1929 Canadian 1-Cent (Penny) Value Guide: George V Small Cent
1929 Canadian penny value: High 9 vs Low 9 die varieties priced in CAD from G4 to MS-65 Red. George V small cent grading guide and identification tips. February 2026.
Most 1929 Canadian pennies — the common Low 9 variety — are worth $0.20–$2.80 in circulated grades. The scarce High 9 variety starts at $17.00 even in Good (G4) condition. In top certified Gem Red (MS-65 RD) grades, Low 9 examples reach $1,160 and High 9 examples reach $3,340.
- Circulated Low 9 (G4–EF40):$0.20–$2.80
- Circulated High 9 (G4–EF40):$17.00–$58.70
- About Uncirculated Low 9 (AU50):$11.10
- About Uncirculated High 9 (AU50):$106.00
- Gem Red Low 9 (MS-65 RD):$1,160.00
- Gem Red High 9 (MS-65 RD):$3,340.00
- Specimen (SP): Exceedingly rare; no standard retail pricing available
All values in CAD as of February 2026. Found in a jar or loose change? The Low 9 is worth a few cents to just over $11 circulated — collector demand drives pricing, not silver or melt value (this coin is bronze, non-precious). Bright and uncirculated-looking? The 1929 penny was not issued in Proof-Like sets; a brilliant example is a high-grade Business Strike or, very rarely, a Specimen coin — not a mirror-finish PL issue. Is it silver? No — the 1929 cent is coinage bronze (95.5% copper), non-magnetic, with negligible intrinsic metal value. The die variety (High 9 vs Low 9) and color preservation (Red vs Brown) are the decisive value drivers. See full value chart →
The 1929 Canadian one-cent piece is the ninth year of the George V small cent series, struck at the Royal Mint Ottawa when it was still technically a branch of the Royal Mint in London — the facility would not pass into full Canadian government control and be renamed the Royal Canadian Mint until 1931. With 12,159,840 pieces struck, the 1929 is a plentiful date by George V standards, yet it harbours one of the most eagerly sought die varieties in the series: the High 9, in which the final digit of the date sits noticeably higher than its neighbours, commanding premiums of up to 85× over the common Low 9. The Canadian penny ceased distribution on February 4, 2013 (it remains legal tender), making all 1¢ coins collector items today. For values across every year of the Canadian cent, see our Canadian Penny Value Guide.
Note: Off-center strikes and other striking errors exist for the 1929 cent but are outside the scope of this standard value guide.
Obverse (left): Crowned effigy of King George V facing left, artist initials "B.M." on bust truncation. Reverse (right): Maple Leaves design with "CANADA" at top and "1929" at base. (Illustration — not a photo of your exact coin)
1929 Canadian Penny Composition & Melt Value
The 1929 cent is struck in coinage bronze: 95.5% copper, 3.0% tin, and 1.5% zinc. This formulation differs slightly from the "French Bronze" used on Canada's earlier large cents. The high copper content delivers the characteristic reddish-orange bloom of a freshly struck specimen; tin hardens the alloy and improves corrosion resistance; zinc acts as a deoxidizer during casting, ensuring uniform metal flow into the die cavities.
Melt Value
The 1929 cent contains no silver or gold. At 3.24 grams with a 95.5% copper composition, the coin carries an approximate intrinsic copper value of $0.02–$0.03 CAD in modern commodity markets. Canadian law prohibits melting coin of the realm, and the numismatic value of even a worn 1929 cent far exceeds its copper scrap value. Collector demand is the sole pricing driver for this issue; melt value is irrelevant.
Magnetic Properties (Authentication Diagnostic)
The 1929 cent is non-magnetic. Coinage bronze — being primarily copper with tin and zinc — is not attracted to a magnet. This is a quick and reliable authentication step: a 1929 cent that responds to a magnet is either a wrong-planchet coin or an altered piece and should be examined by a specialist. The non-magnetic result also cleanly distinguishes George V bronze cents from later Canadian cents struck on nickel or steel-plated planchets.
Applying a magnet to a 1929 Canadian penny: the bronze coin is non-magnetic and will not be attracted. A magnetic response signals a wrong planchet or other anomaly requiring expert review.
1929 Canadian Penny Value Chart by Grade & Variety
Values are in Canadian Dollars (CAD) as of February 2026, sourced from the Coins and Canada 1929 cent pricing page. The 1929 cent was not issued in Proof-Like (PL) sets — that collector programme did not exist in this era. Specimen (SP) coins were struck in minuscule quantities and are addressed separately below the two main tables.
⚠️ Never Clean Your Coins
Cleaning a 1929 cent strips its irreplaceable original bronze surface and leaves microscopic hairlines visible under magnification. Cleaned coins receive a "Details — Cleaned" grade from PCGS, NGC, and ICCS, permanently destroying all numismatic premium regardless of underlying detail or rarity. The natural patina of a nearly century-old bronze coin cannot be restored.
1929 Canadian Penny — Low 9 (Common Variety, Business Strike)
The Low 9 is the standard configuration, accounting for an estimated 90–95% of the 12,159,840 mintage. In circulated grades it serves as an accessible type coin for the George V series. The value curve remains relatively flat through EF40, then accelerates sharply in About Uncirculated, and rises almost exponentially into Mint State — driven almost entirely by the survival of original red copper color, which is extremely difficult to find intact after nearly a century.
| Variety | G4 | VG8 | F12 | VF20 | EF40 | AU50 | MS60 | MS63 | MS64 | MS65 | MS66 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Low 9 | $0.20 | $0.55 | $0.75 | $1.15 | $2.80 | $11.10 | $26.10 | $78.50 | $324.00 | $1,160.00 | $1,250.00 |
Color designations for Mint State grades: MS60 is typically Brown (BN); MS63 is Red-Brown (RB); MS64 and MS65/MS66 prices reflect Full Red (RD). Red-Brown or Brown coins at MS64+ trade at a significant discount to the figures above. EF40 is equivalent to XF-40 as used in some Canadian references — the grades are identical.
1929 Canadian Penny — High 9 (Scarce Variety, Business Strike)
The High 9 is the premier die variety of the 1929 cent. Scarce at every grade level, it commands an approximately 85× premium over the Low 9 in Good (G4) condition alone. Even a Brown Mint State High 9 at MS60 ($317.00) nearly triples a Low 9 at the same grade, confirming that variety scarcity — not just condition — drives pricing throughout the scale. In MS-65 Red, the convergence of variety rarity and condition rarity produces the issue's high-water mark. For current certified population counts, see the PCGS Population Report for the 1929 cent.
| Variety | G4 | VG8 | F12 | VF20 | EF40 | AU50 | MS60 | MS62 | MS63 | MS64 | MS65 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| High 9 | $17.00 | $20.50 | $28.10 | $35.70 | $58.70 | $106.00 | $317.00 | $430.00 | $623.00 | $1,330.00 | $3,340.00 |
Color designations for Mint State grades: MS60 is typically Brown (BN); MS62 is Red-Brown (RB); MS63, MS64, and MS65 prices reflect Full Red (RD). Identification of the High 9 variety before submission to a grading service is essential — see the Varieties section for the Pointer Test diagnostic.
1929 Specimen (SP) Cents
The Royal Mint Ottawa struck a small number of Specimen coins in 1929 for sale individually to dignitaries and serious collectors — not in modern rigid plastic holders, but typically in small cardboard boxes. Specimen cents of this era are distinguished by a matte or satin surface finish, unusually sharp squared rim edges, and crisper device relief compared to Business Strikes. Population reports from PCGS and ICCS document only a handful of certified 1929 Specimen cents, often in single-digit totals. Because Specimen examples appear so infrequently at auction, no standard retail price is established in published catalogues; these coins must be evaluated case-by-case by specialist dealers or at dedicated numismatic auctions.
Grade comparison: a circulated 1929 Canadian penny (left, approx. VF20) beside a Mint State Red example (right, approx. MS64). Note the flat crown detail and muted surfaces of the circulated coin versus the sharp relief and blazing luster of the MS example. (Illustration — not a photo of your exact coin)
All values in CAD represent typical retail prices as of February 2026. For the complete denomination price guide, see our Canadian Penny Value Guide.
Most Valuable 1929 Canadian Penny Varieties
The defining characteristic of the 1929 cent is the vertical position of the final digit in the date. Unlike an error coin — which results from a striking malfunction — these date-position varieties originate during the die-making process, when the final "9" punch was applied by hand to individual working dies. The resulting positional differences are stable, consistently reproduced across the relevant dies, and formally catalogued in the Charlton Standard Catalogue of Canadian Coins. For further reading on the ongoing variety attribution debate, see the Canadian Coin News article on the High 9 identification debate and the Calgary Coin Centre's George V cent variety reference.
1. High 9 — Trophy Variety (Scarce)
The High 9 is the premier variety of the 1929 cent and among the most prized die varieties in the entire George V small cent series.
- What it is: The final "9" in the date is positioned noticeably higher than the preceding "1," "9," and "2." The top of the loop of the final 9 visibly breaks the imaginary baseline formed by the tops of the other digits.
- The Pointer Test (primary diagnostic): Mentally extend a line from the tail — the curling lower stroke — of the final 9 to the left. On a High 9, this line strikes the center or lower loop of the "2." On a Low 9, the line passes below the "2" and misses it entirely.
- Secondary diagnostics: The High 9 often exhibits a slight counter-clockwise tilt compared to the Low 9, which can appear to lean slightly right. Some researchers also note a marginally wider gap between the "2" and the final "9" on the High variety.
- Rarity: Estimated at 5–10% of the 12,159,840 mintage. In MS-65 Red, PCGS population reports show minuscule certified counts — the survival rate in Gem Red condition is a fraction of a percent of the original mintage.
- Value range:$17.00 (G4) to $3,340.00 (MS-65 RD). See the full grade table in the High 9 value section.
💡 Diagnostic Tip: The Pointer Test in Practice
The Pointer Test is reliable even on coins worn to Good (G4) or Fine (F12), because the relative height of the final 9 survives abrasion well. Use a 10× loupe, orient the coin with the date horizontal, and project the tail of the 9 to the left. A confirmed High 9 identification immediately elevates a circulated coin from a few cents to $17–$58+ depending on grade — making this a diagnostic worth performing on every 1929 cent you encounter.
The Pointer Test: extend the tail of the final "9" leftward. High 9 (left): the tail points at the body of the "2." Low 9 (right): the tail passes below the "2" entirely. This diagnostic is reliable even on heavily worn examples. (Illustration — not a photo of your exact coin)
2. Low 9 — Standard Issue (Common)
The Low 9 is the baseline variety, accounting for an estimated 90–95% of the mintage. The tail of the final "9" points below the preceding "2" and misses it entirely, with an evenly spaced and level appearance across all four digits. In circulated grades it is an affordable and market-liquid type coin for the George V series; in high-grade Red condition it remains a desirable numismatic asset with its own meaningful value ceiling of $1,250.00 at MS-66 RD. See the full grade table in the Low 9 value section.
3. Medium 9 — No Premium (Intermediate)
A third classification, the Medium 9, is referenced in specialized literature. This variety features a final "9" that sits higher than the Low 9 but does not achieve the full elevation of the High 9; its tail aligns roughly with the bottom serif of the "2" rather than the center of its body. The market treats the Medium 9 as part of the Low 9 or Normal population for pricing purposes — it does not command the High 9 premium. For practical collecting purposes, the binary approach (High 9 or Not High 9) is the most reliable method at all grade levels.
1929 Canadian Penny Identification Guide
Use the following 30-second checklist to confirm exactly what you have before consulting the value tables. Each step either rules out problems or adds value context.
30-Second Identification Checklist
- Monarch Check: The obverse shows a left-facing crowned portrait of King George V wearing the Imperial State Crown and Robes of State. The inscription reads GEORGIVS V DEI GRA: REX ET IND: IMP: The artist's initials "B.M." (Sir Edgar Bertram MacKennal) appear discreetly on the lower truncation of the bust. MacKennal's effigy was used on Canadian minor coinage from 1912 until George V's death in 1936.
- Reverse Check: Two maple leaves on a single bough flank the central legend "ONE CENT," with "CANADA" arching at the top and the date at the bottom. This design was introduced in 1920 and remained unchanged throughout the George V small cent series.
- Date Check: Confirm "1929" at the base of the reverse. Pay close attention to the vertical position of the final digit — this is the variety indicator addressed in Step 8.
- Edge Check: The edge is plain (smooth, no reeding). A reeded edge on a coin of this size indicates a different denomination or a counterfeit.
- Magnet Test (Composition Verification): Apply a magnet to the coin. A genuine 1929 cent is non-magnetic. Coinage bronze (95.5% copper) is not attracted to a magnet. A coin that sticks to a magnet requires specialist examination for wrong-planchet attribution or alteration.
- Marks Check: No mint marks appear on 1929 Canadian circulation cents. The Royal Mint Ottawa did not apply a mint mark to Canadian circulation coinage of this era. There is no "C," "H," or any other distinguishing mark on authentic examples.
- Finish Identification:
- Business Strike: Typical cartwheel luster when freshly struck; may carry soft contact marks from handling; surfaces tone to brown over time without careful storage.
- Specimen (SP): Distinctly matte or satin surface texture; sharper squared rim edges; unusually crisp device definition. Extremely rare — most coins described as "nice" or "brilliant uncirculated" are Business Strikes, not Specimens.
- Variety Check — The Pointer Test: Under a 10× loupe, focus on the final "9" in the date. Extend an imaginary line from the tail (lower curling stroke) of the 9 to the left:
- Tail hits the body of the "2" → High 9 (scarce — consult the High 9 table)
- Tail passes below and misses the "2" → Low 9 (common — consult the Low 9 table)
Grading the Crown: Key Wear Points on the George V Obverse
The obverse bust is the primary grading surface. The crown — specifically its pearls on the arched band and the central diamond on the crown band — occupies the highest relief and wears fastest:
- G4: Crown is flat; all pearls are merged into the band; effigy outline is clear but no internal crown detail survives
- VG8: Crown band visible at both ends but worn through in the center; shoulder folds are flat
- F12: Crown band complete and separated from hair; ear is visible but flat; crown jewels remain merged
- VF20: Center diamond of crown band visible but worn; major jewels distinguishable; eyebrow and beard begin to show separation
- EF40: Pearls on crown arches are distinct; center diamond is sharp; only light wear on highest points; traces of mint luster in protected areas around lettering
- AU50–58: Friction only on the eyebrow and the center diamond of the crown band; significant luster remains
Key grading checkpoints on the George V obverse: (A) Pearls on the crown arches — first to wear flat at VG. (B) Central diamond on the crown band — visible in VF, sharp in EF. (C) Eyebrow ridge — light friction here signals AU grade. (Illustration — not a photo of your exact coin)
⚠️ Copper Hazards: Fingerprints, Carbon Spots, and Verdigris
Three condition issues are especially damaging on 1929 bronze cents: (1) Fingerprints — skin oils etch permanently into copper over decades; always handle coins by the edge only. (2) Carbon spots — black spots of copper oxide can disqualify a coin from high Mint State grades regardless of technical wear level. (3) Verdigris — active green corrosion renders a coin "Details" or "Problem" grade, destroying all numismatic premium. Do not attempt to remove verdigris yourself; consult a professional conservator.
Bronze cent color designations: Full Red (RD, left) — original blazing orange-red luster; Red-Brown (RB, center) — partial toning with original red remaining; Brown (BN, right) — fully oxidized dark patina. The Red designation commands the highest premium in every Mint State grade. (Illustration — not a photo of your exact coin)
1929 Canadian Penny Value FAQs
What is a 1929 Canadian penny worth?
It depends on variety and condition. The common Low 9 ranges from $0.20 in G4 to $2.80 in EF40 for circulated examples, then climbs to $1,160.00 in MS-65 Red. The scarce High 9 starts at $17.00 in G4 — roughly 85 times more than a Low 9 at the same grade — and reaches $3,340.00 in MS-65 Red. Identify your variety first using the Pointer Test (see Varieties), then consult the appropriate table in the value chart.
How do I tell if my 1929 cent is a High 9 or a Low 9?
Use the Pointer Test under a 10× loupe: trace the tail — the curling lower stroke — of the final "9" in the date leftward. If the tail points at or toward the body of the "2," you have the scarce High 9. If the tail passes below the "2" and misses it entirely, you have the common Low 9. A Medium 9 — where the tail aligns with the bottom serif of the 2 — is treated as Low 9 for market pricing. This diagnostic holds reliably even on heavily worn coins down to Good (G4) grade.
Is a 1929 Canadian penny rare?
As a date, no. The 1929 cent had a mintage of 12,159,840 — one of the more plentiful George V issues compared to key dates such as 1923 and 1925, which were each struck in under 1.1 million pieces. However, the High 9 variety is genuinely scarce, estimated at only 5–10% of the total mintage. In Mint State Red condition, population reports from PCGS show minuscule certified populations for the High 9. Finding any 1929 cent — Low 9 or High 9 — with Full Red (RD) color intact after nearly a century of storage is extremely difficult.
What makes a 1929 Canadian penny most valuable?
Three factors combine: (1) Die variety — the High 9 commands a dramatic premium at every grade, making variety identification the first priority before pricing; (2) Grade — the value curve is nearly exponential from circulated to Gem Uncirculated, with the jump from MS-63 RB to MS-65 RD alone being close to 15× for the Low 9; (3) Color — for Mint State coins, Full Red (RD) specimens command major premiums over Red-Brown (RB) or Brown (BN) examples. The combination of High 9 variety, MS-65 grade, and Full Red color is the recognized "holy grail" for this issue, producing the $3,340.00 price point at the top of the scale.
Is my 1929 Canadian penny silver?
No. The 1929 cent is struck in coinage bronze: 95.5% copper, 3.0% tin, and 1.5% zinc. It contains no silver or gold. The quick composition test is a magnet — bronze is non-magnetic, so a genuine 1929 cent will not be attracted. Canada did not produce silver cents at any point; silver was reserved for the 5¢, 10¢, 25¢, 50¢, and $1 denominations in this era. The 1929 penny's value is driven entirely by collector demand, not by any precious metal content.
What do Red, Red-Brown, and Brown mean for my 1929 penny?
These color designations describe how much of the original mint surface survives on a bronze coin. Red (RD): at least 95% of the original orange-red bloom is intact — the rarest and most valuable state on a coin now nearly a century old. Red-Brown (RB): a blend of original red and darker oxidation, with between 5% and 95% original red remaining. Brown (BN): the coin has fully toned to a dark patina, retaining less than 5% original red. For the 1929 cent, the challenge is historical: the sulfur compounds in the paper envelopes and albums used by collectors in the 1930s and 1940s aggressively stripped original red surfaces, making Full Red survivors uncommon even in technically high Mint State grades.
Should I get my 1929 Canadian penny professionally graded?
Weigh grading service fees against expected certified value before submitting. For a Low 9, professional grading by ICCS, PCGS, or NGC is typically cost-effective only at MS-64 Red or above, where the certified premium substantially exceeds submission costs. For a High 9, grading makes economic sense from AU-50 upward — the variety premium justifies submission at much lower grades. Raw coins purported to be high-grade Red or attributed as High 9 are difficult to sell at full catalogue value without third-party endorsement, since both color and variety attribution are routinely disputed by buyers on ungraded material. ICCS is the Canadian standard; PCGS and NGC are widely accepted alternatives with strong auction recognition.
What are 1929 Specimen cents, and how do they differ from regular coins?
The Royal Mint Ottawa struck a small number of Specimen (SP) coins in 1929 for sale individually to dignitaries and elite collectors — not in modern plastic holders, but typically in small cardboard boxes. Unlike Business Strikes (which display typical cartwheel luster), Specimen coins feature a distinctive matte or satin surface finish with sharper squared rim edges and markedly crisper device definition. Population reports from PCGS and ICCS document only a handful of certified 1929 Specimen cents. Because they appear so rarely at auction, no standard retail price is established; if you believe you hold a 1929 Specimen, consult a specialist dealer or submit to ICCS for authentication and attribution before assigning any value.
How does the Stewart Blay Collection affect 1929 cent values?
The Stewart Blay Collection of Canadian Cents, auctioned by GreatCollections, reset market expectations for high-grade Canadian copper by demonstrating that exceptional eye appeal and technical perfection command exponential premiums beyond published catalogue prices. Examples with superior color and surface quality — "Blay Quality" coins — realized multiples of catalogue value. For collectors today, this means the published MS-65 price for a 1929 cent is a floor, not a ceiling: a truly exceptional specimen with blazing original red and pristine surfaces can trade significantly above catalogue. It also confirms that the market for high-grade George V cents is active, competitive, and liquid.
Methodology & Sources
Values in this guide reflect typical retail prices as of February 2026 in Canadian Dollars (CAD), drawn primarily from the Coins and Canada 1929 cent pricing page and cross-referenced with the NGC World Coin Price Guide for KM 28 (1920–1936). Population data references the PCGS Population Report for the 1929 cent. Die variety diagnostics follow the Charlton Standard Catalogue of Canadian Coins, the Calgary Coin Centre George V cent variety reference, and the Canadian Coin News High 9 attribution article. Coin specification data references the Numista catalogue entry (KM 28). Auction market context draws on the Stewart Blay Collection at GreatCollections. Values represent typical retail (ask) prices; dealer buy prices are generally lower. This guide covers standard (non-error) coins only.
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.