1938 Canadian Silver Dollar ($1 Voyageur) Value Guide

The 1938 Canadian Voyageur silver dollar is one of the most coveted semi-key dates in the George VI dollar series (1937–1947). With a business-strike mintage of just 90,304 — sandwiched between the 241,002-unit coronation year of 1937 and the massive 1,363,816-unit Royal Visit issue of 1939 — the 1938 issue represents a pronounced production lull caused by depressed demand during the lingering Great Depression. The result is a coin that is genuinely scarce in all grades and dramatically condition-sensitive in Mint State. For values across all years of the Voyageur dollar series, see our Canadian Dollar Value Guide.

Note: Famous mint errors exist for the 1938 silver dollar but are outside the scope of this standard value guide, which covers non-error strikes and recognized die varieties only.

1938 Canadian silver dollar — obverse showing King George VI (left-facing, uncrowned) by T.H. Paget, and reverse showing the Emanuel Hahn Voyageur canoe design with "HB" on the cargo bundle and the date "1938" at the bottom.

1938 Canadian Silver Dollar Composition & Melt Value

The 1938 Canadian dollar is struck from an alloy of 80% silver (Ag) and 20% copper (Cu), standardized by the Royal Canadian Mint following the abandonment of the traditional sterling (.925) silver standard in 1920. The copper component acts as a hardening agent, improving resistance to frictional wear compared to purer silver alloys, while retaining the bright white luster characteristic of high-silver coinage when freshly struck. The official weight is 23.33 grams and the diameter is 36.0 millimetres with a reeded (milled) edge.

Melt Value

To establish the absolute financial floor, the melt value is calculated as follows, using the silver spot price of $3.82 CAD per gram sourced from SilverPrice.org (verified February 2026):

Formula: 23.33 g × 0.80 (silver proportion) × $3.82 CAD/g = $71.30 CAD

This melt value is confirmed against the NGC World Silver Coin Melt Value calculator. Because the 1938 dollar is a semi-key date, its numismatic value exceeds this melt baseline in virtually every recognizable collector grade. Only severely mutilated, holed, or irreparably defaced examples would trade at or near $71.30 CAD. Even a heavily worn Good (G4) example commands a premium reflecting collector demand for this difficult date.

Magnetic Properties & Authentication

An 80% silver / 20% copper alloy is non-magnetic. A genuine 1938 Canadian dollar will not be attracted to a neodymium magnet. If a coin sticks to a magnet, it is not genuine. However, the magnet test is strictly exclusionary, not confirmatory — sophisticated counterfeits can be struck on non-magnetic base metals (brass, copper-nickel, lead alloys) and silver-plated to pass this test. Always follow up with a precise weight check: a genuine coin should weigh 23.33 grams. Significant deviation indicates alteration, damage, or a counterfeit. The specific gravity of an 80% Ag / 20% Cu alloy is mathematically unique and virtually impossible to replicate exactly on a cheap base metal without also altering the coin's physical dimensions.

1938 Canadian Silver Dollar Value Chart by Grade & Finish

The 1938 Voyageur dollar's valuation matrix is driven by three factors: (1) condition and surface preservation, (2) the presence of documented die varieties, and (3) finish type (business strike versus rare Specimen). Values below are for coins with original, unaltered surfaces. Cleaned, whizzed, or otherwise altered coins trade at a 40–60% discount from these figures in lower grades, often approaching the $71.30 CAD melt baseline.

Grade comparison: a circulated 1938 Canadian silver dollar (left, EF40 with light cheek wear) versus a Gem Mint State example (right, MS65 with full cartwheel luster and clean fields). The financial gap between these two grades is over $1,300 CAD. (Illustration — not a photo of your exact coin)

1938 Canadian Silver Dollar — Business Strike (Standard & Double HP)

Mintage: 90,304 business strikes. Both the standard die and the Double HP die variety are included in the table below. The King's cheek (obverse) and the paddlers' shoulders (reverse) are the primary focal points for bag marks and wear evaluation.

Values sourced from Charlton Standard Catalogue (2025/2026), NGC Canada Dollar KM-37 Price Guide, Coins and Canada (February 2026), and NumisBids auction aggregation data (2024–2026).

Primary focal-area map for the 1938 Canadian silver dollar. Red circles mark the King's cheek (obverse) and the paddlers' upper shoulders (reverse) — the zones where bag marks and contact damage most severely impact grade and value. (Illustration — not a photo of your exact coin)

1938 Canadian Silver Dollar — J.O.P. Counterstamp (Charlton Rev-004 / Rev-005)

The J.O.P. counterstamp is an officially recognized historical modification catalogued by Charlton (Rev-004 / Rev-005). Applied post-mint by optometrist and jeweler Joseph Oliva Patenaude of Nelson, British Columbia, to promote the local silver-mining industry, this incuse oval stamp is not post-mint damage but a legitimate numismatic variety. Values shown represent coins with a verified, authentic stamp. Modern forgeries of this stamp exist; see the Variants section for authentication guidance. Authentic examples rarely survive above MS63.

Values sourced from Charlton Standard Catalogue (2025/2026) and George Manz Coins — Canadian Silver Dollars / Torex Auction Archives (2016–2026).

1938 Canadian Silver Dollar — Specimen (SP) Finish

Specimen strikes of the 1938 dollar represent the pinnacle of Royal Canadian Mint output for this issue. Struck on polished planchets under elevated pressure, with specially prepared dies, these coins were never released to circulation and survive in the absolute single or very low double digits in certified form. No official standalone mintage was published by the Mint for 1938 Specimen dollars. The finish may present as a finely granular matte surface or as a bright, semi-reflective mirror-like field — both are genuine Specimen characteristics depending on the specific die preparation used.

Values sourced from PCGS auction records (2024–2026), Heritage Auctions / Stack's Bowers Canadian sales (2024–2026), and Charlton Standard Catalogue (2025/2026).

All values in CAD. Represent typical market prices as of February 2026. For the complete denomination price guide across all years, see our Canadian Dollar Value Guide.

Most Valuable 1938 Canadian Silver Dollar Varieties

The 1938 Voyageur dollar offers three documented non-error varieties that can dramatically transform a coin's market value: the Double HP and Triple HP die varieties on the obverse, and the J.O.P. merchant counterstamp on the reverse. Each requires careful examination under magnification.

A) Trophy-Level Examples

B) Findable Varieties: Diagnostics & Premiums

Left: Standard 1938 dollar — single clean "HP" initials below King George VI's neck truncation. Centre: Double HP — look for a distinct secondary outline or shadow impression displaced slightly from the primary "HP" strike. Right: Triple HP — three overlapping impressions visible under 5× magnification. The Double HP commands +15% to +45% over standard values; the Triple HP commands a substantial additional premium. (Illustration — not a photo of your exact coin)

Double HP Variety

Charlton reference: Standard Obverse Variety Listing
How to identify: Examine the designer's initials HP (for T. Humphrey Paget) located just below the truncation of King George VI's neck on the obverse, using magnification of at least 5×. On the Double HP, you will see a distinct secondary outline or displaced shadow impression immediately adjacent to the primary «HP» punch, indicating the initials were struck into the working die more than once and slightly out of alignment.
Why it's rarer: An anomalous die-preparation event where the engraver's initials were hubbed or repunched into the working die multiple times in slightly different positions.
Premium: +15% to +45% over standard business strike values at equivalent grades. The premium expands exponentially in MS63 and higher, where condition rarity already commands steep prices.

Triple HP Variety

Charlton reference: Standard Obverse Variety Listing
How to identify: Under magnification, look for three distinct, overlapping impressions of the «HP» initials beneath the King's portrait — a more severe version of the Double HP anomaly.
Why it's rarer: An even more extreme hubbing or punching anomaly than the Double HP; documented across several George VI dollar dates including 1938 and 1947.
Premium: A substantial premium over the Double HP is documented, highly dependent on the overall coin grade and the visibility and clarity of all three impressions. Specific pricing is grade- and specimen-dependent; consult current Charlton Standard Catalogue pricing.

J.O.P. Counterstamp (Charlton Rev-004 / Rev-005)

Charlton reference: Rev-004 / Rev-005
How to identify: Look for a small, incuse oval stamp containing the letters «J.O.P.» applied in the open fields of the coin — typically found near the canoe on the reverse or in the field behind the King's head on the obverse. The stamp was hand-applied by Joseph Oliva Patenaude, an optometrist and jeweler in Nelson, British Columbia, who stamped silver dollars to promote the local silver-mining industry.
Why it carries a premium: Unlike ordinary post-mint damage, this counterstamp is officially recognized by the Charlton Standard Catalogue as a legitimate historical numismatic modification. It was applied intentionally by a known individual for a documented commercial purpose, making it a collectible artifact in its own right.
Critical authentication warning: Modern forgeries of the J.O.P. stamp exist in the marketplace. Authenticators look for consistent incuse depth, correct oval dimensions, and period-appropriate surface patination around the stamp. A freshly tooled or overly sharp stamp on a coin with aged toning is a significant red flag. Independent certification by ICCS or PCGS is strongly recommended before purchasing or selling any J.O.P. example above VF grade.

Close-up of an authentic J.O.P. counterstamp on a 1938 Canadian silver dollar reverse. The small incuse oval bearing the letters "J.O.P." should show consistent depth and period-consistent patination around its edges. Yellow arrow indicates stamp location. Red "FORGERY RISK" label reminds collectors to verify before paying a premium. (Illustration — not a photo of your exact coin)

1938 Canadian Silver Dollar Identification Guide

30-Second Diagnostic Checklist

1. Obverse Motif: Confirm King George VI, facing left, uncrowned. The surrounding legend must read exactly: GEORGIVS VI D:G:REX ET IND:IMP: The portrait is by Thomas Humphrey Paget — the same designer whose initials appear as «HP» below the neck truncation.
2. Reverse Motif: Confirm the Emanuel Hahn Voyageur design — an Indigenous person and a European voyageur paddling a birchbark canoe past a wind-swept, pine-covered islet. The cargo bundle at right must bear the letters «HB» (Hudson's Bay Company). The Northern Lights are depicted by faint vertical lines in the background sky. The date «1938» sits at the bottom of the reverse.
3. Edge: Must be cleanly reeded (continuous parallel vertical grooves). A plain edge is wrong.
4. Weight: A genuine unclipped coin weighs precisely 23.33 grams. Significant deviation (more than a fraction of a gram) is an immediate red flag for counterfeiting or severe alteration.
5. Magnet Test: Apply a neodymium magnet. A genuine coin (80% silver / 20% copper) will not be attracted to the magnet. Magnetic attraction = not genuine. Note: this test is exclusionary, not confirmatory — follow with a weight check.
6. Mint Marks: No mint marks appear on 1938 Canadian silver dollar circulation strikes. This is standard for Canadian coinage of this era. A coin bearing any mint mark should be examined carefully for authenticity.
7. Finish Identification: See detailed guide below.
8. Variety Check: Under 5× or 10× magnification, examine the «HP» initials below the King's neck truncation for signs of doubling or tripling (see Variants section). Examine open fields for the «J.O.P.» oval counterstamp.

Business Strike vs. Specimen comparison. Left: A high-grade Business Strike showing classic radial "cartwheel" luster — dynamic bands of light rotating across the face under a moving light source, with slightly rounded rims and typical minor surface contact. Right: A Specimen strike showing sharply squared 90-degree rims, evenly struck full design details, and either a finely granular matte field or a bright mirror-like field. The Specimen will lack the chaotic bag marks characteristic of a business strike. (Illustration — not a photo of your exact coin)

Finish Identification: Business Strike vs. Specimen

Business Strike (Circulation): These coins exhibit standard cartwheel radial luster — a dynamic band of light that continuously rotates around the coin's faces when manipulated under a direct light source. Because they were struck once at standard high-speed operational pressures, the highest design points may appear slightly rounded or soft, and the rims carry a standard, slightly beveled profile. Almost universally, business strikes show random, chaotic bag marks, scuffs, and edge dings incurred during high-speed ejection and mechanical transport in bulk canvas bags. The 1938 issue is also historically known for occasionally exhibiting weak, softly struck rims directly from original bank rolls — an inherent artifact of that year's specific die states, not a sign of damage.

Specimen Strike (SP): Specimen coins are characterized by superior execution of detail resulting from elevated striking pressures and multiple deliberate die blows, combined with individually hand-fed polished planchets. The rims of a Specimen coin are sharply squared off, creating a precise 90-degree transition from the edge milling to the face. The background fields may present in two visually distinct ways: a deeply reflective, mirror-like surface (early proof-like), or a subdued, finely grained satin-matte finish. Both are genuine Specimen characteristics for the 1938 era. Microscopic details in the King's hair and the canoe's birchbark texture — invisible or blurred on business strikes — will be fully rendered. Specimen strikes will lack the chaotic overlapping contact marks of business strikes, having been individually handled and packaged by mint personnel.

Magnet quick-test for the 1938 Canadian silver dollar. A genuine coin (80% silver / 20% copper) shows NO attraction to a neodymium magnet. If the coin is attracted, it is not genuine. Always follow a negative result with a 23.33-gram weight check — sophisticated counterfeits can also be non-magnetic.

Canadian vs. U.S. Grading Context

In Canada, the International Coin Certification Service (ICCS) and the Canadian Coin Certification Service (CCCS) are widely respected for strict adherence to traditional Canadian grading standards, which typically apply rigorous penalization for bag marks and any form of chemical cleaning. U.S.-based PCGS and NGC also command strong global respect and typically yield the highest absolute auction realizations for registry-set quality coins at MS65 and above. Minor discrepancies between services can occur — an ICCS MS64 may cross differently at PCGS depending on the specific nature of surface preservation, luster intensity, and the presence of original toning. For the 1938 dollar, independent certification from any of these services is strongly recommended given the coin's significant value at all grades and the persistent counterfeit and cleaning risks described above. Consult the Colonial Acres Coins listing for an ICCS-certified EF40 example as a reference point for what properly attributed certified examples look like in the marketplace.

1938 Canadian Silver Dollar Value FAQs

Methodology & Sources

Values in this guide reflect typical market prices as of February 2026 and are sourced exclusively from the documents and data aggregations listed below. All prices are in Canadian Dollars (CAD). No market predictions are made. Values for cleaned, altered, or problem coins will be lower than stated. Melt value was calculated using the silver spot price of $3.82 CAD/g verified at SilverPrice.org on February 2026 and cross-checked against the NGC World Silver Coin Melt Value calculator.

• Charlton Standard Catalogue of Canadian Coins (76th+ Edition, 2025/2026) — Die variety documentation (Double HP, Triple HP, J.O.P. Rev-004/Rev-005) and primary Canadian pricing benchmarks.
• Coins and Canada (coinsandcanada.com) — Aggregated domestic market pricing and historical mintage data. [February 2026]
• NGC Canada Dollar KM-37 Price Guide — Certified market valuations and population context. [February 2026]
• NumisBids Auction Aggregation — Canadian Numismatic Company auction data and trophy-level sales results (2024–2026).
• George Manz Coins — Canadian Silver Dollars and Torex Auction Archives (2016–2026) — J.O.P. Counterstamp pricing and variety documentation.
• Heritage Auctions / Stack's Bowers Galleries / Geoffrey Bell Auctions — Specimen and trophy-level business-strike auction realizations (2024–2026).
• Calgary Coin Gallery — Canadian Dollar Reference — Grading context, condition sensitivity notes, and variety overview for George VI dollars.
• Numista — 1 Dollar George VI (with IND:IMP:) — Compositional and specification verification.
• Wikipedia — Canadian Silver Dollar — Series mintage context and historical background.

This guide covers standard (non-error) strikes only. Errors are out of scope. Values represent typical realized prices; individual coins may sell for more or less depending on eye appeal, toning, and specific buyer demand at the time of sale.