1923 Canadian 1-Cent (Penny) Value Guide

The 1923 Canadian penny is the second-rarest date in the King George V Small Cent series (1920–1936), with a confirmed mintage of just 1,019,002 pieces — suppressed by post-World War I economic deflation that reduced commercial demand for small change. Struck exclusively at the Royal Canadian Mint in Ottawa with no mint mark, it commands a significant premium in every grade: a legitimate key date whose scarcity is rooted in economic history rather than minting accident. For the full denomination context and other dates in the series, see our Canadian Penny Value Guide.

Note: Errors such as off-metal strikes are outside the scope of this standard value guide.

Obverse (King George V crowned effigy, Sir E.B. MacKennal) and reverse (Two Maple Leaves, Fred Lewis) of the 1923 Canadian 1-cent piece. No mint mark — Ottawa was Canada's sole coinage facility in 1923.

1923 Canadian Penny Composition & Melt Value

The 1923 Canadian 1-cent is struck from a traditional bronze alloy composed of 95.5% copper, 3.0% tin, and 1.5% zinc. This blend was selected for its durability and ability to take a sharp die impression. The tin and zinc components add hardness to the otherwise soft copper, allowing readable details to survive decades of heavy circulation — which is why legible examples of this 100-year-old coin still exist in collectible grades today.

Colour Preservation: The RD / RB / BN Hierarchy

The high copper content gives the 1923 cent its distinctive reddish-orange hue when freshly struck. However, copper is chemically reactive. Over the past century, exposure to oxygen and sulfur has caused the vast majority of surviving examples to oxidize through a predictable sequence:

• Red (RD): 95% or more of the original mint-fresh copper colour survives. Chemically unstable over the long run, this designation is extraordinarily rare for a 1923 issue and represents the highest-value tier — an MS-grade coin with full Red is a numismatic event.
• Red-Brown (RB): Between 5% and 95% of original colour remains; partial toning is evident. Commands a meaningful premium over Brown but a significant discount relative to Red.
• Brown (BN): Fully oxidized to a chocolate or dark tone. The most common state for surviving Mint State examples of this date.

Understanding these colour designations is critical for valuing any Mint State 1923 cent. See the Value Chart section for specific price differentials, which are dramatic at this key date.

Melt Value

The intrinsic metal value of a 1923 cent is approximately $0.03–$0.04 CAD at typical copper spot prices. Even a heavily damaged example commands a collector premium of at least $10.00–$15.00 CAD — meaning numismatic value exceeds melt value by roughly 300 to 500 times for the lowest collectible grade. The melt value is therefore a theoretical footnote for this key date, not a relevant market consideration.

The standard weight of 3.24 grams also serves as a practical diagnostic. Significant deviation above or below this figure on a calibrated digital scale suggests a cast fake or a coin struck on an incorrect planchet. The Canadian Currency Act prohibits the melting of Canadian coin of the realm, making melt value a purely academic reference point.

1923 Canadian Penny Value Chart by Grade & Finish

The 1923 cent is a key date in every grade. Unlike common-date Canadian cents where circulated examples trade near face value, even a heavily worn 1923 carries a meaningful collector premium. Values rise steadily through the circulated grades and then spike dramatically as the coin approaches Mint State — particularly once the Red (RD) colour designation is in play. The non-linear price trajectory reflects the immense difficulty of finding this low-mintage, heavily circulated issue with original surfaces intact.

Grade comparison for the 1923 Canadian penny: heavily worn circulated (G4) through Choice Uncirculated (MS63). Note the progressive loss of crown band detail — the crown band is typically the first point of wear on George V portraits and is the primary separator between G4 and VG8. (Illustration — not a photo of your exact coin)

1923 Canadian 1-Cent — Business Strike (Circulation)

Sources: Numista — Canada 1-Cent George V KM 28; PCGS — The Scarce King George V Canadian Cents; NGC Price Guide — Canada Cent KM 28 (1920–1936); Coins and Canada (2025). Values in CAD as of February 2026.

Colour designation comparison for Mint State 1923 Canadian pennies: fully oxidized Brown (BN), partially toned Red-Brown (RB), and full original Red (RD). For this specific key date, the premium for Red over Brown at MS63 can exceed 1,000%. (Illustration — not a photo of your exact coin)

Understanding Colour Premium Differentials

1923 Canadian 1-Cent — Specimen (SP) — Trophy Level

A very small number of Specimen strikings of the 1923 cent are known to exist. These were not distributed in public collector sets — they were likely presentation pieces or special strikings, featuring a distinct matte or satin finish and razor-sharp squared rims. The population is estimated at fewer than 25 known worldwide. Because of their absolute rarity, Specimen 1923 cents are not priced as catalogue commodities but as auction trophies.

Important: If you believe you hold a raw (uncertified) 1923 Specimen, it must be authenticated and graded by ICCS or PCGS before it can be sold as such. Raw Specimen attributions are not accepted by serious buyers at this value level — the coin effectively must be in a certified holder.

Values in CAD represent typical market prices as of February 2026. For the complete denomination price guide, see our Canadian Penny Value Guide.

Most Valuable 1923 Canadian Penny Varieties

The 1923 Canadian cent does not possess named die varieties like the 1965 cent's bead varieties or a famous overdate. Its rarity is purist — derived entirely from the difficulty of finding the standard issue in exceptional condition or with original Red lustre intact. For the advanced collector, the distinctions below define the meaningful tiers of the market.

Close-up of a 1923 Canadian 1-cent Specimen strike at the rim: note the razor-sharp squared rim meeting the field at a distinct right angle, and the matte or satin field surface — features that immediately distinguish a Specimen from even the finest Business Strike. (Illustration — not a photo of your exact coin)

A) Trophy-Level Examples (Not Typical Market Prices)

These values represent the upper echelon of the market — coins that appear rarely in named collection sales and attract intense competition among Registry Set collectors. They should not be confused with the typical values found at a local coin dealer.

B) Die State Variants Worth Checking (Findable Distinctions)

Unlike later series with named varieties, the 1923 cent's only documented split points are die state anomalies and strike quality. These represent meaningful but unlisted distinctions — none carry separate Charlton catalogue numbers.

1923 Canadian Penny Identification Guide

Because of its key-date status, the 1923 cent is a frequent target for alteration — most commonly, a common 1928 cent modified to read 1923. The checklist below will confirm authenticity and help you identify which finish and grade tier you may have.

30-Second Checklist

1. Monarch Check: Confirm the obverse features King George V in a crowned effigy, facing left, executed by Sir E.B. MacKennal. (Not King George VI; not Queen Elizabeth II.)
2. Reverse Check: Confirm the reverse displays the Two Maple Leaves design by Fred Lewis, with the legends ONE CENT and CANADA.
3. Date Check: Confirm the date reads 1923 — then scrutinize the "3" carefully using the Altered Date section below.
4. Edge Check: The edge must be plain (smooth). Any reeding disqualifies the coin as a genuine 1923 cent.
5. Magnet Test: Apply a strong magnet. Genuine bronze does not react at all. Any magnetic response — even slight — indicates a counterfeit or wrong-planchet piece. The bronze alloy (95.5% Cu / 3.0% Sn / 1.5% Zn) is completely non-magnetic.
6. Weight Check: A calibrated digital scale should read approximately 3.24 grams. Significant deviation above or below this figure suggests a cast fake, a coin struck on a wrong planchet, or an altered piece.
7. Marks Check: No mint marks appear on genuine 1923 cents. Ottawa was Canada's sole coinage facility in 1923. There are no documented "W" or other facility marks for this issue.
8. Finish Identification: See the Finish Identification section below.

Magnet test for the 1923 Canadian penny: genuine bronze (95.5% copper) is completely non-magnetic. A neodymium magnet placed near an authentic coin will show no attraction. Any magnetic pull is an immediate red flag for a counterfeit or wrong-planchet piece.

Altered Date Detection: The 1928-to-1923 Trap

The most dangerous counterfeit for the 1923 cent involves altering a common 1928 cent to appear as a rare 1923. Counterfeiters scrape away the left half of the "8" in "1928" to create what appears to be a "3." Use a 10× or higher loupe and examine three points:

Left: Genuine 1923 — the "3" is round and balanced, with equal upper and lower loops and a distinctly curved tail; the field adjacent to the digit is smooth. Right: Altered 1928 — the "3" is flat or pinched on its left side where the "8" was scraped away; microscopic tool marks, depressions, or uneven field texture are typically visible under 10× magnification. (Illustration — not a photo of your exact coin)

• Shape of the "3": On a genuine 1923, the numeral "3" has balanced upper and lower loops and a distinctly curved tail. On an altered 1928, the left side of the "3" will appear flat, pinched, or abnormally straight where the "8" was removed.
• Field Texture Adjacent to the Digit: Examine the flat field immediately to the left of the "3." On a genuine coin, the field texture is consistent with the surrounding area. On a fake, microscopic scratch marks, a slight depression, or "whizzing" lines from scraping are typically visible under magnification.
• Denticle Alignment (The Position Test): On a genuine 1923, the "3" sits in a specific position relative to the rim denticles (rim beads). An altered 1928 will have its modified "3" sitting in the position where a 1928 "8" would normally appear — a subtly different alignment that trained eyes can detect. When in doubt, compare side by side with a confirmed 1923 image from a certified example.

Finish Identification

Finish comparison: standard Business Strike (left) with flowing cartwheel lustre and a normally curved rim vs. a 1923 Specimen strike (right) with flat matte or satin fields and a razor-sharp squared rim meeting the field at a precise right angle. (Illustration — not a photo of your exact coin)

• Business Strike (Circulation): Fields display cartwheel lustre — the bright, flowing reflection that sweeps across the surface when the coin is rotated under a single light source — if uncirculated. The rim has a standard, slightly rounded profile. This describes 99.9%+ of all surviving 1923 cents.
• Specimen (SP): The rim is sharply squared off, meeting the field at a near-right angle rather than blending smoothly. Fields display a matte, satin, or semi-prooflike finish rather than the flowing cartwheel of a business strike. Strike details on the hair, crown jewels, and leaf veins are exceptionally sharp. A raw claimed Specimen must be certified by ICCS or PCGS — no serious buyer will accept a raw attribution at this value level.

1923 Canadian Penny Value FAQs

Methodology & Sources

Values in this guide represent typical retail market prices in Canadian dollars (CAD) as of February 2026, synthesized from the following primary numismatic sources:

• Charlton Standard Catalogue of Canadian Coins — General series data, mintage figures, and variety listings (used as series baseline).
• Numista — Canada 1-Cent George V KM 28 — Mintage confirmation and physical specifications.
• NGC Price Guide — Canada Cent KM 28 (1920–1936) — Grade-by-grade pricing reference for the George V Small Cent series.
• PCGS — The Scarce King George V Canadian Cents — Key date market analysis, high-grade survival context, and condition-rarity discussion.
• PCGS Population Report — George V Canadian Cents — Grading population and Specimen census data for the series.
• PCGS Auction Prices — 1923 1C MS65 Red-Brown — Realized price data for certified examples.
• PCGS Auction Prices — 1923 1C MS64 Red — Realized price data for near-gem Red examples (2023–2025).
• CoinVarieties — Canada 1923 Cent — Specimen sale reference (Heritage Auctions, Belzberg Collection, 2013).
• Calgary Coin — Canadian Cents — Supplementary domestic market pricing reference.
• Royal Canadian Mint — 1-Cent History — Official historical specifications and production context.
• Coins and Canada (coinsandcanada.com, accessed 2025) — Market trends and auction analysis for the Canadian market.

Market prices for key dates such as the 1923 cent fluctuate with auction competition and collector demand. Catalogue values often lag behind real-time realized prices for premium examples. Values in this guide are estimates based on publicly available market data and are not guarantees of future sale prices. Always consult a certified dealer, ICCS, or a major auction house for individual coin assessments.