1920 Canadian Penny (1¢) Value Guide: Large Cent & Small Cent

The year 1920 stands as the most significant transition in the history of the Canadian cent. Post-World War I copper prices threatened to make the heavy Large Cent (5.67 g, 25.4 mm) worth more in metal than its face value, forcing the Ottawa Mint to introduce a smaller, lighter coin in May 1920. The result is a numismatically unique year: two fundamentally different pennies — the departing imperial-standard Large Cent and the arriving modern Small Cent (3.24 g, 19.05 mm) — both bearing the George V portrait by Sir E.B. MacKennal and the date 1920. A complete 1920 collection requires both. For the full history and values across all Canadian penny years, see our Canadian Penny Value Guide.

Note: Manufacturing errors (off-center strikes, clips, wrong planchets) exist for 1920 but are outside the scope of this standard value guide.

1920 Canadian Penny Composition & Metal Details

Despite their dramatic difference in size, both the 1920 Large Cent and the 1920 Small Cent share an identical metallurgical composition: bronze, not pure copper. The alloy's tin component provides hardness and corrosion resistance, while the zinc aids in the flow of metal during striking.

Side-by-side comparison of the 1920 Large Cent (25.4 mm, 5.67 g) and 1920 Small Cent (19.05 mm, 3.24 g) — the same date, the same alloy, but a 43% reduction in weight. (Illustration — not a photo of your exact coin)

Why Did the Penny Shrink?

The size reduction was a direct response to post-WWI commodity markets. Copper, driven by demand for electrification infrastructure and industrial rebuilding, remained at historically elevated prices through 1920. The intrinsic metal value of the 5.67 g Large Cent was creeping dangerously close to — and at times threatening to exceed — its one-cent face value. A coin whose metal content exceeds its stated value invites hoarding and melting (an application of Gresham's Law). By switching to the 3.24 g Small Cent, the Ottawa Mint recovered 43% of the copper in every coin, bringing the metal value well below the face value and securing the penny's role as a token currency. The 1920 Small Cent was also sized to match the U.S. Lincoln cent exactly, acknowledging the practical reality of cross-border trade and the growing prevalence of coin-operated vending machines.

Magnet Test

Both the 1920 Large Cent and Small Cent are composed of bronze (95.5% copper, 3% tin, 1.5% zinc). Bronze is non-magnetic. If a magnet sticks to your 1920 cent, it is not a genuine 1920 Canadian cent struck in the correct alloy — this warrants further examination by a specialist.

Melt Value & Legal Note

The source document notes that the Large Cent's melt value is "significantly higher than that of a modern penny" due to its 5.67 g bronze weight, and that the Small Cent's copper content brought comfort back below the face-value threshold. No specific current melt-value formula is provided in the source document; a specific melt value is therefore not calculated here. It is worth noting that the melting of Canadian currency is prohibited under the Currency Act of Canada, regardless of whether the intrinsic metal value exceeds the coin's face value.

For further context on the 1-cent denomination history, the Royal Canadian Mint's 1-cent page and the Canadian Penny Wikipedia article provide authoritative overviews.

1920 Canadian Penny Value Chart by Grade & Coin Type

1920 Canadian Penny — Large Cent (Final Issue, Business Strike)

The Large Cent was minted from approximately January through May 1920. Its official mintage of 6,762,247 is further reduced by the effective withdrawal and melting program: as the Mint transitioned to the smaller format, banks reclaimed Large Cents and returned them to be remelted, with the recovered copper used to strike new Small Cents. Consequently, the survival rate is lower than the raw mintage implies. In high uncirculated grades, the Large Cent is a true condition rarity — its greater surface area (25.4 mm) made it more susceptible to bag marks and carbon spotting than the smaller coin, and finding a flawless Gem Red example is exceptionally difficult.

Three 1920 Canadian Large Cents showing the full color spectrum: Red (RD, left), Red-Brown (RB, center), and Brown (BN, right). The Red designation commands the highest premium in uncirculated grades — a gap that widens dramatically above MS-63. (Illustration — not a photo of your exact coin)

† The source document cites MS-63 RD at $450+ (Section 4.1) and MS-64 RD at approximately $400 (Section 12). This apparent inversion likely reflects the difference between retail asking prices and auction-realized prices for specific populations; both figures are presented as documented.

1920 Canadian Penny — Small Cent (First Modern Issue, Business Strike)

The Small Cent entered production in May 1920 and ran through December, producing an official mintage of 15,483,923 — more than double the Large Cent run. While technically a "common" date in absolute mintage terms, it saw heavy use by a public adapting to the new format, and millions were worn to illegibility. In the lower to mid grades, the Small Cent is plentiful and affordable, making it an excellent entry-level George V cent. However, finding it in Gem Red condition (MS-65 RD) is a significant challenge: as the first year of issue, it was subject to intense circulation, and its larger bronze surface is prone to spotting and toning. Registry-set collectors actively compete for high-grade examples, creating strong demand at the top of the grade scale.

Grade spectrum for the 1920 Canadian Small Cent: Good (G-4, heavy wear, left), Very Fine (VF-20, center), and Mint State Red (MS-65 RD approximation, right) illustrating the dramatic value gap between circulated and gem-certified examples. (Illustration — not a photo of your exact coin)

MS-66 RD Small Cent: population is described in the source document as "minuscule"; no auction price is provided in the source and no value is therefore stated.

Values above are presented as documented in the source document (retail table labeled USD; Canadian catalogue values are in CAD). NGC price data for both types: NGC Large Cent (KM 21) Price Guide · NGC Small Cent (KM 28) Price Guide. For the full denomination price guide, see our Canadian Penny Value Guide.

Most Valuable 1920 Canadian Penny Varieties

The standard references — including the Charlton Standard Catalogue of Canadian Coins — do not catalog major die varieties (such as doubled dies, repunched dates, or large/small numeral varieties) for the 1920 cent. The 1920 issue is described in the source document as "remarkably standard" in this respect, contrasting with years such as 1929 (High/Low 9) or 1947 (Maple Leaf). Value for the 1920 cent is driven almost entirely by condition rarity and color preservation, not by die variety.

Trophy-Level: The Two-Coin Pairing

The primary "variant" of 1920 is the existence of two entirely distinct coin types sharing the same date. A 1920 collection is numismatically incomplete without both: the Large Cent (last of the Victorian-lineage 25.4 mm format) and the Small Cent (first of the modern 19.05 mm format that endured until 1936). Displaying them side-by-side dramatizes the most significant single transformation in the history of the Canadian cent. Both coins are found in the PCGS Set Registry for Canadian Large Cents (see PCGS Set Registry — Canadian Large Cents with Varieties).

Trophy-Level: Gem Red (MS-65 RD and Above)

Because no die varieties exist to chase, the highest-premium 1920 coins are defined entirely by their grade and color designation:

• 1920 Large Cent MS-65 Red: The practical ceiling for most collectors, currently trading in the $1,200–$2,500+ range, with PCGS auction records at $840–$1,250. An MS-66 Red, if authenticated, would likely command an estimated $3,000–$5,000+. The Large Cent's greater surface area (25.4 mm) makes bag marks and carbon spots far more likely, and a truly clean Gem Red cheek on George V is a chemical and statistical anomaly after more than a century.
• 1920 Small Cent MS-65 Red: Confirmed PCGS auction record of $840.00. Price parity with the Large Cent at this grade reflects the genuine difficulty of finding pristine fully Red examples despite the higher mintage.

The "Woodgrain" Striking Effect

Some 1920 cents — both Large and Small — exhibit a streaky, woodgrain-like texture on their surfaces, caused by an improper homogenization of the bronze alloy during the melting process. As the rolled metal ingots were processed into planchet strips, the imperfectly dispersed zinc and tin components stretched into long, visible streaks. While technically a manufacturing characteristic rather than a cataloged variety, certain collectors prize this effect for its aesthetic distinctiveness, and such pieces can command a premium in the marketplace over generic examples of the same grade.

Die State Variations (Non-Cataloged)

The source document notes two die-state phenomena of interest to specialists, neither of which is assigned a Charlton catalogue number:

• Early-State Die Strikes: Coins struck from fresh, early-die-state dies display sharper detail, semi-proof-like fields, and excellent luster — effectively a natural PL-like quality on a business strike. These command a premium over standard-luster examples of the same grade.
• Die Clashes: Occur when dies strike each other without a planchet between them, transferring a ghost image of the opposite face onto the coin fields. Collected as die state varieties by specialists; value premium is market-dependent and not specifically quantified in the source document.

Clarification: The "Large Bust" Claim

Some online listings and older holders apply the term "Large Bust" to 1920 Small Cents. The source document is explicit: there are no recognized "Large Bust" vs. "Small Bust" varieties within the 1920 Small Cent production run in standard catalogues. This terminology is non-standard — sellers using it are either colloquially comparing the Small Cent obverse to the Large Cent obverse, or comparing the George V portrait to a later monarch's portrait. Do not pay a premium for a coin described this way without independent verification.

The 1920 Specimen/Proof: Does It Exist?

1920 Canadian Penny Identification Guide

Use this 30-second checklist to determine exactly which 1920 cent you have and what finish and grade it likely represents.

Step 1 — Identify the Coin Type (Large or Small?)

This is the most critical first step for the 1920 date specifically. Measure the coin or compare it to a modern quarter:

• 25.4 mm (1 inch) diameter, 5.67 g: You have a Large Cent — the final large-format Canadian penny, minted January–May 1920.
• 19.05 mm diameter, 3.24 g: You have a Small Cent — the first modern Canadian penny, minted May–December 1920.

If no scale is available, the visual difference is stark: the Large Cent is nearly as wide as a modern Canadian quarter.

1920 Canadian Large Cent: obverse showing the George V crowned portrait by Sir E.B. MacKennal with legend GEORGIVS V DEI GRA REX ET IND IMP, and reverse showing the 16-leaf maple wreath encircling ONE CENT and the date 1920. Key feature callouts: B.M. initials at portrait truncation, beaded border, ribbon bow at wreath base.

Step 2 — Confirm the Obverse (George V Portrait)

Both 1920 cent types carry the same obverse design: King George V, crowned and facing left, designed by Sir E.B. MacKennal. The legend reads GEORGIVS V DEI GRA: REX ET IND:IMP: (George V, by the Grace of God, King and Emperor of India). The initials B.M. (Bertram MacKennal) appear on the truncation of the bust — these initials are a key grade diagnostic at VF-20 (they must be clear and separate).

Step 3 — Confirm the Reverse Design

• Large Cent reverse: 16 maple leaves arranged in a continuous wreath, with a ribbon bow at the bottom. The denomination ONE CENT and the date appear in the center. The word CANADA arches over the top. This intricate wreath design requires significant striking pressure and is prone to weakness at the leaf centers.
• Small Cent reverse: A simplified design by Fred Lewis featuring two maple leaves on a single twig, flanking the date 1920. ONE CENT is centered above the date, with CANADA at the top. The key grade points here are the central leaf veins and the roundness of the twig.

1920 Canadian Small Cent: obverse showing the George V portrait (same MacKennal design, lower relief on smaller planchet) and reverse showing the Fred Lewis two-leaf twig design with date 1920. Compare the simplified reverse to the Large Cent's 16-leaf wreath above.

Step 4 — Apply the Magnet Test

Both 1920 cents are struck in bronze (95.5% copper, 3% tin, 1.5% zinc). Bronze is non-magnetic. A magnet should not attract a genuine 1920 Canadian cent. If it does, the coin is not genuine bronze and warrants expert examination.

Step 5 — Assess the Grade (Key Wear Points)

The obverse is effectively identical between the two types, so these diagnostics apply to both:

• Eyebrow: The first wear point on the coin. A gray, flattened eyebrow indicates AU-50 or lower.
• Ear: In VF-20, the ear is distinct from the surrounding hair. In F-12, it begins to merge.
• Crown Band: At MS-60+, all jewels and pearls in the Imperial State Crown band are sharp and distinct, often with frosting. At EF-40, the diamond shapes are clear but frosting is absent. At VF-20, the band is visible but flattened. At VG-8, the band merges with the velvet cap.

On the Large Cent reverse: Wear first appears on the tips of the 16 leaves and the ribbon bow. The beaded border begins to merge into the rim below F-12.
On the Small Cent reverse: Wear first appears on the highest leaf veins near the center. A flat twig indicates a circulated coin (EF or below). See the Saskatoon Coin Club's George V Cent Grading Photo Guide for detailed photographic comparisons.

Close-up diagnostic of the 1920 Canadian cent George V obverse showing the three primary grade checkpoints: the eyebrow (first wear point, red circle), the ear (grade separator at VF-20, yellow arrow), and the crown band jewels (key for MS grades, red circle). (Illustration — not a photo of your exact coin)

Step 6 — Assess Color (Red / Red-Brown / Brown)

For uncirculated (Mint State) 1920 cents, the color designation is the single largest driver of value above MS-63:

• Red (RD): Full original mint bloom retained — brilliant copper-orange luster. Commands the highest premium. A coin that has remained 95%+ red after more than 100 years is a statistical anomaly.
• Red-Brown (RB): Partial toning; mixture of original red and brown areas. Significant discount to Red.
• Brown (BN): Fully toned to chocolate or dark brown. This is the natural state of most surviving 1920 cents.

For circulated grades (G through AU), all coins are by nature Brown. The RD/RB/BN designations are applied only to uncirculated (Mint State) coins by grading services.

Step 7 — Check for No Documented Marks

The 1920 Canadian cent carries no mint marks on circulation strikes, standard for Canadian cents of this era. No Proof-Like (PL), Specimen (SP), or "W" mint-mark varieties are documented for 1920 circulation cents. A coin with deeply mirrored fields and heavily frosted devices that claims to be a 1920 Specimen should be regarded with significant caution — see the Variants section for the documented risk of polished business strikes being misrepresented as proofs.

1920 Canadian Penny Value FAQs

Methodology & Sources

Values in this guide are synthesized from the source document, which cites the following primary references: the Charlton Standard Catalogue of Canadian Coins and the Trends Price Guide (both denominated in CAD); the PCGS Auction Price Archive — Large Cent MS-65 RD; the PCGS Auction Price Archive — Small Cent MS-65 RD; the NGC Price Guide (KM 21 — Large Cent); and the NGC Price Guide (KM 28 — Small Cent). Supporting historical and technical information draws on the Royal Canadian Mint's 1-cent denomination page, Numista's 1-cent George V listing, the Saskatoon Coin Club George V Cent Grading Photo Guide, CoinWeek's article "The Semi-Key Canadian Cents of the 1920s", and the PCGS research articles "The Scarce King George V Canadian Cents" and "The Scarce 1925 Canada Cent."

Market values reflect conditions as of February 2026 and are subject to change. The source document's retail value table is labeled in USD; some catalogue values originate from Canadian sources in CAD. No currency conversion has been performed. This guide covers standard (non-error) business strikes only. Past auction performance is not a guarantee of future results. The Canadian penny ceased circulation on February 4, 2013, but remains legal tender.