1938 Canadian 1-Cent (Penny) Value Guide
Find out what your 1938 Canadian penny is worth. Complete CAD price guide by grade and color (Red, Red-Brown, Brown), plus rare Specimen strike values and the Doubled Die variety. Values as of late 2024/early 2025.
Most 1938 Canadian pennies found in old collections are worth $0.20–$5.00 in circulated condition. In top Gem Red grades the value rises sharply — an MS-65 Red commands $250–$450, and an MS-66 Red exceeds $1,000. The rare Specimen strike reaches $2,500–$5,000+.
- Circulated (G-4 to AU-55, Brown):$0.20–$5.00
- Uncirculated MS-63 Red:$30–$50
- Uncirculated MS-64 Red:$60–$100
- Gem MS-65 Brown:$20–$30
- Gem MS-65 Red:$250–$450
- Superb Gem MS-66 Red:$1,000+
- Specimen Strike (SP-65+):$2,500–$5,000+
Not silver — the 1938 penny is solid bronze (95.5% copper) and carries no precious metal value. Its worth is entirely numismatic. A shiny example with razor-sharp, square rims may be a rare Specimen strike worth thousands. Color is the key multiplier: a Red (RD) coin is worth up to 15× more than a Brown (BN) coin at the same Mint State grade. All values in CAD as of late 2024/early 2025. See full value chart →
The 1938 Canadian one-cent coin represents the first full, uninterrupted production year of the George VI era — a stabilizing milestone after the Abdication Crisis of 1936–1937 disrupted mint schedules across the Commonwealth. Struck in Ottawa from solid bronze, this coin bears the imperial legend GEORGIVS VI D:G:REX ET IND:IMP:, a fossilized record of the British Empire's reach before postwar decolonization prompted a legend change in 1948. With a mintage of 18,365,608, circulated examples are common, but pristine Red specimens represent one of the great condition-rarity challenges in Canadian numismatics. For values across every production year, see our Canadian Penny Value Guide. The Canadian penny was withdrawn from circulation on February 4, 2013, but 1938 examples survive abundantly in collections and albums.
Note: Production anomalies such as off-center strikes exist for 1938 but are outside the scope of this standard value guide, which covers business strikes, the Specimen finish, and documented die varieties only.
1938 Canadian Penny Composition & Specifications
The 1938 cent was struck from a solid, homogeneous bronze alloy of 95.5% copper, 3.0% tin, and 1.5% zinc. Copper provided the base volume and the characteristic reddish-orange luster collectors prize. Tin served as the hardening agent, allowing the coin to retain fine relief detail through decades of circulation. Zinc acted as a deoxidizer during casting, promoting complete die fill for well-struck specimens.
This composition is entirely non-magnetic. A genuine 1938 Canadian cent will not attract a magnet under any circumstances. If your coin does attract a magnet, it is not a standard 1938 Canadian bronze cent — this test is the fastest first authentication step.
The high copper content also carries a significant numismatic liability: reactivity with sulfur and moisture. Microscopic contaminants on planchets — a known quality-control limitation of the interwar era — react with copper over decades to form copper sulfide, producing the black carbon spots pervasive on George VI coinage. Even a single carbon spot on the cheek or open fields of an otherwise Gem-quality coin can reduce market value by 50% to 80%, making spot-free survivors exponentially rarer than mintage figures suggest.
Because the 1938 cent contains no silver or gold, its intrinsic metal value is negligible. The coin's worth is entirely numismatic, driven by grade, color preservation, and finish type. The Royal Canadian Mint's official 1-cent history page provides additional context on the denomination's production legacy.
⚠️ Medal Alignment Check
Hold the coin by its top and bottom edges and flip it on a vertical axis. On a genuine 1938 Canadian cent, the reverse image (maple leaf twig) will remain upright — this is Medal Alignment (↑↑). Coins that flip to show an inverted reverse are in Coin Alignment (↑↓) and warrant further investigation, as this is the US standard, not Canadian.
1938 Canadian Penny Value Chart by Grade & Color
The value of a 1938 Canadian cent is driven by two interacting variables: the Sheldon numerical grade (1–70) and the color designation (Red, Red-Brown, or Brown). At high Mint State grades, color alone can multiply value by 10–15×. The tables below reflect values documented for this year as of late 2024/early 2025. For continuously updated market data, consult the NGC Price Guide for the Canada Cent KM 32 (1937–1947).
Side-by-side comparison of 1938 Canadian penny color designations: Brown (BN), Red-Brown (RB), and Full Red (RD). The RD coin commands up to 15× the value of the BN coin at the same Mint State grade. (Illustration — not a photo of your exact coin)
1938 Canadian Penny — Business Strike (Circulated, G-4 to AU-55)
| Grade Range | Color | Estimated Value (CAD) | Notes |
|---|---|---|---|
| G-4 to AU-55 | Brown (BN) | $0.20–$5.00 | Type coin. Abundant in circulation and junk boxes. No investment potential unless an identified die variety. |
Circulated 1938 cents were heavily used during the late Depression and early war years. The vast majority of the 18,365,608 minted were worn well below Fine and eventually melted. G-4 through VF-20 examples are the most commonly encountered today.
ℹ️ Carbon Spots and the Circulated Market
Even circulated 1938 cents can be devalued further by heavy carbon spotting (black flecks from copper sulfide formation). When purchasing circulated examples for type sets, inspect the obverse cheek and reverse fields under magnification before paying any premium above junk-box prices.
1938 Canadian Penny — Business Strike (Uncirculated, MS-63 to MS-66)
| Grade | Brown (BN) | Red-Brown (RB) | Red (RD) |
|---|---|---|---|
| MS-63 | — | — | $30–$50 |
| MS-64 | — | — | $60–$100 |
| MS-65 | $20–$30 | — | $250–$450 |
| MS-66 | — | — | $1,000+ |
Red-Brown (RB) values for uncirculated grades are not separately documented in available sources for this date — shown as —. BN values at MS-63 and MS-64 are similarly undocumented and omitted. MS-66 Red examples have outstanding cartwheel luster and pristine surfaces; very few exist. MS-67 Red specimens are virtually unknown — consult the PCGS Auction Prices page for the 1938 Canadian cent for the most current realized data on exceptional examples.
⚠️ The Color Cliff — The Most Important Value Factor
A 1938 cent at MS-65 Brown is worth roughly $20–$30. The same coin at MS-65 Red is worth $250–$450 — a 10× to 15× premium purely for color preservation. This is not linear: it reflects the chemical difficulty of maintaining original red luster on 1930s bronze for nearly 90 years. The PCGS analysis of color premiums for bronze coins explains this market dynamic in detail.
Grade comparison: a heavily circulated 1938 Canadian penny (Fine/VF) beside a Gem Mint State MS-65 Red example. Note the flat, worn relief on the circulated coin versus the full hair detail and cartwheel luster on the Gem. (Illustration — not a photo of your exact coin)
1938 Canadian Penny — Specimen Strike (SP)
| Finish | SP-65+ | Notes |
|---|---|---|
| Specimen (SP) | $2,500–$5,000+ | Exact mintage unknown; extremely rare. Rarely appears on the open market; trades privately between specialized dealers. Value depends heavily on eye appeal and surface quality. |
Values in CAD represent documented market prices as of late 2024/early 2025. For the complete denomination guide covering all years, see our Canadian Penny Value Guide.
Most Valuable 1938 Canadian Penny Varieties
The 1938 Canadian cent has three recognized categories of numismatic premium beyond standard grade-and-color: the rare Specimen finish, the documented Doubled Die variety, and Die Clash specimens. All three are distinct from manufacturing errors (which are out of scope for this guide).
Trophy Level: The 1938 Specimen Strike
Finish comparison: a standard Business Strike 1938 Canadian penny (left) versus a Specimen strike (right). Key differences: the Specimen shows square 90° rims, frosted portrait devices, and reflective fields. The Business Strike shows rounded, tumbled rims and cartwheel luster across both fields and devices. (Illustration — not a photo of your exact coin)
The 1938 Specimen (SP) is the single most valuable non-error 1938 cent. These were not struck for commerce. They were produced with specially polished dies, pre-treated planchets, and double strikes at slower press speeds to achieve perfect definition and square rims. Exact production figures are unknown — likely numbering in the hundreds. A certified SP-65 or higher can command $2,500–$5,000+ depending on eye appeal, and these coins rarely appear on the open market, most trading privately between specialized dealers.
Diagnostic: The defining hallmark of a Specimen is the square, 90-degree junction between the rim and the coin's edge. Business strikes have rounded, tumbled rims from the standard striking process. The Specimen also shows frosted (matte) portrait devices contrasting against reflective fields — similar to a cameo effect. Every hair strand on King George VI and every maple leaf serration must be razor-sharp.
⚠️ Proof-Like Business Strikes Can Mimic Specimens
Some well-struck, early-die 1938 business strikes carry reflective fields that superficially resemble Specimen coins. The definitive test is rim geometry: a genuine Specimen has a sharp, square corner where the rim meets the edge. A business strike — however flashy — will show a rounded rim. Never pay Specimen prices for a raw (uncertified) coin without verifying this feature under magnification. ICCS or PCGS/NGC certification is strongly recommended before paying any Specimen-level premium.
Findable Variety: The 1938 Doubled Die
Close-up diagnostic for the 1938 Canadian penny Doubled Die variety. Look at the numerals of the date 1938 and the letters of CANADA: a true doubled die shows distinct notching or separation at the letter and numeral corners. Machine Doubling, by contrast, produces a flat, shelf-like smear that adds no numismatic value. (Illustration — not a photo of your exact coin)
A legitimate, though rare, Doubled Die variety exists for the 1938 cent, arising from a slight misalignment during the multi-impression hubbing process that transfers the design from hub to die.
Diagnostic: Examine the date numerals 1938 and the letters of CANADA under a 10× loupe. A true doubled die shows a distinct notching or separation at the corners of letters and numerals — not a blurry shadow, but a clear secondary image offset from the primary. This is categorically different from Machine Doubling, which produces a flat, shelf-like smear caused by die bounce during the strike — and which adds zero numismatic value.
Value: A confirmed 1938 Doubled Die in Mint State is a major variety, potentially worth $200–$500 depending on the severity of the doubling.
Interest Variety: Die Clashes
Die clashes occur when the obverse and reverse dies strike each other with no planchet between them. King George VI's chin profile is transferred as a ghostly incuse impression onto the reverse die. On the struck coin, this appears as a faint, unexplained line seeming to hang from the maple leaf twig — hence collectors call these specimens informally unusual. These are interest varieties: they appeal to die-study collectors and can add a modest premium of $10–$50 above the base circulated or uncirculated value, but they are not retirement-class rarities.
1938 Canadian Penny Identification Guide
Use the checklist below to confirm you have a genuine 1938 Canadian cent and to determine what finish and variety — if any — you are holding. This matters enormously: a Specimen is worth thousands; a circulated business strike is worth cents.
Obverse and reverse of the 1938 Canadian 1-cent coin. Obverse: left-facing portrait of King George VI by Thomas Humphrey Paget; initials 'HP' at neck truncation; legend GEORGIVS VI D:G:REX ET IND:IMP:. Reverse: Maple Leaf Twig by G.E. Kruger-Gray; initials 'KG' right of date; CANADA above, 1 CENT below.
30-Second Identification Checklist
- Monarch Check: The obverse should show a left-facing, uncrowned portrait of King George VI. Look for the initials HP (Thomas Humphrey Paget) at the neck truncation. The legend reads GEORGIVS VI D:G:REX ET IND:IMP: — the inclusion of IND:IMP: (Emperor of India) confirms this is a pre-1948 issue.
- Reverse Check: The reverse should show a Maple Leaf Twig with two deeply serrated, botanically precise maple leaves, designed by G.E. Kruger-Gray. His initials KG appear to the right of the date. CANADA appears above and 1 CENT below.
- Date Check: The date 1938 appears on the reverse between the twig and the denomination. A coin reading NEWFOUNDLAND on the reverse (with a Pitcher Plant design) is a different coin — see FAQ below.
- Edge Check: Run your fingernail around the edge. It should be completely smooth and plain. A reeded (grooved) edge indicates a different denomination or a foreign coin.
- Mint Mark Check: There is no mint mark on a genuine 1938 Canadian cent — not under the date, not on the rim, not anywhere. All 1938 Canadian cents were struck in Ottawa. A coin showing a D or S below the date is a United States Lincoln cent, not a Canadian coin.
- Legend Integrity: The full legend GEORGIVS VI D:G:REX ET IND:IMP: should be complete and legible on well-preserved examples. A legend reading E PLURIBUS UNUM or IN GOD WE TRUST confirms a US coin.
- Magnet Test (Composition Verification): Hold a magnet near the coin. A genuine 1938 Canadian cent is non-magnetic — it will not be attracted to the magnet at all. The solid bronze alloy (95.5% copper) has no ferromagnetic properties. A magnetic response is a definitive sign the coin is not a standard 1938 Canadian bronze cent.
- Finish Identification (Critical for Value):
- Business Strike (MS): Cartwheel luster radiating from the center outward when the coin is tilted under light. Rounded, tumbled rim edge junction.
- Specimen (SP): Reflective, mirror-like fields with frosted portrait devices (the King's portrait appears satiny/white against shiny background). Square, sharp 90-degree junction between the rim and the coin's edge. Double-struck sharpness on every detail.
High-point locations on the 1938 Canadian penny obverse. Red circles mark: (1) the eyebrow and hair above the ear — the very first point to show friction/wear; (2) the open cheek field — prime area for bag marks that prevent grades of MS-65 or higher; (3) the neck truncation — location of Paget's 'HP' initials and a secondary wear indicator. (Illustration — not a photo of your exact coin)
⚠️ Never Clean Your Coins
Cleaning a 1938 cent with any abrasive, chemical, or polishing agent strips its original luster and leaves hairline scratches visible under magnification. Grading services will designate cleaned coins as "Details — Cleaned," removing all numismatic premium regardless of the underlying detail quality. A naturally toned Brown coin is always worth more than a polished one.
Magnet test demonstration for the 1938 Canadian penny. A genuine bronze 1938 cent (95.5% copper alloy) is non-magnetic — the coin will not be attracted to or follow the magnet. A coin that clings to a magnet is not a standard 1938 Canadian bronze cent.
⚠️ PVC Storage Damage
Never store 1938 cents in soft PVC flips (those that smell faintly of plastic or vinyl). Over time, PVC leaches plasticizers that create green, slimy corrosion on the copper surface. This damage is severe and irreversible. Use Mylar (PET) flips or rigid acrylic capsules instead. Store in a low-humidity environment with desiccant silica gel to prevent new carbon spot formation.
1938 Canadian Penny Value FAQs
What is a 1938 Canadian penny worth?
It depends on condition and color. Circulated examples (G-4 to AU-55) in Brown are worth $0.20–$5.00 CAD. Uncirculated Red (RD) examples range from $30–$50 at MS-63 to $250–$450 at MS-65 to $1,000+ at MS-66. The rare Specimen strike in SP-65 or higher can command $2,500–$5,000+. All values are in Canadian dollars.
Is the 1938 Canadian penny rare?
In circulated grades, no — 18,365,608 were minted and millions survive. In high Mint State grades with full Red color (MS-65 RD and above), it becomes genuinely scarce due to the chemical difficulty of preserving original bronze luster for nearly 90 years. The Specimen strike, with an unknown mintage likely numbering in the hundreds, is a true rarity that rarely appears on the open market.
What makes a 1938 Canadian penny valuable?
Three factors multiply value: (1) Grade — the fewer contact marks and the sharper the strike, the higher the grade. (2) Color — Full Red (RD, 95%+ original mint color) commands up to 15× the price of Brown (BN) at the same grade. (3) Finish — a genuine Specimen strike is worth thousands of times more than a circulated business strike. The intersection of a high grade AND full Red color AND absence of carbon spots is extremely rare for this date.
Is my 1938 Canadian penny silver?
No. The 1938 Canadian one-cent coin is solid bronze — 95.5% copper, 3.0% tin, and 1.5% zinc. It contains no silver or gold. Its intrinsic metal value is negligible, and its worth is entirely numismatic. Canadian cents from this era were never struck in silver. If a seller describes a 1938 cent as silver, that is incorrect.
Should I get my 1938 Canadian penny graded?
Only if the coin appears to be Mint State and is free of carbon spots and cleaning marks. Grading fees typically range from $30–$75+ per coin depending on the service level and submitting dealer. This investment only makes economic sense if your coin is likely to grade MS-64 Red or higher, where certified values start at $60–$100 and rise sharply. For circulated examples, the cost of grading would far exceed the coin's value. ICCS (International Coin Certification Service) is the Canadian standard; PCGS and NGC are globally recognized US-based alternatives widely accepted by Canadian collectors.
What is the difference between a Business Strike and a Specimen?
A Business Strike was produced for commerce using standard dies, standard planchets, and high-speed presses. It shows cartwheel luster radiating from the center and has rounded, tumbled rim edges. A Specimen strike was produced for presentation or collector sale using polished dies, specially treated planchets, and double-struck at slower speeds. It shows frosted portrait devices against reflective fields and — most critically — a perfectly square, 90-degree junction between the rim and the coin's edge. Never pay Specimen prices without that square rim confirmed under magnification or through certification.
What is the difference between a Red, Red-Brown, and Brown penny?
These color designations reflect how much of the coin's original copper-orange mint luster survives: Red (RD) means 95% or more of original color remains — the coin looks nearly as it did the day it was struck. Red-Brown (RB) means 5%–95% original color survives — a wide intermediate range. Brown (BN) means less than 5% original color remains — fully oxidized. The Red designation commands the highest premium because preserving original bronze color for nearly 90 years is chemically difficult. For a detailed explanation of the market premiums these designations carry, see the PCGS analysis of color premiums for bronze coins.
How do I tell a 1938 Canadian cent from a US Lincoln cent or a Newfoundland cent?
Three quick checks: (1) The reverse design — a genuine Canadian cent shows the Maple Leaf Twig and the word CANADA. A Newfoundland cent shows a Pitcher Plant and the word NEWFOUNDLAND. A US Lincoln cent shows the Lincoln Memorial (post-1959) or wheat stalks (pre-1959) and reads E PLURIBUS UNUM. (2) Mint marks — the Canadian cent has none. A coin with a D or S below the date is a US coin. (3) Obverse legend — the Canadian cent reads GEORGIVS VI D:G:REX ET IND:IMP:. Note that the 1938 Newfoundland cent, with a mintage of roughly 500,000, is considerably scarcer than the Canadian cent and worth meaningfully more in circulated grades. For Newfoundland cent values, see the NGC Price Guide for the 1938 Newfoundland Small Cent.
How do I identify a Doubled Die on my 1938 cent?
Examine the date numerals 1938 and the letters of CANADA under a 10× loupe in good lighting. A true Doubled Die shows a distinct, separate secondary image — a clear notching or separation at the corners of letters and numerals. Do not confuse this with Machine Doubling, which creates a flat, shelf-like smear with no separation between the two images. Machine Doubling is a post-strike distortion caused by die bounce and adds zero numismatic value. Only a clean, offset secondary impression qualifies as a true Doubled Die, potentially worth $200–$500 in Mint State depending on severity.
What is a carbon spot and does it affect the value of my 1938 penny?
Carbon spots are black or dark brown flecks caused by copper sulfide formation — a chemical reaction between the high-copper bronze alloy and sulfur compounds embedded in the planchet or the storage environment. They are irreversible and pervasive on George VI coinage. Even a single prominent carbon spot on the cheek or open fields of an otherwise Gem-quality coin can reduce its market value by 50% to 80%. Artificial removal attempts damage the surrounding surface, compounding the problem. When evaluating a Mint State 1938 cent, inspect the cheek and the open reverse fields under magnification before assessing grade potential.
Methodology & Sources
Values in this guide are derived from third-party grading trends and aggregated auction data as of late 2024/early 2025. Market prices for individual coins may vary based on eye appeal, carbon spot presence, and competitive bidding. Primary sources consulted include:
- NGC Price Guide — Canada Cent KM 32 (1937–1947)
- PCGS Auction Prices — 1938 Canada 1 Cent Red
- PCGS — Price Differences for Brown, Red-Brown, and Red Coins
- Numista — 1 Cent, George VI (with ET IND:IMP:), Canada
- Royal Canadian Mint — 1-Cent History
- Colonial Acres Coins — 1938 Canada 1-Cent
- London Coin Centre — 1938 Canada 1 Cent MS-64 Red
- Charlton Standard Catalogue of Canadian Coins (current edition) — variety and specification reference
This guide covers standard business strikes and the Specimen finish only. Production errors are outside its scope. Values are in Canadian dollars. Coin prices are volatile; verify current market data before buying or selling.
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.