1926 Canadian 1-Cent (Penny) Value Guide: George V Small Cent

The 1926 Canadian penny is a genuine semi-key date in the George V Small Cent series (1920–1936), struck exclusively at the Royal Canadian Mint in Ottawa with a mintage of just 2,143,372. It occupies a strategically important position in the series: scarcer than the high-volume issues of the late 1920s and 1930s, yet more obtainable than the celebrated extreme rarities of 1922, 1923, and 1925. The obverse features the celebrated crowned effigy of King George V by Sir E.B. MacKennal (whose initials B.M. appear at the bust truncation); the reverse bears the enduring Two Maple Leaves design by Fred Lewis, which served the Canadian small cent from 1920 through 1936. No mint marks are present on this issue — all 1926 cents were struck in Ottawa, and the absence of a mark is the correct, standard state. For the complete denomination picture across all George V, George VI, and Elizabeth II eras, see our Canadian Penny Value Guide.

Note: Minor production anomalies such as off-center strikes exist for 1926 but are outside the scope of this standard (non-error) value guide.

1926 Canadian 1-cent — obverse (King George V by MacKennal; B.M. initials at bust truncation; legend GEORGIVS V DEI GRA: REX ET IND:IMP:) and reverse (Two Maple Leaves by Fred Lewis; ONE CENT; CANADA; 1926).

1926 Canadian Penny Composition & Melt Value

Alloy Breakdown

The 1926 Canadian cent is struck from a solid bronze alloy: 95.5% Copper, 3.0% Tin, and 1.5% Zinc. This is a homogeneous, fully integrated alloy — there is no plating or steel core — making it quite different from the copper-plated steel cents produced in Canada's later decades. The tin addition provides hardness and wear resistance essential for a coin intended to circulate for decades, while the zinc acted as a deoxidizer during casting to ensure metal fluidity and strike sharpness. This formulation was introduced with the reform of 1920, when Canada reduced the cent from the large 25.4 mm "Large Cent" format to the 19.05 mm small cent, partly to reduce copper consumption and align with United States coinage dimensions. Full composition and specification data are available at the Royal Canadian Mint's official 1-cent page and catalogued on Numista (KM# 28).

Melt Value

The coin contains approximately 3.09 grams of copper. At typical commodity prices, the melt value calculates to less than $0.03–$0.04 CAD — negligible. Unlike the silver denominations of 1926 (the 5¢, 10¢, 25¢, and 50¢), the penny has no precious-metal value floor. Its worth is derived entirely from numismatic demand, historical scarcity, and condition. Even a heavily circulated G-4 example trades for nearly 100 times its metal value, confirming this is a collectible artifact rather than a store of metal.

Colour Preservation: Why the Alloy Matters

The 95.5% copper content makes this alloy highly reactive to atmospheric sulfur and oxygen. The resulting colour evolution — from original Mint Red through Red-Brown to fully toned Brown — is chemically inevitable over a century. This is why examples that have retained their original red lustre are so prized: they represent a remarkable defiance of the metal's natural tendency to oxidize. The three colour designations used by ICCS, PCGS, and NGC are:

• Red (RD): Full original salmon-pink factory colour with vibrant, satin-like lustre. Chemically unstable over time; statistically rare after 100 years.
• Red-Brown (RB): Partial original colour remaining alongside secondary brown toning. The intermediate state.
• Brown (BN): Uniform chocolate brown. The chemically stable end state of the alloy — the most common designation for surviving uncirculated examples.

This colour hierarchy creates one of the steepest value differentials in Canadian numismatics. See the value chart for precise price impact by grade.

Magnet Test — First-Line Authentication

Because the 1926 cent is solid bronze, it is completely non-magnetic. This is your fastest authentication test:

• Does not adhere to magnet → Pass. Consistent with genuine bronze composition.
• Adheres to magnet → Fail. Almost certainly a counterfeit struck on a steel planchet or a modern plated fake. Reject immediately.

A bright yellow or brassy colour (rather than warm copper, red-brown, or chocolate brown) should also trigger suspicion — it may indicate harsh acid cleaning or chemical alteration.

Magnet test: a genuine 1926 Canadian bronze cent does not react to a neodymium magnet. Any coin that adheres to the magnet is almost certainly a counterfeit. This three-second test is your first line of authentication.

1926 Canadian Penny Value Chart by Grade & Finish

The 1926 cent is intensely grade-sensitive. Its semi-key status ensures value even in heavy wear, but the most dramatic price accelerations occur in the upper Mint State range — and the colour designation (Brown, Red-Brown, or Red) at those grades governs value more decisively than the grade number itself. Two finish categories are documented for this year: the standard Business Strike and the ultra-rare Specimen. All values in CAD as of February 2026.

1926 Canadian Penny — Business Strike (Circulation)

Values for problem-free coins with no cleaning, corrosion, or damage. MS-60 assumes Brown (BN); MS-63 assumes Red-Brown (RB); MS-65 assumes full Red (RD). Sources: NGC Price Guide (Canada Cent KM-28); PCGS analysis of rare Canadian small cents.

Mint State Colour Tiers — Detailed Breakdown

The same MS-65 grade can differ in value by nearly a factor of ten depending on colour designation. The table below isolates the colour multiplier across the three key Mint State grades:

Three 1926 Canadian cents illustrating the Brown (BN), Red-Brown (RB), and full Red (RD) colour designations. At MS-65, the Red example commands roughly 6–9 times the value of the Brown example. Colour is the single greatest value driver for uncirculated 1926 cents. (Illustration — not a photo of your exact coin)

Grade Comparison: Circulated to Uncirculated

Grade progression for the 1926 Canadian penny: G-4 (heavy wear, portrait a silhouette, $3.50) through AU-50 (light wear on crown and eyebrow, $90.00) to MS-63 RB (no wear, rich lustre, $650.00). The crown band is the primary grading checkpoint at each level. (Illustration — not a photo of your exact coin)

Important: Weak Strikes on This Issue

The 1926 cent frequently exhibits weak strikes caused by insufficient die pressure. A weakly struck coin may lack crown and leaf detail even if it has never circulated — a critical distinction. The diagnostic test: examine the fields (the flat areas around the lettering). If original mint lustre (a cartwheel-like sheen) is present in the fields, the coin is Mint State regardless of softness on the high points. If the fields show the criss-cross lines of contact wear, the coin has circulated. This distinction can be the difference between a $90 AU-50 value and a $160+ Mint State designation.

1926 Canadian Penny — Specimen (SP)

A very small number of Specimen strikings of the 1926 cent are known to exist, produced not for commerce but most likely for archival, internal quality-control, or presentation purposes. These are characterized by a matte or satin finish, razor-sharp strike detail impossible to achieve on a high-speed production press, and a distinctive squared-off "wire rim." Famous examples have been traced to the Stewart Blay, Belzberg, and Pittman collections. Because these trade so infrequently — often once per decade — catalogue values are theoretical estimates based on realized prices at those landmark collection sales.

All values in CAD as of February 2026. For the complete denomination price guide covering all George V, George VI, and Elizabeth II eras, see our Canadian Penny Value Guide.

Most Valuable 1926 Canadian Penny Varieties

The 1926 cent is a relatively "clean" year for die varieties. Unlike the famous 1929 cent (High/Low 9) or the 1936 cent (Dot), there are no major Charlton-catalogued varieties with separate pricing columns assigned to the 1926 issue. For this year, grade and colour drive value — not variety hunting. However, three matters require specific attention before examining your coin.

Trophy-Level Examples (Condition and Mintage Rarities)

The most valuable 1926 cents achieve their prices through extreme condition preservation or extreme mintage scarcity — not through die varieties. The following represents the top tier of the market based on documented auction results:

Minor Die Varieties (Specialist Interest Only)

Advanced collectors specializing in the George V series do track minor die anomalies for 1926, though these carry no official Charlton numbers and command only modest or neutral premiums:

Strategic allocation advice: For the 1926 cent, direct your budget toward grade and colour preservation rather than minor die variety hunting. A well-struck, original-lustre EF-40 or AU-50 is a far more liquid and universally valued asset than a low-grade example with a minor crack marketed as rare.

Re-punched Date (RPD) diagnostic on the 1926 Canadian penny: under 5×–10× magnification, look for a ghost impression of the "6" digit slightly offset from the primary numeral. This is an unlisted minor variety with a modest specialist premium only — not a Charlton-catalogued variety.

1926 Canadian Penny Identification Guide

Use this checklist to confirm the identity, authenticity, and finish of your 1926 cent in under 30 seconds before assigning any value.

30-Second Identification Checklist

1. Monarch Check (Obverse): The obverse must depict a left-facing profile of King George V wearing the Imperial State Crown and coronation robes. 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) are incused into the bust truncation — the cut-off base of the shoulder. Confirm these initials are present and legible on higher-grade examples.

2. Reverse Check: The reverse must show two maple leaves on a single twig flanking the denomination. Text reads ONE CENT (centre), CANADA (arching above), and 1926 (bottom). On worn coins, verify the final digit carefully: 1920, 1928, and 1929 are common misreads when the coin is heavily circulated and the last numeral is unclear.

3. Specifications Check: Diameter 19.05 mm; weight 3.24 g; edge plain (smooth, not reeded). A coin that is substantially lighter or slightly larger/smaller should be treated with suspicion.

4. Mint Mark Check:No mint marks are present on the 1926 cent. It was struck exclusively at the Royal Canadian Mint in Ottawa. The absence of any mint mark is the correct and expected state for this issue. Do not look for one.

5. Magnet Test — Composition Authentication:

   • Apply a strong neodymium magnet to the coin.
   • Does not adhere → Pass. Consistent with genuine bronze (95.5% Cu, 3.0% Sn, 1.5% Zn).
   • Adheres to magnet → Fail. Almost certainly a counterfeit on a steel planchet. Reject.

6. Finish Identification — Critical for Accurate Valuation:

   • Business Strike (virtually all 1926 cents): Shows cartwheel lustre when uncirculated — a rolling, spinning light effect visible as the coin is tilted under a light source. The fields may display fine radial flow lines from metal movement during the strike. The junction between rim and edge is slightly rounded.
   • Specimen (SP) — The Extreme Rarity: Shows a distinctly matte or satin surface sheen — no cartwheel or mirror effect. Strike detail is razor-sharp: the individual hairs of the King's beard, the leaf veins, and the lettering serifs are crisply defined. The rim is squared off to a near-right angle (the "wire rim") rather than rounded. If you believe you may have a Specimen, do not handle it further — submit it immediately to ICCS or PCGS for professional authentication.

7. Crown Band Grading Checkpoint: The horizontal band running across the base of the King's crown is the primary grading reference for this design:

   • VF-20 test: The individual jewels or pearls in the crown band must show distinct, visible separation from one another. If the band is worn flat and featureless, the coin grades F-12 or lower — a significant value difference.
   • EF-40 test: The pearl band is clearly distinct; faint mint lustre may survive in the recesses of the lettering.
   • Weak Strike Warning: If crown detail is soft but the fields retain original cartwheel lustre, the coin is a weakly struck Mint State example — not a worn circulated coin. This distinction is critical and can add substantial value. See the Saskatoon Coin Club's George V small cent photo grading guide for visual reference.

8. Colour Check (Uncirculated Examples Only):

   • Red (RD): Vibrant, warm salmon-pink with a satin sheen. A flat, dull, chalky pink indicates acid-dipping — not genuine Red.
   • Red-Brown (RB): Partial original copper colour with secondary brown toning. Often the most visually attractive designation.
   • Brown (BN): Uniform chocolate brown. The chemically stable end state — most common among surviving uncirculated pieces.

Business Strike vs. Specimen finish comparison: the Business Strike (left) shows characteristic cartwheel lustre and a slightly rounded rim-to-edge junction; the rare Specimen (right) has a flat matte or satin surface and a sharply squared-off wire rim. Fewer than 10 Specimens of the 1926 cent are believed to exist. (Illustration — not a photo of your exact coin)

Crown band grading diagnostic for the 1926 George V cent: at F-12 (left), the pearl band has worn flat and individual jewels are indistinguishable; at VF-20 (right), the pearls are distinctly separated. This single checkpoint separates the $10.00 and $22.00 value tiers. (Illustration — not a photo of your exact coin)

1926 Canadian Penny Value FAQs

Methodology & Sources

Values in this guide reflect typical CAD market prices as of February 2026 for problem-free, uncleaned examples, synthesized from the following primary sources:

• Charlton Standard Catalogue of Canadian Coins: Authoritative reference for mintage data, series context, and variety classification. A historical edition is available via the Internet Archive.
• NGC Price Guide (KM-28):NGC Canada Cent KM-28 (1920–1936) — grade-by-grade market values for the George V small cent series.
• PCGS:PCGS analysis of the rarest Canadian small cents; PCGS Population Report for Canadian coins — census data on high-grade certified examples.
• GreatCollections Auction Archive:1926 Canada Cent KM-28 realized prices — source for the MS-66 RD auction record.
• Stewart Blay Collection Sale:CoinNews coverage (January 2023) — source for Specimen pricing context and provenance confirmation.
• Heritage Auctions: Source for MS-65 Red realized price range. No direct URL provided in source document.
• Coins and Canada: Market pricing trends and historical series context. No direct URL provided in source document.
• Royal Canadian Mint:RCM official 1-cent page — technical specifications and composition data.
• Numista:Numista KM# 28 catalogue entry — technical reference and die specifications.
• Saskatoon Coin Club:Canadian circulation mintage tables; George V small cent photo grading guide.

All prices are in Canadian dollars (CAD). Values represent typical retail and auction market prices for problem-free, uncleaned examples and may fluctuate with market conditions. This guide covers standard non-error business strikes and the Specimen issue only; error coins are out of scope. Consult current auction records and professional price guides before making significant purchases or sales.