1938 Canadian 25-Cent (Quarter) Value Guide
What is your 1938 Canadian quarter worth? Complete price guide by grade (G-4 to MS-66) and finish (Business Strike vs. Specimen), with 80% silver melt value, grading tips, and current CAD market values.
Most 1938 Canadian quarters are worth $10–$18 CAD in circulated grades, supported by an 80% silver composition. In Gem Uncirculated (MS-65), values reach $850–$1,000 CAD. The rare Specimen strike commands $4,500–$5,000 CAD at SP-65.
- Heavily Circulated (G-4–VG-8):$10.00–$12.00
- Moderate Wear (F-12–VF-20):$12.00–$18.00
- Extremely Fine (EF-40):$20.00–$25.00
- About Uncirculated (AU-50–AU-58):$35.00–$60.00 — best value zone
- Uncirculated (MS-60–MS-62):$80.00–$110.00
- Choice Uncirculated (MS-63):$140.00–$160.00
- Near Gem (MS-64):$280.00–$320.00
- Gem Uncirculated (MS-65):$850.00–$1,000.00
- Specimen Strike (SP-65):$4,500.00–$5,000.00
Is it silver? Yes — every 1938 Canadian quarter is 80% silver, giving a melt floor of approximately $4.80 CAD at roughly $32 CAD/oz silver. Is it shiny with unusually squared, sharp rims and a satin rather than mirror-like surface? That may indicate a rare Specimen strike worth thousands. Found in circulation? In worn grades it is primarily a silver-bullion coin with a modest numismatic premium. All values in CAD as of 2026. See full value chart →
The 1938 Canadian 25-cent piece is a pre-war George VI issue struck at the Royal Canadian Mint in Ottawa with a mintage of 3,149,245. It arrived after the public's novelty-driven hoarding of 1937 "first year of issue" coins had subsided, meaning these quarters entered hard everyday circulation rather than being saved as keepsakes. Because a quarter represented significant purchasing power in 1938 — roughly equivalent to $5–$7 in modern currency — few were set aside in high grades, making Mint State survivors considerably scarcer than the raw mintage implies. The coin also carries the Latin title IND: IMP: (Indiae Imperator, Emperor of India), situating it within the pre-independence "Empire" subset of George VI coinage (1937–1947). This guide covers standard business strike and Specimen values; for a complete overview of the denomination, see our Canadian Quarter Value Guide.
1938 Canadian Quarter Composition & Melt Value
Canada's .800 Silver Standard
The 1938 quarter is struck in Canada's distinctive .800 silver standard — an 80% silver, 20% copper alloy maintained from 1920 through 1967. This sets it apart from both the American .900 fine standard and the debased British .500 fine standard adopted in 1920, giving the Canadian coin its own character in composition, weight, and toning behaviour. The statutory weight of 5.83 grams was strictly enforced at the Royal Canadian Mint through automatic weighing machines that rejected out-of-tolerance planchets. A simple postal or jewellery scale therefore remains an effective counterfeit screen: a significant deviation below 5.7 g or above 5.95 g in a purportedly high-grade specimen warrants close scrutiny.
Silver Melt Value
With silver trading at roughly $32 CAD per troy ounce, the intrinsic melt value of a 1938 Canadian quarter is approximately $4.80 CAD. This silver floor provides meaningful downside protection: even a G-4 coin cannot trade for zero. In practice, numismatic dealer premiums keep retail prices well above the melt calculation — heavily worn examples typically sell for $10.00–$12.00 CAD, roughly double the metal value. Two major silver price spikes — near $50 USD/oz in 1980 and again in 2011 — drove mass-melting events that significantly reduced the surviving population of all pre-1968 Canadian silver coins, including the 1938 quarter. It is estimated that less than 10% of the original mintage survives in any grade.
The Role of Copper in Toning
The 20% copper component is central to the 1938 quarter's aesthetic character. Copper reacts readily with environmental sulfur and oxygen. When these coins were stored in paper envelopes or early Wayte Raymond albums — both known for elevated sulfur content — the copper distributed throughout the alloy matrix reacted to form silver sulfide and copper sulfide/oxide layers. The result is the rich russet, golden, and sometimes iridescent blue-violet toning seen on original-surface specimens today. For the modern collector, natural toning is a marker of authenticity: an originally toned 1938 quarter with "russet" or "seafoam" hues typically commands a 20% to 50% premium over a "blast white" (chemically dipped) example of the same certified grade, because toning attests to surfaces that have never been chemically stripped.
Magnetic Properties and Authentication
An authentic 1938 Canadian quarter — composed of 80% silver and 20% copper — is non-magnetic. A household magnet will not attract it. If a coin representing itself as a 1938 Canadian quarter responds strongly to a magnet, treat it with immediate suspicion: modern steel-core plated coins are magnetic, but the genuine 1938 issue is not. The non-magnetic test, combined with a weight check, provides a fast two-step authentication for coins being considered at any grade level.
ℹ️ Legal Tender Status
All pre-1968 Canadian silver quarters remain legal tender and are redeemable at face value (25¢) in commercial transactions. Their silver content, however, makes them worth many multiples of face value in numismatic and bullion markets.
1938 Canadian Quarter Value Chart by Grade & Finish
The 1938 quarter's value structure is shaped by two forces: an 80% silver melt floor and an exponential condition-rarity premium that accelerates sharply above MS-64. The coin is common in circulated grades, scarce in Gem Uncirculated, and the Specimen finish represents an entirely different tier of rarity. All values in CAD as of 2026.
The primary grading high points on the 1938 Canadian quarter: eyebrow, hair above the ear, and ear rim on the obverse; shoulder, cheek, and antler tips of the caribou on the reverse. These elevated areas lose metal to friction first, determining the coin's grade. (Illustration — not a photo of your exact coin)
1938 Canadian Quarter — Business Strike (Circulation)
| Grade | Value (CAD) | Description | Notes |
|---|---|---|---|
| G-4 – VG-8 | $10.00 – $12.00 | Heavily Worn | Bullion floor; date and legends clear but design essentially flat; King's ear is a shallow depression |
| F-12 – VF-20 | $12.00 – $18.00 | Moderate Wear | King's hair flat with no interior detail; caribou eye visible; Hahn "H" initial likely worn away at F-12; low numismatic premium |
| EF-40 | $20.00 – $25.00 | Light Wear | Traces of lustre in protected letter areas; eyebrow-to-hair separation distinct; Hahn "H" clearly visible; entry-level collector grade |
| AU-50 – AU-58 | $35.00 – $60.00 | About Uncirculated | Significant lustre remains (50–90%); friction break visible on King's cheek or caribou shoulder; AU-58 approaches $60; best value zone for silver-focused collectors |
| MS-60 – MS-62 | $80.00 – $110.00 | Uncirculated (Baggy) | Strictly no wear; may show bag marks, dull lustre, heavy toning, or weak strike; MS-62 at upper end of range |
| MS-63 | $140.00 – $160.00 | Choice Uncirculated | Good lustre; bag marks present but not in focal areas (King's cheek or open caribou field); most liquid grade for investors |
| MS-64 | $280.00 – $320.00 | Near Gem | Strong lustre; possible attractive toning; few marks; high demand from set and condition collectors |
| MS-65 | $850.00 – $1,000.00 | Gem Uncirculated | Blue Chip; recent auction realizations in the $550–$850 CAD range depending on eye appeal; catalogue values reach $1,000 |
| MS-66 | ~$2,000.00 | Superb Gem | Catalogue value; a PCGS MS-66 sold for ~$600 USD in 2025 — market highly volatile and eye-appeal dependent at this level |
⚠️ The MS-65 Cliff
The jump from MS-64 (~$300 CAD) to MS-65 (~$900 CAD) represents roughly a 3× multiplier in a single grade point. This signals that MS-64 examples are relatively obtainable while MS-65 pieces are genuinely scarce. Many advanced collectors target high-end MS-64 coins hoping to regrade them at MS-65 — capturing a potential $600 spread. Only purchase raw (uncertified) coins at MS-65 prices with extreme caution; cleaning risk is significant at this value level, and a "Details" designation eliminates all numismatic premium.
Side-by-side grade comparison of a 1938 Canadian quarter: a circulated EF-40 example (left) showing light wear on the caribou shoulder versus a Gem MS-65 example (right) with full cartwheel lustre and no friction. The open fields of the caribou reverse make contact marks immediately visible to graders. (Illustration — not a photo of your exact coin)
The 1938 quarter is a condition rarity: the date is common, but high-grade preservation is not. In circulated grades, value is driven almost entirely by silver content. It is only from EF-40 upward that a meaningful numismatic premium accumulates, and the premium becomes truly exponential above MS-64. The large open fields of the caribou reverse — behind the animal's neck and body — are unforgiving; a contact mark in those areas is far more damaging to the grade than an identical mark hidden within the antlers.
For current auction activity, see the NGC Auction Central records for the 1938 Canada 25¢ and the NGC Price Guide for Canada 25 Cents KM#35 (1937–1947). The Coins and Canada 1938 25-cent price guide provides comprehensive Canadian market context.
1938 Canadian Quarter — Specimen Strike
The true rarity of the 1938 issue is the Specimen (SP) strike. Struck individually on carefully prepared planchets at reduced press speeds, Specimen coins were produced for presentation and archival purposes — not for circulation. Their mintage is unrecorded but estimated in the low hundreds. Key diagnostics: satin or matte fields (no cartwheel lustre), squared sharp rims, and the sharpest possible device detail.
| Finish | Grade | Value (CAD) | Notes |
|---|---|---|---|
| Specimen (SP) | SP-65 | $4,500.00 – $5,000.00 | Museum Grade; satin fields, squared rims, no flow lines; estimated low hundreds surviving in all grades |
| Specimen (SP) | SP-67 | — | 2003 auction benchmark: ~$8,900 USD (PCGS SP-67, Heritage Auctions) — represents the absolute ceiling for this issue |
Values in CAD represent typical market prices as of 2026. For the full George VI 25-cent series context, the Coins and Canada George VI 25-cent guide (1937–1952) is an essential reference. See also our Canadian Quarter Value Guide for broader denomination context.
Most Valuable 1938 Canadian Quarter Varieties
The 1938 Canadian quarter is a Single Variety Year in standard numismatic catalogues, including the Charlton Standard Catalogue of Canadian Coins. Unlike 1937 (which has the "Double HP" variety) or 1947 (with the Dot and Maple Leaf varieties), no major obverse or reverse die varieties are documented for the 1938 quarter. Collectors do not need a microscope to determine whether they have an expensive subtype — what is documented is one standard design in two finish categories, with toning quality and die state as the secondary value drivers.
Trophy Variant: The Specimen Strike
The single most valuable piece a collector can find labelled "1938 Canadian Quarter" is the Specimen (SP) strike. Struck individually on slow-moving presses from specially prepared dies and selected planchets, Specimen coins were not intended for circulation and survive in estimated numbers of fewer than 150 in all grades combined. An SP-65 example is worth approximately $4,500–$5,000 CAD. The auction benchmark for the entire issue is a PCGS SP-67 that realized approximately $8,900 USD at Heritage Auctions in 2003 — the highest known price achieved for a 1938 Canadian quarter of any type.
The Toning Premium: Original vs. Dipped
Comparison of a naturally toned 1938 Canadian quarter (left) showing rich russet and golden hues from original silver-sulfide and copper-oxide layers, versus a "blast white" dipped example (right) with uniform bright white surfaces. Natural toning commands a 20–50% premium over a dipped coin of equal grade. (Illustration — not a photo of your exact coin)
While not a catalogued variety, original toning is the most significant premium factor within the business strike population. An untouched coin with russet or seafoam hues commands a 20% to 50% premium over a blast-white example of the same certified grade. This premium exists because natural toning attests to surfaces that have never been chemically stripped — authentication that dipped coins cannot provide. The 80/20 silver-copper alloy produces particularly attractive toning compared to purer silver alloys, making original-surface 1938 quarters especially desirable to aesthetics-focused collectors.
⚠️ Never Clean Your Coins
Dipping or cleaning a 1938 quarter removes original lustre and may introduce hairlines visible under magnification. A cleaned coin receives a "Details" (damaged) designation from ICCS, PCGS, and NGC, eliminating all numismatic premium regardless of the underlying detail. If you have a naturally toned 1938 quarter, leave it untouched.
Die State Markers: Cracks
The high striking pressure required by T.H. Paget's high-relief portrait caused die fatigue over the production run. Examples with die cracks occasionally appear in the 1938 quarter population, including a crack running through the letters of GEORGIVS (sometimes called the "Lightning" crack) and a crack near the top of the caribou's antlers. These are catalogued as die state markers rather than distinct varieties: they add collector interest and conversation value, but rarely generate a significant monetary premium unless the crack is particularly dramatic — such as a retained cud. Do not pay a variety premium for a die crack coin unless it is exceptional.
The "Re-Engraved Date" Myth
Some older auction listings and online sources reference a "1938 Re-Engraved" variety for the quarter. This is a known misidentification. The documented 1938 Re-Engraved variety applies to the 10-cent dime, not the 25-cent piece. No re-engraved date variety is recognized for the 1938 Canadian quarter in standard catalogues. Collectors should be wary of any seller charging a variety premium for a "Re-Engraved" 1938 quarter.
1938 Canadian Quarter Identification Guide
Use this 30-second checklist to confirm you have a genuine 1938 Canadian quarter, identify its finish, and determine whether it warrants professional grading.
1938 Canadian 25-cent piece: obverse (left) showing T.H. Paget's uncrowned portrait of King George VI facing left, with the legend GEORGIVS VI D:G: REX ET IND:IMP:; reverse (right) showing Emanuel Hahn's caribou design with the date 1938 to the right and CANADA at the top arc. Note the tiny "H" initial at the base of the caribou's neck — Hahn's signature, typically well-defined on 1938 examples.
30-Second Identification Checklist
Monarch Check: The obverse bears an uncrowned portrait of King George VI facing left, designed by Thomas Humphrey Paget. The legend reads GEORGIVS VI D:G: REX ET IND:IMP: in classic serif Roman lettering. The title IND:IMP: (Indiae Imperator) identifies the coin as part of the pre-1948 "Empire" series. If the portrait shows a different monarch, you have a different coin.
Reverse Check: The reverse shows a caribou in profile — Emanuel Hahn's naturalistic Art Deco design introduced in 1937. Confirm the tiny "H" initial at the base of the caribou's neck near the rim; on 1938 examples this initial is typically well-defined (later years saw it polished away by die maintenance). The denomination reads 25 CENTS above the animal's head and CANADA at the top arc; the date 1938 appears to the right of the caribou.
Date Check: The date 1938 appears on the reverse to the right of the caribou. Confirm all four digits are present and readable. The 1938 quarter has no dual dating.
Edge Check: The edge is fully reeded (milled). A plain or smooth edge on a coin claiming to be a 1938 Canadian quarter is an immediate disqualifying red flag.
Magnet Test (Composition Verification): Hold a household magnet near the coin. An authentic 1938 Canadian quarter — composed of 80% silver and 20% copper — is non-magnetic. If the coin is attracted to the magnet, it is not a genuine 1938 Canadian quarter.
Mint Mark Check: No mint mark should be present. All 1938 Canadian quarters were struck at the Royal Canadian Mint in Ottawa; Canadian circulation coins of this era carry no facility mark. If you see an "S" or "D" mint mark on the reverse, you are holding a US Washington Quarter, not a Canadian coin. There is no "1938-S" or "1938-D" Canadian quarter — any such listing is mislabelled or fraudulent.
Finish Identification — THE CRITICAL STEP: This single determination can be worth thousands of dollars.
Finish comparison for the 1938 Canadian quarter. Left: Business Strike showing characteristic cartwheel lustre — concentric light patterns that rotate as the coin tilts. Right: Specimen strike showing satin/matte fields with no flow lines, a perfectly squared sharp rim, and highly detailed devices. (Illustration — not a photo of your exact coin)
Identifying the Finish
Business Strike (MS): The fields show a "cartwheel" lustre — a rotating pattern of radiating brightness visible when the coin is tilted under a single focused light source. Flow lines from die contact are visible at moderate magnification. Bag marks from coin-on-coin contact in mint bags are common, especially in the open caribou fields.
Specimen (SP): Look for three simultaneous hallmarks: (1) Satin or matte fields — no cartwheel lustre, no flow lines; (2) Perfectly squared, sharp rims — the junction between the coin's face and its edge is a near right angle, unlike the softer rounded rim of a business strike; (3) Exceptional device sharpness — struck on a slow press at full force, every detail of the portrait and caribou is rendered at maximum fidelity. If all three features are present, submit directly to ICCS or PCGS for authentication without handling further.
Magnet authentication test for a 1938 Canadian quarter. The genuine 80% silver, 20% copper coin is non-magnetic and will not be attracted to a household magnet. A coin that responds strongly to the magnet is not a genuine 1938 Canadian quarter.
Strike vs. Wear: A Critical Grading Distinction
A common grading pitfall with the 1938 quarter is confusing a weak strike with wear. The high relief of T.H. Paget's portrait — particularly the King's hair above the ear — sometimes failed to fill from the die fully, leaving a flat spot as minted. To distinguish: rotate the coin under a single light source. If the flat spot shows the cartwheel lustre rotating through it, the flatness is a weak strike — the coin is Mint State. If the lustre stops at the flat area and turns to dull grey, the flatness is wear — the coin is AU or below. This distinction can represent several hundred dollars of difference in value at the upper circulated grades.
💡 The Open Field Problem
The caribou reverse has large open fields behind the animal's neck and body. Any contact mark in these areas is immediately visible under a grader's loupe and will penalize the grade significantly. A mark in the open field behind the caribou is far more damaging than an identical mark hidden within the antlers or along the rim. When evaluating your coin's grade, tilt it under a single light and survey the open fields first — that is where the grade is won or lost.
1938 Canadian Quarter Value FAQs
What is a 1938 Canadian quarter worth?
In heavily circulated grades (G-4 to VG-8), a 1938 Canadian quarter is worth approximately $10.00–$12.00 CAD — reflecting the 80% silver melt value (~$4.80 CAD) plus a modest dealer premium. At Extremely Fine (EF-40), expect $20–$25 CAD. About Uncirculated examples (AU-50 to AU-58) trade for $35–$60 CAD. Choice Uncirculated (MS-63) runs $140–$160 CAD, while Gem MS-65 reaches $850–$1,000 CAD. The rare Specimen strike in SP-65 is worth approximately $4,500–$5,000 CAD.
Is a 1938 Canadian quarter made of silver?
Yes. Every 1938 Canadian quarter is struck in an 80% silver, 20% copper alloy — Canada's distinctive .800 silver standard used from 1920 through 1967. At a silver spot price of roughly $32 CAD per troy ounce, the melt value is approximately $4.80 CAD per coin. This silver floor means the coin retains meaningful intrinsic value even in heavily worn condition, providing a downside cushion that purely base-metal coins lack.
Is a 1938 Canadian quarter rare?
In circulated grades, no — the 1938 quarter is common, with 3,149,245 struck and many surviving. It is considered a semi-key date in high grades: scarce in EF to AU, and genuinely rare in MS-65 and above, with an estimated fewer than 200 Gem-quality examples surviving. The Specimen strike, estimated at fewer than 150 survivors in all grades, is very rare. Two silver melt waves in 1980 and 2011 sharply reduced the total surviving population.
What makes one 1938 Canadian quarter worth more than another?
Three factors drive value above the silver floor: (1) Grade — the condition-rarity curve is steep; an MS-65 is worth roughly 10× an MS-63 and approximately 60× a circulated VF-20. (2) Finish — a Specimen strike (SP-65: ~$4,500–$5,000 CAD) is worth roughly 5× a Gem business strike of the same numerical grade. (3) Original surfaces — an untouched coin with natural russet or golden toning commands a 20–50% premium over a chemically dipped "blast white" example of the same certified grade, because toning confirms the surfaces are unaltered.
What is a Specimen strike and how do I identify one?
A Specimen strike was produced individually on a slow-moving press using specially prepared dies and selected planchets. Unlike a modern Proof (which has deep mirror fields), a Canadian Specimen has satin or matte fields with no cartwheel lustre. Look for three simultaneous features: (1) satin/matte fields — no flow lines visible; (2) perfectly squared, sharp rims — a near right angle at the coin's edge; (3) the sharpest possible device detail. An SP-65 1938 quarter is worth approximately $4,500–$5,000 CAD. If you believe you have one, do not clean or further handle it — submit it to ICCS or PCGS for authentication.
How do I tell an About Uncirculated coin from a true Mint State coin?
This is the most important grading decision for the 1938 quarter, because the price difference between AU-58 (~$60 CAD) and MS-60 (~$80+ CAD) is meaningful — and the difference between a weak strike and wear is easy to miss. Tilt the coin under a single focused light. A Mint State coin shows cartwheel lustre covering all surfaces — devices and fields alike. An AU coin shows a break in the lustre on the high points (King's eyebrow, caribou shoulder or cheek), where friction has created a small dull grey patch. If you see any such break at a high point, the coin is AU. Remember: a flat area that still shows cartwheel lustre is a manufacturing weakness, not wear, and the coin remains Mint State.
Should I clean or dip my 1938 Canadian quarter?
No — under any circumstances. Cleaning removes original lustre and introduces microscopic hairlines visible under a coin dealer's loupe or grading loupe. A cleaned coin receives a "Details" (damaged) designation from ICCS, PCGS, and NGC, eliminating all numismatic premium regardless of the coin's underlying quality. Natural russet or golden toning actually adds 20–50% to the certified value. Leave original toning untouched.
Should I have my 1938 Canadian quarter graded by ICCS, PCGS, or NGC?
Certification is economically justified primarily for coins you believe grade MS-63 or higher, given the steep value cliffs in those ranges. ICCS (International Coin Certification Service) is the primary Canadian grading authority and is generally preferred by Canadian specialist dealers and auction houses. PCGS (US-based) is widely recognized internationally and is accepted by major auction houses including Heritage. Do not purchase a raw (uncertified) coin at MS-65 prices without expert in-hand examination — the cleaning and over-grading risk is significant at that value level, and a "Details" designation eliminates the entire premium.
Does the 1938 re-engraved date variety apply to the quarter?
No. The documented 1938 Re-Engraved variety applies to the 10-cent dime, not the 25-cent quarter. No re-engraved date variety is recognized for the 1938 Canadian quarter in standard catalogues, including Charlton. Any seller offering a variety premium for a "Re-Engraved" 1938 quarter is either mistaken or misrepresenting the coin.
How do I tell a Canadian 1938 quarter from a US 1938 quarter?
The distinction is straightforward. All 1938 Canadian quarters were struck in Ottawa and carry no mint mark. A US 1938 Washington Quarter, by contrast, carries either an "S" (San Francisco) or "D" (Denver) mint mark on the reverse. The obverse legends are also completely different: the Canadian coin reads GEORGIVS VI in Latin, while the American coin reads WASHINGTON in English. If you see a mint mark on your 1938 quarter, it is a US coin. There is no "1938-S" or "1938-D" Canadian quarter.
Methodology & Sources
Values in this guide are derived from aggregated market and auction data and are presented in Canadian Dollars (CAD) as of 2026. Primary sources include the Coins and Canada 1938 25-cent price guide, the broader Coins and Canada George VI 25-cent series guide (1937–1952), and the NGC Price Guide for Canada 25 Cents KM#35 (1937–1947). Auction realization data sourced from NGC Auction Central records for the 1938 Canada 25¢ and the NumisBids Heritage World Coin Auctions archive. Mintage figures sourced from the Saskatoon Coin Club Canadian coin mintage reference. Series history informed by the Wikipedia article on the Canadian Quarter. Variety attributions follow the Charlton Standard Catalogue of Canadian Coins. Values represent typical dealer retail or auction hammer prices and will vary with silver spot price movements, eye appeal, and market conditions. This guide covers standard business strike and Specimen values only; error coins are outside its 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.