1934 Canadian 25-Cent (Quarter) Value Guide
1934 Canadian quarter value guide: 80% silver semi-key date with just 384,350 struck. Prices from $20 (VG-8) to $3,000+ (MS-65), plus rare Specimen strikes worth $3,000–$8,000+ CAD.
A circulated 1934 Canadian quarter is worth $20–$75 CAD depending on grade. In Gem Mint State (MS-65), values climb to $1,500–$3,000 CAD. Rare Specimen (SP) strikes — the only major variant — command $3,000–$8,000+ CAD.
- VG-8 (Well Circulated):$20–$30
- VF-20 (Very Fine):$55–$75
- EF-40 (Extremely Fine):$110–$140
- AU-50 (About Uncirculated):$190–$250
- MS-63 (Choice Uncirculated):$700–$850
- MS-65 (Gem):$1,500–$3,000
- Specimen SP-65 to SP-67:$3,000–$8,000+ CAD
Is it silver? Yes — the 1934 quarter is 80% silver and 20% copper, containing approximately 0.15 troy ounces of silver, providing a floor above face value in every grade. Is it rare? Yes — with just 384,350 struck at the height of the Great Depression, it is the lowest-mintage 25-cent piece between 1928 and 1936. Is your coin shiny or mirror-like? Genuine Specimen strikes are identified by their satin/matte finish and sharply squared rims — not a bright mirror shine. A "blast white" coin has likely been chemically dipped and loses all numismatic premium. All values in CAD. See full value chart →
The 1934 Canadian 25-cent piece is a semi-key date in the George V silver quarter series, produced at the Royal Canadian Mint in Ottawa with just 384,350 coins struck — the lowest 25-cent mintage between 1928 and 1936. Born of the Great Depression, the coin features the mature crowned effigy of King George V designed by Sir Edgar Bertram MacKennal on the obverse, and the elegant Crossed Maple Boughs reverse that traces its Canadian lineage to 1870. This venerable design was replaced by Emanuel Hahn's Caribou in 1937, making the 1934 quarter one of the final issues in this storied "old style" series and a sought-after type coin for advanced collectors. For values across all George V and later quarter dates, see our Canadian Quarter Value Guide.
1934 Canadian Quarter Composition & Silver Content
The 1934 quarter belongs to the 80% silver era of Canadian coinage, a standard introduced in 1920 when rising post-World War I silver prices led the Dominion to reduce purity from the earlier Sterling Silver (.925 fine) standard. Each 1934 quarter contains 80% silver and 20% copper, yielding a silver content of approximately 0.15 troy ounces per coin. Melt value depends on the current silver spot price; consult a live silver calculator for today's intrinsic floor.
The 20% copper component makes the 1934 quarter noticeably more reactive to atmospheric sulfur than older Sterling or US 90% silver coins. Original Mint State survivors frequently exhibit rich, layered toning in russet, charcoal, and iridescent blues — colours that collectors prize as evidence of undisturbed originality. Conversely, "blast white" examples that lack the characteristic creamy cartwheel luster should be approached with caution: they may have been chemically dipped (a form of cleaning), which strips the protective oxide layer and, with it, the coin's full numismatic value.
The 1934 quarter is struck in Medal Alignment (↑↑): if you hold the coin by its edges and rotate it on its vertical axis, the reverse image remains upright. This is the standard for Canadian coins of the era and contrasts with the US Coin Alignment (↑↓). The reeded edge (milled) is uniform; a plain or damaged edge may indicate a counterfeit.
Magnet test: The 80% silver / 20% copper alloy is non-magnetic. A genuine 1934 quarter will not be attracted to a magnet. This is a quick, non-destructive first check for authentication — cast copies or plated-steel substitutes often respond differently.
Weight as authentication: The standard weight of 5.83 g is a critical diagnostic. Counterfeits or heavily worn examples (Good-4) may weigh measurably less due to metal loss or inferior manufacturing; any specimen deviating significantly from 5.83 g warrants closer inspection by a professional.
⚠️ Never Clean Your Coins
Chemically dipping or physically polishing a 1934 quarter to restore its silver shine permanently destroys the original surface metal and luster. Even a minor cleaning leaves hairlines visible under 5× magnification. A cleaned coin receives a "Details — Cleaned" designation from grading services and loses all numismatic premium, regardless of the quality of detail underneath.
1934 Canadian Quarter Value Chart by Grade & Finish
The 1934 Canadian quarter was struck for general circulation with an official mintage of 384,350 business strike coins — the lowest 25-cent production figure between 1928 and 1936. A separate, very small number of Specimen (SP) strikes were produced for archival and collector purposes. Values below reflect current CAD market prices as of 2026, synthesized from auction results (Heritage Auctions, Stack's Bowers, Colonial Acres) and dealer price guides (Charlton Standard Catalogue, NGC Price Guide — Canada 25 Cents KM 24a).
1934 Canadian Quarter — Business Strike (Circulation)
| VG-8 | F-12 | VF-20 | EF-40 | AU-50 | MS-60 | MS-63 | MS-64 | MS-65 | MS-66 | Notes |
|---|---|---|---|---|---|---|---|---|---|---|
| $20–$30 | $35–$45 | $55–$75 | $110–$140 | $190–$250 | $375–$450 | $700–$850 | $900–$1,200 | $1,500–$3,000 | $4,500–$7,000+ | MS-67 (theoretical): $10,000–$15,000 based on comparative series sales — no confirmed example known. MS-65 price varies widely with eye appeal (original toning vs. dipped white). Certified examples strongly preferred at AU-50 and above. |
A few key market benchmarks documented in the current market cycle: a PCGS MS-65 example sold at auction for approximately $2,000 CAD (~$1,440 USD) in 2023; a separate PCGS MS-65 was listed by Colonial Acres (via Canadian Coin News) at $3,000 CAD. The wide spread within the MS-65 band reflects the premium placed on original-skin, richly toned coins versus blast-white examples. An AU-58 example from the celebrated John Jay Pittman Collection was listed at George Manz Coins at $350 CAD, illustrating the 20–30% premium that documented provenance from a famous earlier owner can add — serving as an implicit guarantee of originality.
⚠️ The Weak Strike Trap
The 1934 quarter is notorious for weak strikes caused by die fatigue: the RCM pushed working dies beyond their optimal lifespan during the Depression to reduce costs. A coin may carry full mint luster (technically Mint State) yet show a flat, featureless ear or blended crown detail — symptoms of a tired die, not circulation wear. A weakly struck MS-64 trades well below a fully struck MS-64. Always examine the King's ear and the cross atop the crown before accepting a slab grade at face value. A "Full Strike" example is meaningfully more valuable and more liquid.
Grade progression for the 1934 Canadian quarter: VG-8 (worn flat crown, $20–$30) · EF-40 (traces of cartwheel luster in legends, $110–$140) · MS-65 (full gem luster, $1,500–$3,000). (Illustration — not photos of actual coins.)
1934 Canadian Quarter — Specimen (SP) Strike
| Finish | Grade Range | Value (CAD) | Mintage | Notes |
|---|---|---|---|---|
| Specimen (SP) | SP-65 to SP-67 | $3,000–$8,000+ | Very small (Depression-era limitation) | SP-65 anchors the low end; SP-67 the high end. Matte/satin fields, sharply squared rims. Coins traceable to the Pittman or Norweb Collections command additional provenance premium. |
Values in CAD represent typical market prices as of 2026. For the complete denomination price guide, see our Canadian Quarter Value Guide.
Most Valuable 1934 Canadian Quarter Varieties
The 1934 Canadian quarter does not have the famous die varieties (bead varieties, large/small date variants) that define other George V dates. Value is driven almost entirely by grade and finish type. The one true, numismatically recognized variant is the Specimen (SP) strike.
Trophy Variant — The Specimen (SP) Strike
Specimen coins are a hybrid between Proof and Business strikes, produced at the Royal Canadian Mint for archival records and high-level collectors. They are struck on specially prepared, polished planchets — often twice — to achieve exceptional relief and surface quality. The 1934 issue is particularly rare among Specimens: production was severely curtailed because, as the document's source material notes, the quantity was "very small, it being a Depression year."
How to identify a Specimen 1934 quarter:
- Finish: Satin or matte fields — a soft, evenly frosted glow across both devices and fields, distinct from the cartwheel luster of a business strike and from the deep mirror of a modern proof.
- Rim geometry: The rim meets the edge at a sharp 90-degree angle ("squared rims"), whereas business-strike rims are slightly rounded from the upsetting mill.
- Planchet preparation: The surfaces are free of the random bag marks typical of mass-struck circulation coins.
Business Strike vs. Specimen finish comparison for the 1934 Canadian quarter. The Business Strike (left) displays a rolling cartwheel luster; the Specimen (right) shows a distinctive satin/matte glow across both fields and devices. (Illustration — not photos of actual coins.)
The definitive rim test: a Business Strike rim (left) is slightly rounded where field meets edge; a Specimen rim (right) meets the edge at a sharp 90-degree angle. This squared-rim diagnostic is the most reliable physical indicator of a Specimen strike. (Illustration — not photos of actual coins.)
Provenance: The most celebrated 1934 Specimen quarters trace to two legendary collections. The John Jay Pittman Collection — dispersed in major auctions of the late 1990s — contained Canadian rarities selected for quality decades earlier, providing an implicit guarantee of originality. The Norweb Collection, focused on finest-quality Specimens, also held examples; the Norweb Collection catalogue (Stack's Bowers, 1996) remains an important reference for tracing provenance of pre-war Canadian silver issues.
Value: A 1934 Specimen quarter is a five-figure rarity. The documented market range is $3,000–$8,000+ CAD for examples graded SP-65 through SP-67. A coin with documented Pittman or Norweb provenance commands a further premium above these estimates.
False Variants — Important Clarifications
Online listings and forums occasionally describe varieties for the 1934 quarter that do not exist in the Charlton Standard Catalogue or in ICCS/PCGS population reports. Collectors should be aware of two specific misconceptions:
- Near S / Far S: These are genuine and significant varieties — but for the 1934 5-cent (Nickel), not the quarter. The position of the letter 'S' in 'CENTS' relative to the rim on the nickel obverse is a key value driver. No equivalent variety is catalogued for the 1934 25-cent piece. Any listing claiming a "Near S" or "Far S" for the 1934 quarter should be disregarded.
- Re-engraved 5: References to a "Re-engraved 5" in the context of 1934 Canadian coins refer either to Great Britain stamp issues (the Sea Horses series) or to the much earlier 1858/1882 Canadian quarters — not the 1934 issue. There is no recognized re-engraved date variety for the 1934 Canadian quarter.
Note: Minor mechanical doubling has been observed on some 1934 quarter dies, but such anomalies are classified as errors rather than named varieties and fall outside the scope of this standard value guide.
ℹ️ Condition Rarity Drives Value
Because the 1934 quarter has no major die varieties, its value ladder is unusually steep: the coin is accessible in circulated grades ($20–$250 CAD) but becomes a formidable trophy in Gem Mint State. Fewer than an estimated 50–75 examples survive in MS-65 or better across all certified populations combined, and MS-66 pieces are virtually non-existent. Grade is everything for this date.
1934 Canadian Quarter Identification Guide
Use the checklist below to confirm what you have before consulting the value tables. The 1934 quarter shares its design family with every Canadian quarter from 1920 to 1936; the key is confirming date, finish, and strike quality.
30-Second Identification Checklist
- Monarch Check: The obverse shows a crowned bust of King George V facing left, wearing the Imperial State Crown and Robes of State. The design is by Sir Edgar Bertram MacKennal and was the Canadian standard from 1911 through 1936. The legend reads GEORGIVS V DEI GRA: REX ET IND: IMP: The historical title ET IND: IMP: ("And Emperor of India") would be removed from Canadian coinage in 1948; its presence confirms a pre-1948 issue.
- Reverse Check: Two crossed maple boughs tied by a ribbon at the bottom, surmounted by the St. Edward's Crown at the top. 25 CENTS and 1934 are centred within the wreath; CANADA arcs along the top margin. This design originated on the 1870 quarter and ended with the 1936 issue; it was replaced by Emanuel Hahn's Caribou in 1937.
- Date Check: The date 1934 appears on the reverse within the wreath.
- Edge Check: The edge must be reeded (milled). A plain or damaged edge is a red flag for a counterfeit or post-mint alteration.
- Magnet Test: Apply a magnet to the coin. An authentic 1934 quarter (80% silver, 20% copper) is non-magnetic and will not be attracted. Any magnetic response indicates the coin is not composed of the correct alloy.
- Mint Mark Check: There are no mint marks on 1934 Canadian quarters. All were struck at the Royal Canadian Mint's Ottawa facility; no distinguishing marks appear on either face. A coin with a mint mark is not a genuine 1934 Canadian quarter.
- Finish Identification (Critical):
- Business Strike: Rolling "cartwheel" luster. Fields and devices are bright with a luster that moves as the coin is tilted. Random contact marks from handling are normal and do not disqualify Mint State grades.
- Specimen (SP): Satin or matte fields. The coin has an even, soft frosted glow across both fields and devices — not a mirror shine and not a cartwheel. The rim meets the edge at a sharp 90-degree angle ("squared rim"). Specimens come from archival or high-level collector distributions, not general circulation.
- Strike Quality Check: Examine the King's ear under a 5× loupe. A strong strike shows a distinct ear canal, separated hair strands, and clearly defined crown jewels. A weak strike — caused by die fatigue common on late 1930s George V issues — shows a flat, mushy ear with blended detail. Die fatigue is not the same as circulation wear: a flat ear from die fatigue on a fully lustrous coin does not drop the grade to circulated, but it reduces market value compared to an equally graded full-strike example.
- Key Wear Points:
- Obverse: The band of the crown and the King's ear are the first points to show wear. A flat ear with luster present suggests weak strike; a flat ear without luster indicates circulation wear.
- Reverse: The ribbon bow at the bottom of the wreath loses detail quickly. The leaf veins hide wear well, so do not rely on leaf detail alone to assess grade.
1934 Canadian quarter obverse: crowned bust of George V by MacKennal. The crown band (top) and King's ear (right) are the first points to show circulation wear — and the same areas that reveal weak strike quality. Examine both carefully before grading.
1934 Canadian quarter reverse: Crossed Maple Boughs design. The ribbon bow at the bottom is the most exposed high point and the first area to show wear. The date 1934 and denomination 25 CENTS are centred within the wreath.
Strong vs. weak strike comparison at the King's ear on the 1934 Canadian quarter. A sharp strike (left) shows a distinct ear canal and well-defined hair strands; die fatigue (right) produces a mushy, flat ear even on a coin with full mint luster. Prioritise coins with the full-detail ear. (Illustration — not photos of actual coins.)
1934 Canadian Quarter Value FAQs
What is a 1934 Canadian quarter worth?
Value depends almost entirely on grade and finish. A well-circulated example (VG-8) is worth $20–$30 CAD; a Very Fine (VF-20) piece brings $55–$75 CAD. In Gem Mint State (MS-65), values reach $1,500–$3,000 CAD and higher — with the wide range reflecting the premium for original-skin toned specimens versus dipped white examples. The rare Specimen (SP) strikes command $3,000–$8,000+ CAD. All values are in Canadian dollars and reflect 2026 market conditions.
Is the 1934 Canadian quarter rare?
Yes — it is classified as a semi-key date and a condition rarity. Its mintage of 384,350 is the lowest for the denomination between 1928 and 1936. Most survivors circulated heavily during the Great Depression and were further depleted by mass silver meltings during the 1979–1980 and 2011 silver price spikes. In grades of MS-65 and higher, an estimated fewer than 50–75 examples survive across all certified populations; MS-66 pieces are virtually non-existent. In lower circulated grades the coin is available, but finding a well-struck, original-skin example in EF or better takes patience.
Is my 1934 Canadian quarter made of silver?
Yes. The 1934 quarter is composed of 80% silver and 20% copper, containing approximately 0.15 troy ounces of silver. This alloy was the Canadian standard from 1920 through 1967. The silver content provides an intrinsic metal floor above face value at virtually any silver price. To calculate the current melt value, multiply 0.15 by the current spot price of silver in CAD per troy ounce.
What makes certain 1934 quarters worth thousands of dollars?
Three factors can push a 1934 quarter into trophy territory: (1) High grade with full strike — MS-65 and above with a sharp King's ear and crisp crown jewels; (2) Original surfaces — rich, undisturbed toning in russet or iridescent hues is prized over blast-white dipped examples; and (3) Specimen finish — the matte/satin SP strikes from very limited Depression-era archival production are five-figure rarities. Documented provenance from famous collections such as John Jay Pittman or the Norweb family adds a further 20–30% premium, as it serves as an implicit guarantee of a coin's originality and storage history.
Should I get my 1934 Canadian quarter graded?
For coins in grades below AU-50 (under approximately $200 CAD), grading fees from ICCS, PCGS, or NGC typically exceed the numismatic premium gained and are not economical. For any 1934 quarter in AU-50 or better — and certainly for any coin you believe may be a Specimen strike — professional certification is strongly recommended. It protects against counterfeits and altered-date fakes, documents originality, and makes the coin far more liquid at auction. ICCS (International Coin Certification Service) is the primary Canadian standard; PCGS and NGC are US-based alternatives widely accepted in the international market.
What is a Specimen (SP) 1934 quarter and how do I identify one?
Specimen strikes are coins produced on specially prepared, polished planchets and struck multiple times for exceptional relief. They were made in very small numbers for archival or high-level collector purposes — not for circulation. The key identifiers are: a satin or matte finish (a soft, even frosted glow — not a mirror and not a cartwheel); and sharply squared rims where the field meets the edge at a precise 90-degree angle, versus the slightly rounded rim of a business strike. If you believe you have a Specimen, send it to ICCS or PCGS for authentication before drawing any conclusions about value. Do not attempt to identify Specimens from photos alone.
I've heard the 1934 quarter has "Near S" and "Far S" varieties — is that true?
No — this is a common misconception. The Near S and Far S varieties are genuine and important varieties for the 1934 5-cent nickel, where the position of the letter 'S' in 'CENTS' relative to the rim is a major value driver. These varieties do not exist on the 1934 25-cent quarter and are not listed in the Charlton Standard Catalogue or ICCS population reports for the quarter denomination. Any listing or forum post claiming a Near S / Far S variety for the 1934 quarter is incorrect.
My 1934 quarter is very shiny and bright white — is that good?
Not necessarily. A "blast white" 1934 quarter that lacks the characteristic rolling cartwheel luster is a red flag for chemical dipping — a form of cleaning that strips the original surface metal. A genuine high-grade 1934 quarter should exhibit either a creamy silver cartwheel luster (business strike) or an even satin glow (Specimen). Artificially brightened coins are assigned "Details — Cleaned" designations by grading services and lose all numismatic premium. Original, undisturbed toning in russet or iridescent hues is a positive sign of authenticity and adds to value rather than detracting from it.
What is "die fatigue" and how does it affect the value of a 1934 quarter?
Die fatigue occurs when working dies are used beyond their optimal lifespan — a common practice at the RCM during the Depression to reduce costs. The result is a coin with full original luster (technically Mint State) but flat, indistinct detail in the centre of the crown, at the King's ear, and in the hair above the ear. This is caused by the die wearing down, not by the coin circulating. A weakly struck MS-64 is worth meaningfully less than a fully struck MS-64. When buying a certified 1934 quarter in MS grades, examine the King's ear regardless of the grade on the slab — a sharp, detailed ear confirms a superior, more marketable example.
Methodology & Sources
Values in this guide are synthesized from auction realization data and published dealer price guides as of 2026, including the NGC World Coin Price Guide (Canada 25 Cents KM 24a), Numista — 25 Cents George V Canada, Colonial Acres listings via Canadian Coin News (April 2024), George Manz Coins — Canadian Silver 25 Cents, Stack's Bowers — The Norweb Collection (1996), the Saskatoon Coin Club Mintage Reference, the Saskatoon Coin Club George V 25-Cent Photo Grading Guide, Calgary Coin Gallery — Canadian 25-Cent Reference, and the Royal Canadian Mint — 25 Cents History. The Charlton Standard Catalogue of Canadian Coins is the primary variety and grading reference. All prices are in Canadian dollars (CAD) and reflect market conditions as of 2026. Past auction results do not guarantee future realizations.
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.