — starts at $1,600 CAD even heavily worn.
- Found in a collection / circulated? Large Crown: $30–$700 CAD (G-4 to AU-50). Small Crown: $1,600–$32,000+ CAD across the same grade range.
- Shiny, sharp-edged, or from a presentation set? Genuine Specimen strikes (struck for presentation, not circulation) trade for $5,000–$10,000+ CAD. Third-party certification (ICCS, PCGS, or NGC) is essential to confirm a true Specimen versus a flashy business strike.
- Is it silver? Yes — every 1906 quarter is Sterling Silver (92.5% Ag, 0.1728 troy oz ASW). At February 2026 silver prices (~$106.48 CAD/oz), every example carries a melt floor of approximately $18.38 CAD, regardless of grade or variety.
All values in CAD as of February 2026. The single most important step is checking whether you have a Large Crown or a Small Crown — one diagnostic feature (the velvet fold inside the crown) can transform a $40 coin into a $2,200+ coin. See variety diagnostics → · See full value chart →
The 1906 Canadian 25-cent piece — obverse featuring King Edward VII by De Saulles (left) and reverse featuring crossed maple boughs by Blakemore (right). The Imperial Crown at the top of the reverse is the focal point of the coin's critical variety distinction.
The 1906 Canadian 25-cent piece belongs to the short-lived Edwardian series (1902–1910) and was struck entirely at the Royal Mint in London — one of the final years before the Ottawa branch opened in 1908, ending Canada's dependence on British coin production. This year spans a critical die transition: the 1,237,843-coin mintage is overwhelmingly struck with the new "Large Crown" reverse, but a minute fraction — almost certainly produced from a surviving 1905-era die — carries the old "Small Crown" design, creating one of the most coveted and elusive varieties in 20th-century Canadian numismatics. For broader series context, see our Canadian Quarter Value Guide.
1906 Canadian Quarter Composition & Melt Value
The 1906 quarter's sterling silver composition gives every example — even a worn, slick coin — a meaningful intrinsic value floor driven by the silver spot price.
Sterling Silver Alloy
The 1906 quarter adheres to the Sterling Silver standard — 92.5% silver and 7.5% copper — a finer alloy than the 90% silver used by the contemporary United States Mint. Canada inherited this standard from the British coinage tradition. The 0.925 fineness produces a brighter, slightly softer metal than American silver coins, which makes the 1906 quarter more susceptible to wear — a factor that directly affects grading and explains why so many surviving examples are found in lower grades. The Numista reference for this issue confirms the alloy and weight specifications.
Melt Value (February 2026)
With silver trading at approximately $106.48 CAD per troy ounce in early February 2026, the intrinsic metal value of a 1906 quarter can be calculated directly:
- Actual Silver Weight (ASW): 0.1728 troy oz
- Silver Spot Price: ~$106.48 CAD/troy oz
- Melt Value: 0.1728 × $106.48 ≈ $18.38 CAD
This figure represents an absolute floor for all 1906 quarters in every grade and variety. Even a damaged, slick, or holed example carries a theoretical minimum value of ~$18.38 CAD in silver content. In practice, dealers apply a spread above spot to cover handling, and most common-date circulated Large Crown examples therefore open at $30+ CAD at current retail levels. Current silver spot data is tracked by SilverPrice.org (CAD).
⚠️ High Silver Prices Accelerate Population Attrition
Historically elevated silver prices — such as the 1980 Hunt Brothers spike and the 2011 peak — are known to have driven the melting of thousands of low-grade circulating silver coins. The February 2026 price environment (~$106 CAD/oz) represents a historically significant level that may continue this attrition on common circulated Large Crown examples, gradually reducing the supply of even the "common" variety over time.
Authentication via Composition
Because the 1906 quarter is composed entirely of sterling silver and copper — both non-magnetic metals — a simple magnet test provides a rapid baseline authentication check. A genuine 1906 quarter is non-magnetic. A coin that strongly attracts a magnet cannot be a genuine 1906 quarter and should be investigated for plated-steel substitution or outright forgery. Note that the magnet test does not distinguish between varieties or grades; it is only a first-line screening tool. The coin's weight (5.81g) and diameter (23.62mm) are additional physical benchmarks that can be confirmed with a digital scale and calipers.
1906 Canadian Quarter Value Chart by Grade & Variety
The 1906 quarter's value is determined by two variables: grade and variety. The two varieties — Large Crown and Small Crown — inhabit entirely different market tiers. Always confirm which variety you have before consulting this chart (see Variety Diagnostics). Values sourced from a synthesis of recent auction records, retail data, and silver spot adjustments as of February 2026. See also the NGC Price Guide for Canada 25 Cents KM#11 (1902–1909) for additional market reference points.
Grade spectrum for the 1906 Canadian quarter — from a worn G-4 (left, flat silhouette) through a mid-grade VF-20 (center, partial detail) to a Choice MS-63 (right, full cartwheel luster). (Illustration — not a photo of your exact coin)
1906 Canadian Quarter — Large Crown (Business Strike)
The Large Crown is the standard circulation issue for 1906, representing an estimated 99.9%+ of the 1,237,843-coin mintage. These coins are readily available at all grade levels. A certified MS-65 Large Crown was offered by Canadian Coin & Currency as ICCS MS-65, illustrating the market for top-certified examples. The main grading challenge for business strikes is distinguishing a weak strike (luster present, detail missing due to press pressure) from genuine wear — see the Identification Guide for the critical diagnostic difference.
| Variety | G-4 | VG-8 | F-12 | VF-20 | XF-40 | AU-50 | MS-60 | MS-63 | MS-65 |
|---|---|---|---|---|---|---|---|---|---|
| Large Crown | $30 | $40 | $55 | $90 | $300 | $700 | $1,200 | $2,500 | $12,000+ |
Market commentary notes that Choice MS-63 examples are liquid assets typically commanding $2,500–$3,000 CAD. To reach MS-65, a coin must combine original booming luster with a reasonably sharp strike — the notoriously soft Edwardian obverse strike often caps otherwise pristine coins at MS-64. ICCS and PCGS population reports indicate fewer than 100 Large Crown examples across all services grade MS-65 or higher.
ℹ️ The Silver Melt Floor
Even the lowest row of this table — Large Crown G-4 at $30 CAD — is roughly 1.6× the February 2026 melt value of ~$18.38 CAD. Dealers cannot sell circulating silver at spot; this premium above melt reflects handling costs and coin demand. For the most common grades (G-4 to VF-20), a significant portion of the coin's retail price is anchored to silver spot.
1906 Canadian Quarter — Small Crown (Business Strike)
The Small Crown inhabits an entirely different market universe. It is widely regarded as one of the premier rarities in the Edwardian Canadian series, with an estimated surviving population of fewer than 150–200 coins across all grades. Demand substantially exceeds supply at every grade level, and the price curve steepens dramatically above VF-20 as the available population approaches near-zero. See the PCGS Auction Price Archive for the 1906 Small Crown 25¢ for historical realized prices and census context.
| Variety | G-4 | VG-8 | F-12 | VF-20 | XF-40 | AU-50 | MS-60 | MS-63 | MS-65 |
|---|---|---|---|---|---|---|---|---|---|
| Small Crown | $1,600 | $2,200 | $3,500 | $5,500 | $16,500 | $32,000+ | $45,000+ | Unique (Est. $60,000+) | — |
A "—" in the MS-65 column indicates no confirmed sales or documented population in that grade. The MS-63 cell reflects an effectively unique example — PCGS has certified a single MS-62 specimen, making anything above that grade theoretical. Population data is heavily concentrated in the G-4 and VG-8 rows; the jump from $2,200 (VG-8) to $5,500 (VF-20) reflects a near-complete drying up of supply above that grade break.
⚠️ Altered-Date Fraud Risk
Because the 1905 Small Crown is a common coin and the 1906 Small Crown is a major rarity, unscrupulous sellers have been known to alter a 1905 Small Crown date to read 1906. Under magnification, tool marks will typically be visible around the altered digit. The font of the genuine "6" in 1906 is distinct — always rely on third-party certification (ICCS, PCGS, or NGC) before purchasing any raw "Small Crown" 1906 quarter at rarity-level prices.
1906 Canadian Quarter — Specimen Strikes
A small number of 1906 quarters were struck as Specimen (SP) pieces — coins produced with extra press pressure on specially prepared planchets using polished dies. These were not distributed in retail collector sets (that practice became standardized decades later) but were struck for presentation or diplomatic purposes. Their diagnostics are distinct: sharp, squared wire rims; a complete, fully detailed strike that resolves the weak-center problem endemic to business strikes; and a semi-matte or proof-like surface finish that differs clearly from the cartwheel luster of a normal business strike.
Genuine 1906 Specimens are excessively rare and seldom appear in commerce. When certified by PCGS or NGC as "SP" or "PL" (Proof-Like), they command $5,000–$10,000+ CAD depending on eye appeal and surface quality. No grade-by-grade pricing schedule is available due to the extreme scarcity of confirmed examples. Do not attempt to attribute a coin as a Specimen without third-party certification — many early Large Crown business strikes from fresh dies can exhibit quasi-proof-like surfaces, and these are not genuine Specimens.
All values in CAD. Prices represent typical market conditions as of February 2026. For the complete denomination price series, see our Canadian Quarter Value Guide.
Most Valuable 1906 Canadian Quarter Varieties
The 1906 quarter is defined by a single, pivotal variety distinction. This is not a minor repunch or die crack — it is a fundamental difference in the reverse master hub used to produce the dies. Identifying it correctly is the central act of 1906 quarter collecting.
Side-by-side reverse comparison: Large Crown (left, common) vs. Small Crown (right, rare). The width of the crown relative to the "25" below it and the presence or absence of the velvet fold are the primary diagnostics. (Illustration — not a photo of your exact coin)
Trophy-Level: The Small Crown (The Premier Rarity)
The 1906 Small Crown is a transitional variety, almost certainly produced when a reverse die sunk from the 1902–1905 hub was used — likely at the very beginning of the 1906 production run — before the updated Large Crown dies took over. Of the 1,237,843 coins struck, an estimated fewer than 200 examples survive across all grades, making it one of the most elusive coins in the Edwardian Canadian series.
Why it commands such premiums: Absolute rarity at every grade. The population of Small Crowns above VF-30 is estimated at fewer than 15 coins total. An AU-58 example is documented as having sold for over $41,000 CAD in a previous auction cycle; in the inflated February 2026 market, such a coin is estimated to challenge $50,000+ CAD. PCGS reports a single MS-62 example — effectively unique in Mint State — which would likely set a six-figure record if it came to auction in the current environment. This census data is catalogued in the PCGS Population Report for Edward VII Canadian coinage.
Extreme close-up of the Imperial Crown interior. Large Crown (left): the red circle highlights the distinct raised velvet fold on the right side of the crown lining. Small Crown (right): the same area is completely smooth — no fold present. This is the definitive diagnostic. (Illustration — not a photo of your exact coin)
Diagnostic Comparison: Large Crown vs. Small Crown
| Diagnostic Feature | Large Crown (Common) | Small Crown (Rare) |
|---|---|---|
| Velvet Fold (Primary) | Distinct raised fold visible on right side of crown interior lining | Smooth and flat — no fold present |
| Crown Width vs. "25" | Crown width is roughly equal to the width of the digits "25" below it | Crown is visibly narrower than the width of "25" |
| Maltese Cross (Top of Crown) | Large, bold, well-defined cross pattée | Smaller, less defined cross |
| Crown-to-Leaf Spacing | Close / tight gap between crown sides and maple leaf tips | Wide, open gap between crown and surrounding leaves |
| Works on Worn Coins? | Crown width and spacing readable even on G-4 silhouettes | Width and spacing readable even on AG-3; velvet fold diagnostic requires F-12+ |
Findable Variety: The Low-Grade Small Crown
Unlike many major rarities that are only detectable on high-grade coins, the Small Crown can be identified on even the most heavily worn examples using two structural diagnostics that survive complete surface wear:
- The Width Test: Even on a slick, flat coin, the crown's outline remains. If the crown's footprint is narrower than the "25" below it, the coin is a Small Crown candidate.
- The Spacing Test: The distance between the crown's edge and the tips of the maple leaves is a structural characteristic that does not migrate with wear. A noticeably wide, open gap strongly suggests a Small Crown.
The Calgary Coin Gallery Canadian Quarter variety guide and the Saskatoon Coin Club's 25-cent reverse design evolution page both provide detailed visual references for this diagnostic. Any candidate Small Crown should be submitted to ICCS, PCGS, or NGC for certification before being bought or sold at rarity-level pricing.
1906 Canadian Quarter Identification Guide
Use this 30-second checklist to confirm you have a genuine 1906 Canadian quarter and to determine its variety and finish. Work through each step in order.
30-Second Identification Checklist
Monarch Check (Obverse): Confirm King Edward VII facing right, in robes of state, wearing the Imperial State Crown. The portrait was engraved by George William De Saulles. The legend reads EDWARDVS VII DEI GRATIA REX IMPERATOR. If the portrait faces left, this is not an Edward VII coin — Victoria faced left, and George V (from 1911) also faced left.
Reverse Check: Confirm crossed maple boughs framing "25 CENTS" and "CANADA," with the date 1906 flanked by a decorative scroll at the base. An Imperial Crown bridges the maple leaves at the top — this crown is the critical diagnostic area.
Date Check: Confirm the date reads 1906. Be alert to the possibility of an altered date — a genuine 1905 Small Crown (a common coin) has been altered to read 1906 by unscrupulous sellers. Under 5× or 10× magnification, the font of the "6" should be clean and natural; tool marks around the digit indicate alteration.
Edge Check: The edge is reeded (vertical serrations). A plain or smooth edge indicates a wrong coin or severe post-mint alteration.
Magnet Test (Composition Verification): Apply a magnet to the coin. A genuine 1906 quarter — composed of 92.5% silver and 7.5% copper, both non-magnetic metals — will not be attracted to the magnet. A coin that sticks to a magnet is not a genuine 1906 sterling silver quarter and requires investigation.
Marks Check: No mint mark is present on any genuine 1906 Canadian quarter. These coins were struck at the Royal Mint in London; the Ottawa Mint opened in 1908. There are no documented privy marks, plating marks, or anniversary marks for this issue. If a mint mark is present, the coin requires expert examination.
Finish Identification (Critical Step):
- Business Strike: Exhibits typical cartwheel luster — a rolling, spoke-like reflection when the coin is tilted under a light source. Contact marks (bag marks) and minor abrasions are normal.
- Specimen (SP): Exhibits sharp, squared wire rims; a fully detailed strike with no weakness at the center of the crown band; and a semi-matte or proof-like surface that does not match the cartwheel pattern of a business strike. Genuine 1906 Specimens are excessively rare — do not self-attribute; rely on ICCS, PCGS, or NGC.
Variety Check — The Crown Test: This is the most important step for 1906. Examine the reverse crown under 5× magnification.
- Look at the interior right side of the crown's velvet cap lining: a distinct raised fold = Large Crown (common). A smooth, flat surface with no fold = Small Crown (rare).
- On worn coins where internal detail is gone: compare the crown's horizontal footprint to the width of the "25" below it. Equal width = Large Crown. Crown narrower than "25" = Small Crown candidate.
- Also check the gap between the crown and the surrounding maple leaf tips: close/tight = Large Crown. Wide/open = Small Crown.
The crown width test on a worn G-4 coin. Even with all internal detail erased by circulation, the outline of the crown remains. A crown footprint narrower than the "25" below it is a diagnostic indicator of the Small Crown variety. (Illustration — not a photo of your exact coin)
Business Strike (left) versus Specimen (right) surface comparison. The Specimen exhibits sharp, squared rims and a fully detailed crown band with no weak-strike softness — a result of higher press pressure on a specially prepared planchet. (Illustration — not a photo of your exact coin)
⚠️ The "Weak Strike" vs. Wear Problem
The De Saulles obverse has a very deep relief, and Royal Mint presses often failed to force silver completely into the crown band and the hair above the ear. The result looks like wear but isn't: a weak-strike area retains original luster inside the flat zone, while genuine wear leaves a dull, gray friction patch that breaks the luster. Downgrading a coin for a weak strike is incorrect — but a very weak strike will typically prevent a coin from achieving Gem grades (MS-65+) due to diminished eye appeal. The Saskatoon Coin Club Edward VII 25-cent grading guide provides an excellent photo reference for this distinction.
⚠️ Never Clean Your Coins
Cleaning a silver coin strips its original luster and leaves hairlines visible under magnification. A cleaned 1906 quarter is graded "Details" (damaged) by ICCS, PCGS, and NGC, permanently destroying its numismatic premium regardless of its underlying detail. Do not use silver polish, metal cleaners, or abrasive cloths. If a coin appears green or shows chemical residue, consult a professional conservator.
1906 Canadian Quarter Value FAQs
What is a 1906 Canadian quarter worth?
It depends entirely on which variety you have and what grade it is in. Common Large Crown examples range from $30 CAD (G-4) to $700 CAD (AU-50), reaching $12,000+ CAD for a Gem MS-65. The rare Small Crown starts at $1,600 CAD in G-4 and reaches $32,000+ CAD at AU-50. Every 1906 quarter also has a silver melt floor of approximately $18.38 CAD at February 2026 spot prices. All values are in Canadian dollars.
How do I tell the Large Crown from the Small Crown?
Examine the reverse crown under magnification. The most reliable test is the velvet fold: look at the right interior of the crown's velvet lining — a distinct raised fold means Large Crown (common); a smooth, flat surface with no fold means Small Crown (rare). On worn coins where interior detail is gone, compare the crown's horizontal width to the width of the "25" below it — a crown narrower than the "25" is a Small Crown candidate. Also check the gap between the crown and the surrounding maple leaf tips: a wide, open gap suggests Small Crown. The Saskatoon Coin Club reverse design comparison provides detailed photo references.
What makes the Small Crown so rare?
The Small Crown is a transitional variety — almost certainly struck from a leftover 1905-era hub die used briefly at the start of the 1906 production run before the new Large Crown dies took over. Because only a tiny fraction of the 1,237,843-coin mintage was struck from this old die, surviving examples are estimated at fewer than 200 coins across all grades. Above VF-30, the population drops to an estimated fewer than 15 coins. The scarcity is absolute and verified by decades of population data from ICCS, PCGS, and NGC.
Is my 1906 Canadian quarter silver?
Yes — every genuine 1906 Canadian quarter is Sterling Silver: 92.5% silver and 7.5% copper, with an actual silver weight (ASW) of 0.1728 troy oz (5.37 grams of pure silver). Canada used this Sterling standard throughout the Edwardian era. The coin is non-magnetic as a result of this composition. At February 2026 silver prices (~$106.48 CAD/oz), the melt value is approximately $18.38 CAD.
What is the melt value of a 1906 Canadian quarter?
At the February 2026 silver spot price of approximately $106.48 CAD per troy ounce, the melt value is: 0.1728 troy oz × $106.48 = approximately $18.38 CAD. This is the theoretical intrinsic floor — the minimum the silver content is worth as raw metal. Actual numismatic value at retail is higher in all grades, starting from ~$30 CAD for a common Large Crown G-4. Track current CAD silver prices at SilverPrice.org.
What is the "weak strike" problem with 1906 quarters?
The De Saulles obverse has a very deep relief. The Royal Mint's presses often failed to drive silver fully into the deepest recesses of the die — primarily the center of the crown band and the hair immediately above the ear. The resulting coin looks underdetailed in those areas, which can be mistaken for wear. The key difference: genuine wear leaves a dull, gray friction patch that destroys the luster; a weak strike leaves a flat area that still shows the original cartwheel luster inside the blank zone. A coin should not be downgraded for a weak strike, but very weak striking limits eye appeal, typically capping coins at MS-64 rather than MS-65, since Gem grade requires a reasonably sharp strike.
Should I get my 1906 Canadian quarter graded?
It depends on the coin's condition and which variety it might be. For a common Large Crown in circulated grades (G-4 to VF-20), grading fees typically exceed the coin's incremental value premium from certification — a raw coin in those grades sells on its merits. However, for any coin that might be a Small Crown, third-party certification by ICCS, PCGS, or NGC is essential before any transaction at rarity-level prices. For Large Crown coins in AU-50 or above, certification provides meaningful value documentation and liquidity. The Royal Canadian Mint's grading primer explains the grading system for newcomers. ICCS is the Canadian standard; PCGS and NGC are internationally recognized alternatives with large dealer networks.
How do I authenticate a supposed Small Crown 1906 quarter?
Never purchase a raw (uncertified) Small Crown 1906 at rarity-level prices without expert authentication. The primary fraud involves altering the date on a common 1905 Small Crown quarter to read 1906 — under magnification, the font of the "6" should be clean and natural; tool marks or unnatural smoothing around the digit indicate alteration. Beyond date examination, verify all four Small Crown diagnostics (no velvet fold, narrow crown, small Maltese cross, wide leaf spacing). Then submit the coin to ICCS, PCGS, or NGC for certification. The Saskatoon Coin Club's rare Canadian coins reference addresses authentication concerns for major Edwardian rarities.
What is the difference between a Business Strike and a Specimen 1906 quarter?
A Business Strike is a standard circulation coin showing typical cartwheel luster, normal contact marks from mint bags, and often some degree of strike softness at the crown center. A Specimen is an exceptionally rare presentation coin struck with extra die pressure on a specially prepared planchet, producing sharply squared wire rims, complete die detail throughout (resolving the weak-strike problem), and a distinctive semi-matte or proof-like surface finish. Genuine 1906 Specimens are seldom seen in commerce and trade for $5,000–$10,000+ CAD depending on eye appeal. Do not self-attribute — rely exclusively on third-party certification.
Methodology & Sources
Values in this guide represent estimated market prices as of February 2026 and are synthesized from the following primary sources: the Charlton Standard Catalogue of Canadian Coins (Charlton Press); the NGC World Coin Price Guide for Canada 25¢ KM#11; the PCGS Auction Price Archive for the 1906 Small Crown and PCGS Population Report for Edward VII Canadian coinage; retail listings from Canadian Coin & Currency and Colonial Acres Coins; variety references from the Calgary Coin Gallery and Saskatoon Coin Club; grading guides from the Saskatoon Coin Club Edward VII grading reference; silver spot data from SilverPrice.org; and auction archive data from NumisBids. Values reflect typical market conditions and are not guaranteed. Coin markets fluctuate; consult a professional numismatist for high-value transactions.
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.