1924 Canadian 1-Cent (Penny) Value Guide

The 1924 Canadian one-cent coin occupies a coveted position as a "semi-key date" in the King George V small cent series (1920–1936). With a mintage of just 1,593,195 — struck at the Ottawa Mint during a period of post-World War I economic contraction — it sits between the outright key dates of 1922, 1923, and 1925, and the more common issues that bookend the decade. The low mintage combined with heavy circulation means Mint State survivors are extremely rare, and high-grade certified examples command strong premiums from master set builders. The Canadian penny was ultimately withdrawn from circulation on February 4, 2013, transforming all surviving examples into collector artifacts. For values across the full George V small cent series, see our Canadian Penny Value Guide.

1924 Canadian one-cent coin: George V obverse (left) with Sir Edgar Bertram Mackennal's crowned portrait and the imperial legend, alongside Fred Lewis's two-maple-leaf reverse (right) with the date at the base.

Note: Error coins such as altered-date counterfeits and wrong-planchet strikes exist for this year but are outside the scope of this standard value guide.

1924 Canadian Penny Composition & Metal Properties

The 1924 Canadian penny was struck on a bronze planchet composed of 95.5% copper, 3.0% tin, and 1.5% zinc — the alloy established when Canada reduced the cent from the large 25.4 mm format to the current 19.05 mm size in 1920. Each element played a distinct functional role in the alloy:

• Copper (95.5%): Provides the distinctive reddish-orange color and the malleability needed to take a sharp die impression from the Ottawa Mint's presses.
• Tin (3.0%): Hardens the alloy. Pure copper wears too quickly for circulation coinage; the addition of tin creates a durable bronze that can survive decades of commerce.
• Zinc (1.5%): Acts as a deoxidizer during casting, improving metal flow and producing planchet surfaces free of gas porosity — contributing to the crispness of the strike.

Magnetic Properties: A Critical Authentication Test

The 1924 bronze alloy contains no iron, nickel, or cobalt in ferromagnetic quantities. A genuine 1924 cent will not respond to a magnet in any way. This is one of the most reliable and instant field tests available: any 1924-dated coin that sticks to a magnet is almost certainly a counterfeit struck on a steel core. Authenticating the weight is equally important — a genuine coin weighs 3.24 grams; a variance of more than ±0.1 grams is a red flag for a cast fake or altered planchet.

Toning, Color Designations, and Value Impact

Because copper is chemically reactive, the surface of the 1924 cent evolves over time. Exposure to oxygen, moisture, and sulfur compounds causes the coin to transition from its original brilliant red state through three recognized color grades assigned by certification services (ICCS, PCGS, NGC):

• Red (RD): 95–100% of original mint-red luster preserved. Chemically improbable after 100 years of atmospheric exposure — this is the rarest and most valuable designation, and commands exponential premiums over Brown examples at the same numeric grade.
• Red-Brown (RB): 5–95% of original red remaining. The most common designation for high-grade certified examples that have spent decades in albums or paper envelopes.
• Brown (BN): Less than 5% original red. The coin has fully toned to a warm chocolate-brown or darker hue. Standard for virtually all circulated and many uncirculated coins.

The melt value of the 1924 bronze cent is not calculated in this guide. Composition specifications are confirmed by the Royal Canadian Mint's official 1-cent page and the Numista catalogue entry for the George V 1-cent (KM 28).

1924 Canadian Penny Value Chart by Grade & Finish

The 1924 cent is valued on two entirely distinct tracks: Business Strikes (circulation coins) assessed by both condition grade and color preservation, and the virtually inaccessible Specimen (SP) issue produced for collectors. There is no documented Proof-Like (PL) issue for 1924 — PL collector sets did not exist until 1953. All values are in Canadian Dollars (CAD) as of 2026, derived from aggregated auction data and market trends as reported by Coins and Canada and the NGC World Coin Price Guide (KM 28).

Grade impact on value: a well-worn Fine (F-12) example showing merged crown detail and flat leaf outlines (left) versus a Mint State survivor with full cartwheel luster and crisp leaf veining (right). The price difference between these two coins is measured in hundreds of dollars. (Illustration — not a photo of your exact coin)

1924 Canadian Penny — Business Strike (Circulation)

For circulated grades (G-4 through EF-40), color designation is not formally tracked — these coins are graded strictly by detail preservation, and virtually all show full brown toning. The color designations Brown (BN), Red-Brown (RB), and Full Red (RD) become critically important from AU-50 upward, where they drive dramatic value differences. Note that "ghosting" — slight weakness in the center of the maple leaves and in the words "ONE CENT" — is a known striking characteristic of 1924 George V cents caused by the high relief of the obverse die, and should not be interpreted as wear.

Red (RD) values for MS grades are estimates based on scarcity premiums reflecting documented market trends; Red-Brown (RB) examples trade between BN and RD values at each grade level. MS-66 and higher examples, if they exist, would command substantially greater premiums — certified populations at those levels are in the single digits for this date.

Color designation comparison: Brown (BN, left) — fully toned chocolate surface; Red-Brown (RB, center) — partial original red mixed with toning; Full Red (RD, right) — 95%+ original mint bloom intact. At MS-65, moving from BN to RD adds over $3,600 CAD to the coin's value. (Illustration — not a photo of your exact coin)

1924 Canadian Penny — Specimen (SP) Strike

The Specimen strike is a fundamentally different product from the circulation business strike and is valued on its own scale. These coins were produced individually at the Ottawa Mint at reduced striking speed with greater die pressure — creating squared rims, razor-sharp device detail, and distinctive matte or satin fields — for collector or official presentation purposes. The NGC Specimen price guide (KM 28) and documented auction records inform the values below.

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

Most Valuable 1924 Canadian Penny Varieties

A. Trophy-Level: The 1924 Specimen (SP) Strike

Business Strike vs. Specimen finish: the business strike (left) shows rounded rims and cartwheel luster; the Specimen (right) has sharply squared 90-degree rims, a fine matte/satin field texture, and razor-sharp device detail with no ghosting. (Illustration — not a photo of your exact coin)

The single most valuable form of the 1924 Canadian cent is the Specimen (SP) strike. These were produced individually at the Ottawa Mint for official presentation purposes or sale to collectors, and they stand apart from every business strike by their surface quality, rim sharpness, and extreme rarity.

Why It Commands Five-Figure Values: The PCGS population report lists approximately 3 known examples in Red or Red-Brown designations — placing this coin among the rarest of all George V cent varieties. The combination of extreme scarcity, prestigious collection provenance, and near-perfect visual preservation at the SP-65 level drives auction bidding well into five figures (CAD).

Documented Auction Records:

• Belzberg Collection (PCGS SP-65 Red): Sold January 2003 for $5,290 USD through Heritage Auctions (Lot #15110). The obverse was described as golden-red and the reverse as cherry-red. A comparable SP-65 Red example sold in February 2023 for $17,336 CAD per Coins and Canada auction records.
• Cook Collection (PCGS SP-66 Red-Brown): Sold August 2019 for $5,750 USD (approximately $7,600 CAD at the time of sale). The SP-66 designation exceeds the Belzberg coin's grade, yet the Red-Brown color designation versus Full Red accounts for the relative price difference.

If you believe you have a Specimen — look for matte or satin fields rather than cartwheel luster, and perfectly squared rims — do not clean it and do not attempt to sell it raw. Submit it immediately to ICCS (the Canadian standard) or PCGS/NGC for authentication before any transaction.

B. Findable Die Varieties: The Dot Variants

The 1924 cent also exhibits two catalogued die varieties involving raised dots. These are not errors — they are consistent, repeating characteristics produced by a specific die state (pitting, chipping, or deliberate punch marks used for die tracking purposes) and appear on every coin struck by that die. They are listed in the Charlton Standard Catalogue of Canadian Coins and referenced by the Saskatoon Coin Club's Canadian 1-Cent Major Varieties reference.

The Dot Between 2 and 4 die variety: a distinct raised dot appears in the field between the "2" and "4" of the date under 5× magnification. This Charlton-catalogued variety is cherry-picked from dealer bins by knowledgeable numismatists. (Illustration — not a photo of your exact coin)

1. Dot Between 2 and 4 (Date Field)

• Location: A distinct raised dot in the open field between the digit "2" and "4" of the date "1924" on the reverse.
• Diagnosis: Examine the date under 5× magnification. Look for a clear, rounded raised bump — not a scratch or contact mark — positioned between the two digits. A scratch will look linear and irregular; the die dot will be rounded and consistent.
• Significance: Functions as a die marker identifying a specific production run. Variety specialists consider this a collectible and necessary die state for a comprehensive George V cent collection. No specific market premium above the base date value is documented for this variety.

2. Dot Under the T of CENT (Reverse)

• Location: A raised dot positioned directly beneath the vertical post of the letter "T" in the word "CENT" on the reverse.
• Diagnosis: Under 5× magnification, examine the base of the "T" in "CENT" for a small raised bump beneath the lower serif. It should appear as a rounded protrusion rather than a flat field mark.
• Rarity and Collectibility: This variety is less commonly encountered in the market than the Dot Between 2 and 4. For variety specialists building comprehensive die-state sets of the George V small cent, it is considered a required addition. No specific auction premium above the base value of the date is currently documented.

Both dot varieties are typically cherry-picked from dealer inventory by knowledgeable collectors equipped with a quality loupe. A 5× to 10× magnification loupe and a current edition of the Charlton Standard Catalogue are essential tools for identifying these varieties in the field.

1924 Canadian Penny Identification Guide

Use this 30-second checklist to confirm you have a genuine 1924 Canadian one-cent business strike, assess its approximate condition, and determine whether you may have a Specimen or a catalogued die variety.

Key obverse identification points: "B.M." — the initials of designer Sir Edgar Bertram Mackennal — on the bust truncation (yellow arrow), and the crown band with pearl and jewel detail that constitutes the primary grading focal point and the first area to show circulation wear (red circle).

30-Second Identification Checklist

1. Portrait Check (Obverse): You should see a left-facing bust of King George V wearing the Imperial State Crown and Robes of State. The designer's initials B.M. (Sir Edgar Bertram Mackennal, the first colonial artist knighted for British royal coin design) appear on the truncation of the bust. The surrounding legend reads GEORGIVS V DEI GRA: REX ET IND: IMP: — an abbreviation of Georgius V Dei Gratia Rex et Indiae Imperator (George V, by the Grace of God, King and Emperor of India). If the portrait is bare-headed or shows a different monarch, you do not have a George V cent.

2. Reverse Check: Two maple leaves on a single twig occupy the center field, designed by Fred Lewis specifically for the 1920 small cent format. The legend reads CANADA (arched at top), ONE CENT (centered), and 1924 (curved at the bottom). Important: slight weakness in the centers of the leaves and in "ONE CENT" is a normal striking characteristic caused by the high-relief obverse die — this is not wear and does not diminish grade.

3. Edge Check: The edge is plain (smooth). Any reeding or edge lettering indicates this is not a standard 1924 Canadian cent.

4. Magnet Test — Composition Verification: Apply a strong magnet to the coin. A genuine 1924 cent is non-magnetic — the bronze alloy (95.5% copper, 3.0% tin, 1.5% zinc) contains no ferromagnetic metals. Any attraction to a magnet indicates a counterfeit struck on a steel core. Also verify the weight: a genuine coin is 3.24 grams; a variance of more than ±0.1 grams is cause for immediate suspicion of a cast fake.

5. Mint Marks: There are no mint marks on the 1924 Canadian penny. The coin was struck exclusively at the Ottawa Mint. There is no documented "W" (Winnipeg) or other mint mark for this date. A coin showing any mint mark is not a standard 1924 Canadian cent.

6. Finish Identification (Critical for Value Assessment):

   • Business Strike (MS): When slowly rotated under a single light source, a Mint State business strike displays a cartwheel luster — bands of light that sweep across the fields. The surface has normal contact marks from bag handling. Most 1924 cents show the typical smooth, toned surfaces of circulated examples.
   • Specimen (SP): The fields display a fine matte or satin finish — there is no cartwheel sweep of luster. The rims are sharply squared, meeting the face at a nearly perfect 90-degree angle. All design elements — crown pearls, leaf veining, lettering — are razor-sharp with no ghosting. Only approximately 3 are known in Red or Red-Brown. If you suspect a Specimen, do not clean it; submit to ICCS or PCGS for professional authentication before any transaction.

7. Variety Check — The Dot Test: Under 5× magnification, examine: (a) the date field between the "2" and "4" for a small rounded raised bump; (b) the base of the letter "T" in "CENT" on the reverse for a raised dot beneath the vertical post. Either finding confirms a catalogued Charlton die variety.

8. Counterfeit Warning — Date Alteration: The most common fraud for the 1924 cent is altering the final digit of a more common 1921 or 1927 cent. Examine the "4" under magnification: on a genuine coin, the crossbar thickness and overall font weight of the "4" must be uniform and match the style of the "2" immediately beside it. An altered coin will show tooling marks — fine, irregular scratches — in the field directly surrounding the date digits, and the modified numeral will have an inconsistent font weight or irregular surface within the number itself.

Two critical authentication tests: (left) the magnet test — a genuine 1924 bronze penny shows zero attraction; any magnetic response means counterfeit; (right) date detail comparison showing the uniform font of an authentic "4" versus telltale tooling marks in the field surrounding an altered digit.

For a photographic grading reference, see the Saskatoon Coin Club's Canadian Coin Photo Grading Guide. The Calgary Coin Canadian cent reference provides additional context for identifying and evaluating George V series coins.

1924 Canadian Penny Value FAQs

Methodology & Sources

Values in this guide are derived from aggregated auction data and market trends as of 2026. Primary pricing references include Coins and Canada's 1924 one-cent pricing and auction archive, the NGC World Coin Price Guide for Canada Cent KM 28 (Business Strike), and the NGC Specimen pricing page. Auction records are sourced from Heritage Auctions (Lot #15110, Belzberg Collection) and the PCGS Auction Price archive for the 1924 Canadian cent. Market context is informed by PCGS editorial coverage of Canada's rarest small cents and the scarce King George V cent series. Die variety attributions follow the Charlton Standard Catalogue of Canadian Coins as summarized by the Saskatoon Coin Club's 1-cent variety reference. Grading guidance references the Saskatoon Coin Club's Canadian Coin Photo Grading Guide. Composition and specification data are confirmed by the Royal Canadian Mint's official 1-cent page and Numista (George V 1-cent, KM 28).

All values are in Canadian Dollars (CAD) and represent typical market prices — not guaranteed buy or sell prices. Individual coin value depends on exact grade, color designation, surface quality, and buyer demand at time of sale. Consult the latest edition of the Charlton Standard Catalogue or a professional numismatist for real-time valuations. This guide covers standard business strikes and the Specimen issue only; error coins are outside its scope.