1928 Canadian 1-Cent (Penny) Value Guide
Find out what your 1928 Canadian penny is worth. Complete price guide by grade and colour (Red, Red-Brown, Brown) for Business Strikes and the rare Specimen strike, with current CAD market values as of February 2026.
Most circulated 1928 Canadian pennies are worth $0.25–$15.00 CAD depending on grade. In Gem Red uncirculated condition, values climb sharply — MS-65 Red examples are estimated at approximately $2,500 CAD. A rare Specimen strike is the ultimate prize for advanced collectors.
- Circulated (G-4 to AU-50):$0.25–$15.00 CAD
- Uncirculated Brown (MS-63 BN):$40–$60 CAD
- Uncirculated Red-Brown (MS-63 RB):$80–$120 CAD
- Gem Red (MS-64 RD):~$400 CAD
- Superb Gem Red (MS-65 RD):~$2,500 CAD
- Specimen (SP-65, Red-Brown):$1,500–$2,500 USD (values stated in USD per source)
Found in a jar or coin roll? The 1928 penny is common in circulated grades — worth a few dollars at most. Looks uncirculated or shiny? Value depends almost entirely on whether the coin has retained its original red luster; no Proof-Like (PL) collector sets were produced in this era. Is it silver? No — the 1928 Canadian penny is bronze (95.5% copper, 3% tin, 1.5% zinc) and non-magnetic. All values in CAD unless noted. See full value chart →
The 1928 Canadian one-cent penny is a product of Canada's pre-Depression economic peak, struck at the Ottawa Mint during the apex of the Roaring Twenties. Part of the George V Small Cent series (1920–1936), it bears Sir Edgar Bertram MacKennal's crowned effigy on the obverse and Fred Lewis's clean, modern maple leaf motif on the reverse. A mintage of 9,144,860 makes it common in circulated grades — but a genuine condition rarity when original Mint Red luster survives, and a minute population of specially produced Specimen strikings elevates the issue into elite numismatics. The Canadian penny was officially withdrawn from circulation on February 4, 2013, but all issued pennies remain legal tender. For values across all years of the 1¢ denomination, see our Canadian Penny Value Guide.
Note: minor die-state anomalies such as die cracks, cuds, and die clashes have been observed on some 1928 cents but are outside the scope of this standard value guide.
Obverse and reverse of the 1928 Canadian 1-cent penny — George V crowned effigy (left) and Fred Lewis maple leaf motif (right). (Illustration — not a photo of your exact coin)
1928 Canadian Penny Composition & Specifications
The 1928 Canadian cent is struck in a proprietary bronze alloy — 95.5% copper, 3% tin, and 1.5% zinc — used consistently throughout the George V Small Cent series from 1920 to 1936. This is not a silver coin; it contains no precious metal. At 3.24 grams and 19.05 mm in diameter, it represents the smaller format that replaced the cumbersome 25.4 mm Large Cent in 1920, aligning Canada's minor coinage with the diameter of the contemporary US Lincoln cent. Specifications are documented in the Numista catalogue entry for the 1928 Canadian 1-cent and the NGC KM#28 price guide.
Magnetic Properties — Authentication Diagnostic
Bronze is non-magnetic. A genuine 1928 Canadian penny will not be attracted to a magnet. Any magnetic response is a significant red flag — modern copper-plated steel counterfeits carry a steel core that responds strongly to a magnet, while the original bronze alloy is entirely inert to magnetic force. This is the fastest first-pass authentication test available without specialised equipment.
Quick authentication: a genuine 1928 bronze penny will not be attracted to a magnet. Magnetic response signals a non-original, likely steel-core planchet.
The Tin Factor and Characteristic Toning
The 3% tin content in this alloy has direct implications for the long-term appearance of original-surface coins. Tin hardens the bronze and can produce characteristic "woodgrain" toning — parallel streaks of lighter and darker brown visible in the fields of naturally preserved examples. Specialists regard this streaky patina as entirely authentic and desirable, distinguishing it from the flat, uniform brown of a cleaned or environmentally damaged piece. Woodgrain toning on a 1928 cent is a positive indicator of originality, not a defect.
Weight as a Diagnostic Tool
The fixed 3.24-gram specification offers a straightforward authentication step. Counterfeits struck on incorrect planchets frequently fail a precise weight test conducted with a jeweller's scale accurate to 0.01 grams. A coin significantly lighter or heavier than 3.24 grams warrants further scrutiny before any purchase or grading submission.
Melt Value
The source document does not provide a current melt value calculation for the 1928 cent. Given its bronze composition, intrinsic metal value is modest, and numismatic value far exceeds any metal component in all grades above Good. Coin melting in Canada is governed by federal law; consult current legislation before considering any action related to the metal content of legal tender coins.
1928 Canadian Penny Value Chart by Grade & Finish
The 1928 Canadian penny market is sharply bifurcated: a high-volume commodity in circulated grades and an escalating rarity in uncirculated preservation — particularly when the original red luster has survived. A Specimen strike occupies a completely separate tier. All values below are in Canadian dollars (CAD) unless explicitly noted as USD.
1928 Canadian Penny — Business Strike, Circulated
With 9,144,860 produced, the 1928 cent is readily available in worn grades at coin shows, dealer inventories, and online auctions. These represent accessible entry points for album and folder collectors. Note that "Trend" (retail ask) prices consistently exceed what a dealer will offer to purchase — the "Auction Average" column reflects more realistic transaction values.
| Grade | Trend Price (CAD) | Auction Average (CAD) | Key Grading Threshold |
|---|---|---|---|
| G-4 | $0.25 | Bulk ~$0.10/coin | Portrait a silhouette; date legible but merging with rim |
| VG-8 | $0.50 | $0.25 | Full rims present; crown band distinct but worn flat; pearls gone |
| F-12 | $1.00 | $0.50 | Crown band visible; diamond and pearls flat; maple leaf veins clear |
| VF-20 | $2.00 | $1.00 | Crown pearls distinct but flattened; King's ear well defined |
| EF-40 | $5.00 | $3.00 | Light wear on eyebrow and crown band only; traces of luster may appear near letters |
| AU-50 | $15.00 | $10.00 | 50%+ original luster retained; microscopic wear on cheek and eyebrow only |
Values synthesised from Numista and dealer transaction records. Prices for G through EF grades have remained largely stable for decades, moving only incrementally with inflation.
1928 Canadian Penny — Business Strike, Mint State (by Colour Designation)
For uncirculated 1928 cents, colour is the dominant value driver — far outweighing the numerical Sheldon grade alone. Three official designations apply to copper coins:
- Brown (BN): The coin has oxidised fully to chocolate brown over nearly a century. No original red luster survives. Technically uncirculated, but with low eye appeal.
- Red-Brown (RB): Between 5% and 95% of the original red luster remains, often accompanied by iridescent blue or purple toning that collectors find attractive.
- Red (RD): 95% or more of the original salmon-pink or orange luster is intact. This is the investment-grade tier for copper coinage. Surviving a century in this state is statistically extraordinary — oxygen is the enemy of copper, and most surviving 1928 cents have oxidised.
| Colour Designation | MS-63 | MS-64 | MS-65 | MS-66 |
|---|---|---|---|---|
| Brown (BN) | $40–$60 CAD | — | — | — |
| Red-Brown (RB) | $80–$120 CAD | — | — | — |
| Red (RD) | — | ~$400 CAD | ~$2,500 CAD | $6,000–$10,000 USD* |
— = value not documented in source document; do not assume equivalence to adjacent cells. *MS-66 Red value stated in USD per source document (Stewart Blay benchmark); no CAD conversion provided by source. Current market estimate for MS-65 Red: $2,000–$3,000 CAD per source. Refer to the NGC KM#28 price guide for population-adjusted context.
⚠️ The MS-65 Red Value Cliff
The jump from MS-64 Red (~$400 CAD) to MS-65 Red (~$2,500 CAD) represents approximately a 6× multiplier across a single grade point. This cliff is not speculative inflation — it reflects genuine survival rarity. The open, unforgiving fields of Fred Lewis's maple leaf reverse make bag marks immediately visible on any bright coin; achieving MS-65 requires a planchet that miraculously avoided contact in the mint bag. For investors, MS-65 is the threshold grade insulated from the supply glut of lower-tier coins. MS-64 Red, however, offers strong value relative to the tier above it.
Brown (BN), Red-Brown (RB), and Red (RD) 1928 Canadian pennies side by side — colour preservation is the single largest value driver in uncirculated grades. (Illustration — not a photo of your exact coin)
A circulated EF-40 1928 penny (left, ~$5 CAD) versus a Gem Red MS-65 example (right, ~$2,500 CAD) — the difference a century of careful storage makes. (Illustration — not a photo of your exact coin)
1928 Canadian Penny — Specimen Strike
Specimen strikes occupy a tier entirely separate from Business Strikes. These coins were not struck for public circulation or sold in collector sets. They were produced ad-hoc — in tiny quantities — for dignitaries, museum archives, and well-connected numismatists, using specially prepared dies and multiple high-pressure strikes that produce a satin or matte surface texture entirely unlike the cartwheel luster of a mass-production coin.
ℹ️ How to Distinguish a 1928 Specimen from a Business Strike
A 1928 Specimen does not display cartwheel luster when tilted under light. Instead, its fields are smooth, uniform, and non-reflective or semi-reflective — a deliberate satin texture. The maple leaf veins and individual hairs in George V's beard are rendered with a sharpness impossible in mass production. If your coin matches this description, do not attempt to assess its value yourself — submit it to ICCS or PCGS for professional attribution before assuming what it is.
| Grade | Colour | Estimated Value | Provenance / Notes |
|---|---|---|---|
| SP-63 / SP-64 | RB / BN | $800–$1,500 USD | Values stated in USD per source document |
| SP-65 | Red-Brown (RB) | $1,500–$2,500 USD | George Hans Cook Collection (Heritage 2019): PCGS SP-65 Red & Brown |
| SP-65 | Red (RD) — theoretical | >$5,000 USD | No confirmed RD Specimen documented in source; value is theoretical |
All Specimen values stated in USD per source document; no CAD conversions provided. Specimen mintage is undocumented; the source document estimates fewer than 50 examples across all grades and colours. These are "event" lots when they appear at auction — no regular market exists.
Values represent typical market prices as of February 2026. For the complete denomination price guide, see our Canadian Penny Value Guide.
Most Valuable 1928 Canadian Penny Varieties
The 1928 Canadian cent is notable for its absence of major die varieties. The Charlton Standard Catalogue of Canadian Coins lists no major varieties for the 1928 issue — no doubled dates, no repunched design elements, and no widely recognised high- or low-relief variants. By 1928, eight years into Small Cent production, the Ottawa Mint had perfected its die manufacturing, yielding a consistent output of over nine million essentially identical coins. Value for this issue is driven almost entirely by grade, colour preservation, and strike type.
Trophy Level: The 1928 Specimen Strike
The undisputed pinnacle of the 1928 issue is the Specimen strike. Unlike the US numismatic tradition of mirror-field Proof coins, 1920s Canadian Specimens feature a satin or matte surface — struck at least twice at elevated pressure using specially prepared dies, with results far beyond what mass production can achieve. Details such as the individual pearls in George V's crown band and the veins of the maple leaves are rendered with razor sharpness.
- Estimated population: Fewer than 50 across all grades and colours (source document estimate; no official census cited).
- How they were produced: Ad-hoc, for dignitaries, museum collections, and select numismatists — not sold publicly.
- Confirmed provenance: The George Hans Cook Collection, sold by Heritage Auctions in 2019, contained a PCGS-graded SP-65 Red and Brown example, confirming both the issue's existence and collector appetite for it.
- Value range: SP-65 Red-Brown: $1,500–$2,500 USD (as stated in source document). SP-65 Red (if it exists): theoretically exceeding $5,000 USD (source document).
Business Strike (left) versus Specimen strike (right): the Specimen's smooth satin surface contrasts sharply with the Business Strike's rotating cartwheel luster. (Illustration — not a photo of your exact coin)
The Colour Preservation Hierarchy
While not a "variety" in the traditional die-variety sense, colour preservation creates dramatic and documented value differences between otherwise identical 1928 cents in uncirculated grades:
- Red (RD): The investment-grade tier. An MS-65 Red example sold for approximately $1,762 USD (approx. $2,300 CAD) at Heritage Auctions in 2013. Current market estimates for MS-65 Red: $2,000–$3,000 CAD per source.
- Red-Brown (RB): Partial original luster — desirable but significantly more common than full Red. MS-63 RB: $80–$120 CAD.
- Brown (BN): Fully oxidised — the most common uncirculated state. MS-63 BN: $40–$60 CAD.
The Stewart Blay Collection of Canadian Cents, auctioned through GreatCollections, included a PCGS MS-66 Red 1928 cent — a benchmark coin representing the known ceiling of the business strike market. The source document estimates such a coin would realise $6,000–$10,000 USD if offered today.
Critical Warning: The False "1928-S" Variety
Online searches for "rare 1928 Canadian penny varieties" frequently surface the "1928-S Large S" and "1928-S Small S" designations. These refer exclusively to the 1928-S United States Lincoln Wheat Cent — struck in San Francisco. The Ottawa Mint did not use mint marks in 1928. No genuine Canadian 1928 cent carries any mint mark whatsoever. If a seller represents a coin as a "Rare 1928-S Canadian Penny," it is either a misidentified US coin or a fraudulent claim. Neither warrants any premium over a standard 1928 Canadian cent.
1928 Canadian Penny Identification Guide
Use this checklist to confirm you have a genuine 1928 Canadian cent and to determine its finish and colour designation. For visual grading reference, the Royal Canadian Mint's coin grading guide and the Saskatoon Coin Club's George V photo grading guide are strongly recommended.
30-Second Identification Checklist
Monarch Check (Obverse): The obverse shows King George V facing left, wearing the Imperial State Crown and Robes of State. The legend reads GEORGIVS V DEI GRA: REX ET IND: IMP: The initials B.M. appear in relief at the shoulder truncation — these are the designer's initials (Sir Edgar Bertram MacKennal), not a mint mark. If the obverse shows Queen Elizabeth II, you have a different coin entirely.
Reverse Check:CANADA arches across the top; ONE CENT sits at centre flanked by single maple leaves on twigs; 1928 appears at the bottom. This is Fred Lewis's design, introduced with the Small Cent in 1920. Confirm the date is 1928.
Edge Check: The edge is plain and smooth — no reeding. A reeded edge indicates a different denomination.
Magnet Test (Composition Verification): Hold a magnet near the coin. A genuine 1928 bronze cent will not respond. The bronze alloy (95.5% Cu, 3% Sn, 1.5% Zn) is entirely non-magnetic. Any magnetic attraction signals a non-original planchet — most likely a modern copper-plated steel counterfeit. This is your fastest and most practical first-pass authentication step.
Mint Mark Check: No mint marks exist on genuine 1928 Canadian cents. Ottawa was the sole striking facility, and it did not use a mint mark. There is no "O" for Ottawa, no "W" for Winnipeg, and no "S" for San Francisco. The B.M. initials at the shoulder truncation are a designer's signature, not a facility mark. Any letter resembling a mint mark on the face of a coin presented as a 1928 Canadian cent warrants suspicion.
Finish Identification — Critical for Value:
- Business Strike: When you tilt the coin slowly under an incandescent lamp, the bright zone appears to spin and roll across the surface — this is called cartwheel luster. It is the natural light-reflection pattern of a struck coin that has never circulated.
- Specimen Strike: The fields are smooth, uniform, and either non-reflective or semi-reflective — a deliberate satin texture with no cartwheel effect. Device details (crown pearls, beard hair, maple leaf veins) are extraordinarily sharp. If your coin matches this description, seek expert attribution from ICCS or PCGS before drawing conclusions about value.
- No Proof-Like (PL) coins: Royal Canadian Mint Proof-Like collector sets were not produced in the 1928 era. A coin described as a "1928 PL" without a certified slab should be treated with scepticism.
Colour Assessment — For Uncirculated Coins: Tilt the coin under incandescent light. Warm salmon-pink or orange covering 95% or more of the surface = Red (RD). Partial red retention mixed with brown toning = Red-Brown (RB). Fully chocolate brown = Brown (BN). The colour designation at MS-63 separates $40 coins from $120 coins.
The Cartwheel vs. Dipped Diagnostic: Genuine original-red luster cartwheels dynamically as the coin tilts. Artificially brightened (acid-dipped) copper looks flat, pastey, or unnaturally vivid orange without any rotating sheen. Dipped coins receive a "Cleaned — Details" designation from grading services, eliminating all numismatic premium regardless of the coin's underlying strike quality. Also watch for carbon spots — permanent black flecks that significantly reduce value even on otherwise red coins.
⚠️ Never Clean Your 1928 Penny
Cleaning strips original luster and leaves hairlines instantly visible under magnification. A cleaned 1928 cent — no matter how sharp its underlying detail — will be designated "Cleaned — Details" by ICCS, PCGS, or NGC, eliminating all numismatic premium. A naturally brown, problem-free coin is always worth more to a knowledgeable buyer than a bright but chemically treated one.
Close-up of the 1928 Canadian penny obverse. Red circles mark the primary wear points: crown band pearls, eyebrow ridge, and shoulder fold — the first areas to lose detail in circulation.
Genuine original-red luster (left) cartwheels dynamically as the coin tilts. Artificially brightened copper (right) appears flat and uniform without the rotating sheen — a "Cleaned — Details" coin in grading service eyes. (Illustration)
1928 Canadian Penny Value FAQs
What is a 1928 Canadian penny worth?
In circulated condition, most 1928 Canadian pennies are worth $0.25–$15.00 CAD depending on grade (G-4 through AU-50). In uncirculated condition, value is dominated by colour: MS-63 Brown examples trade for $40–$60 CAD, MS-63 Red-Brown for $80–$120 CAD, and MS-64 Red for approximately $400 CAD. A Gem MS-65 Red is estimated at approximately $2,500 CAD in the current market. A rare Specimen strike at SP-65 (Red-Brown) commands $1,500–$2,500 USD per the source document.
Is a 1928 Canadian penny rare?
In circulated grades, no. With a mintage of 9,144,860, the 1928 cent is abundant in Good through About Uncirculated condition — compare this to the key-date 1923 cent (1,019,002 mintage) or 1925 cent (1,000,622 mintage), which cost $60+ in Very Fine alone. However, the 1928 cent is a genuine condition rarity in Gem Red (MS-65 RD) — the survival rate of fully red Canadian copper from this era is lower than comparable US coinage, owing to a smaller collector base in the 1920s that meant fewer coins were saved from circulation. The Specimen strike, estimated at fewer than 50 examples total, is extremely rare by any measure.
What makes some 1928 Canadian pennies worth thousands of dollars?
Three compounding factors create the high-end price points. First, grade: the coin must be fully uncirculated with no wear on the highest-relief points — specifically the central crown band pearls, the eyebrow ridge, and the shoulder fold. Second, colour: 95% or more of the original salmon-pink luster must survive intact — a statistical rarity after nearly a century. Third, strike type: a Specimen adds rarity rooted in the manufacturing method, not just preservation. The 6× price jump between MS-64 Red and MS-65 Red illustrates how thin the survival population truly is at the top of the scale. The Stewart Blay MS-66 Red sets the known ceiling for business strikes.
Is my 1928 Canadian penny silver?
No. The 1928 Canadian penny is bronze — 95.5% copper, 3% tin, and 1.5% zinc. It contains no silver or other precious metal. The quick test: a genuine bronze cent is non-magnetic, while silver is also non-magnetic — so the magnet test alone cannot distinguish the two. The visual difference is more reliable: a genuine 1928 cent is a warm copper-brown or red-orange, not silver-grey. If a coin that looks silver-coloured is sold as a 1928 Canadian penny, it is not genuine.
How do I tell if my 1928 penny has genuine Red colour or has been artificially brightened?
Tilt the coin slowly under an incandescent lamp. Genuine original-red luster cartwheels — the bright zone appears to spin and travel across the surface as the angle changes, creating a dynamic, rolling sheen. Artificially brightened copper — stripped of oxidation by acid dipping — appears flat, uniform, and unnaturally vivid orange, without this rotating quality. Grading services (ICCS, PCGS, NGC) will assess this under direct light and designate dipped coins as "Cleaned — Details," which eliminates the numismatic premium entirely. Additionally, watch for carbon spots — permanent black flecks on the surface — which significantly reduce value even on otherwise red coins with clean fields.
What is a 1928 Specimen strike and how rare is it?
A 1928 Specimen strike is a coin produced outside normal mass-production parameters — struck at least twice at elevated pressure using specially prepared dies, resulting in a satin or matte surface with extraordinary sharpness of detail. Unlike US-style Proof coins with deep mirror fields, 1920s Canadian Specimens have a smooth, non-reflective to semi-reflective texture. They were made in tiny quantities — the source document estimates fewer than 50 — for dignitaries, museum collections, and well-connected numismatists, not for public sale. The George Hans Cook Collection included a PCGS SP-65 Red and Brown example, auctioned by Heritage Auctions in 2019. These are "event" lots when they appear — there is no regular auction cadence.
Should I have my 1928 Canadian penny graded by ICCS or PCGS?
For circulated coins (G through AU), grading fees will almost always exceed the coin's value — a VF-20 example is worth approximately $2 CAD, while certification costs more per coin. Grading makes sense only when the potential grade justifies the expense. If your coin appears fully uncirculated with original red luster and clean, mark-free fields, it may be a candidate for MS-64 (~$400 CAD) or higher — at that point, professional grading is essential. ICCS is the Canadian standard and is known for conservative Red designations. PCGS is the international standard; its hard-plastic slabs are registry-set eligible and often command a secondary-market premium. An uncertified raw coin cannot reliably sell at the $400–$2,500 CAD price range — the certified slab is what unlocks the value at auction or in private sale.
Is the "1928-S" Canadian penny a real variety?
No — not as a Canadian coin. The "1928-S Large S" and "1928-S Small S" varieties that circulate in online discussions refer exclusively to the 1928-S United States Lincoln Wheat Cent struck in San Francisco. The Ottawa Mint did not use mint marks in 1928; no genuine Canadian cent from this year carries any mint mark of any kind. If a seller offers a "Rare 1928-S Canadian Penny," you are looking at either a misidentified US coin or a fraudulent claim. Do not pay any premium for it over a standard 1928 Canadian cent.
Methodology & Sources
Values in this guide reflect the Canadian dollar market as of February 2026 and were synthesised from the following primary sources:
- NGC KM#28 Price Guide — Canada Cent (1920–1936): Mintage figures and market context.
- Numista — 1 Cent George V Canada: Specifications, composition, and circulated value ranges.
- Heritage Auctions — 1928 George V Cent, PCGS MS-65 Red (2013): Auction benchmark for gem business strike.
- Heritage Auctions — 1928 Specimen Cent, PCGS SP-65 RB, George Hans Cook Collection (2019): Specimen provenance and value benchmark.
- CoinNews — Stewart Blay Collection of Canadian Cents (GreatCollections, 2023): MS-66 Red benchmark reference.
- Saskatoon Coin Club — Canadian 1-Cent Major Varieties: Charlton Catalogue confirmation of no major die varieties for 1928.
- Saskatoon Coin Club — George V Coin Photo Grading Guide: Wear-point and grading reference.
- Royal Canadian Mint — 1-Cent History and RCM Grading Guide.
Market prices are estimates reflecting typical retail and auction transactions. Individual coins may realise above or below these figures depending on eye appeal, provenance, and market conditions at time of sale. This guide covers standard Business Strikes and Specimen issues only; die-state error coins are outside scope.
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.