1939 Canadian 1-Cent (Penny) Value Guide

The 1939 Canadian one-cent coin was struck in Ottawa during the third year of King George VI’s reign—a year defined by the first-ever Royal Visit of a reigning British monarch to Canada and the onset of the Second World War. It belongs to the 1937–1947 Ind:Imp sub-series, instantly recognizable by the Latin legend ET IND:IMP: (Emperor of India) on the obverse—a title removed after 1947. Its mintage of 21,600,319 pieces, combined with limited high-quality Specimen strikes packaged in Royal Visit presentation sets, gives the 1939 cent a dual character: broadly accessible in circulated grades, yet genuinely challenging to acquire in top condition. The Canadian penny was permanently withdrawn from circulation on February 4, 2013, but 1939 examples remain widely collectible. For a complete denomination overview, see our Canadian Penny Value Guide.

Note: Production errors such as clipped planchets and off-center strikes exist for 1939 but are outside the scope of this standard value guide.

1939 Canadian Penny Composition & Melt Value

The 1939 cent was struck on “Alloy 1” bronze planchets—the Royal Canadian Mint’s standard formulation in continuous use from 1920 through 1941. The alloy consists of 95.5% copper, 3.0% tin, and 1.5% zinc. The elevated tin content (three times higher than the alloy introduced in 1942) provided superior fluidity during striking and exceptional hardness after cooling, yielding sharply impressed designs and a distinctively mellow orange-gold luster on fresh examples. This is visually different from the brighter, brassier appearance of later high-zinc cents.

Historical Significance of the Tin Content

Tin was a strategically critical war material. After the Second World War began in September 1939, Commonwealth supply chains tightened rapidly. By 1942, the mint reformulated the cent alloy to “Alloy 2,” dramatically reducing tin to 0.5% to preserve the metal for the war effort. The 1939 cent therefore represents one of the final years struck under the richer three-percent-tin bronze standard. This metallurgical distinction also shapes the coin’s long-term toning behavior: 1939 cents characteristically develop stable chocolate-brown surfaces or striking iridescent blue-green patinas over decades—rather than the duller, grey-brown oxidation typical of later alloy issues.

Magnetic Properties and Authentication

Bronze is non-magnetic. A magnet test is the fastest first-line authentication step for the 1939 cent: a genuine example will not be attracted to a magnet. If a coin labeled “1939 Canadian cent” sticks firmly to a magnet, it has either been struck on a wrong planchet (a production anomaly outside the scope of this guide) or is not what it appears. This test requires no specialist equipment—a refrigerator magnet suffices—and takes seconds.

The source document does not provide a calculated melt value for the 1939 cent. To estimate current intrinsic metal value, apply the documented alloy percentages and 3.24 g weight against current copper, tin, and zinc spot prices. Note that melting Canadian coins is prohibited under the Currency Act of Canada.

For official denomination history, see The Royal Canadian Mint’s 1-cent historical page and the Numista specification page for the George VI cent (KM-32).

1939 Canadian Penny Value Chart by Grade & Finish

The 1939 cent is valued across two distinct production categories: Business Strikes (21,600,319 circulation coins) and Specimen Strikes (limited Royal Visit collector sets, estimated 1,000–5,000 sets). Within the business strike category, color preservation—Red (RD), Red-Brown (RB), or Brown (BN)—is the dominant value driver for uncirculated grades. All prices are in CAD as of February 2026.

1939 Canadian Penny — Business Strike, Circulated

Circulated examples are abundant. In grades G-4 through VF-20, the price is largely driven by dealer handling costs rather than numismatic scarcity. Rolls of 50 coins in this range commonly sell for $5.00–$10.00.

Three 1939 Canadian pennies illustrating the Red (RD), Red-Brown (RB), and Brown (BN) color designations—the primary value drivers for uncirculated examples. (Illustration — not photos of your exact coin)

1939 Canadian Penny — Business Strike, Mint State (Uncirculated)

Prices below assume assessment by a reputable third-party grading service (ICCS, CCCS, PCGS, or NGC). Raw (ungraded) coins should be priced conservatively. Values for MS-63 and above assume Full Red (RD) color designation. Red-Brown (RB) and Brown (BN) coins trade at a meaningful discount from these figures; the exact discount varies by grade and market conditions.

The “condition rarity cliff” between MS-64 and MS-65 is steep—roughly tripling in value—reflecting the extreme difficulty of finding copper coins that have survived over 85 years without developing spots, corrosion, or significant contact marks. Population data cited in the source document indicates fewer than 800 examples grading above MS-66, confirming that MS-67 Red coins are true registry-level prizes. See the NGC Price Guide for Canada Cent KM-32 (1937–1947) for current market benchmarks.

Circulated (approximately EF-40) versus Gem Uncirculated (MS-65 Red) — the dramatic preservation difference that drives the value jump between these grades. (Illustration — not photos of your exact coin)

1939 Canadian Penny — Specimen Strikes (Royal Visit Sets)

Specimen coins were produced specifically for the 1939 Royal Visit commemorative sets, distributed in leatherette or velvet-lined presentation cases alongside the commemorative silver dollar and other denominations. Two finish types are documented: Matte Specimens (uniform granular, non-reflective surface with a sculpture-like quality) and Mirror Specimens (highly polished, reflective fields with frosted, contrasting devices—visually similar to a modern proof coin). Estimated original production was approximately 1,000–5,000 complete sets, making individual specimen cents genuinely rare on an absolute basis. A complete 1939 Specimen Set preserved in its original case can command $2,000–$4,000+ depending on the condition of the silver dollar and the packaging. For historical context on the companion commemorative dollar, see Coin World’s coverage of the 1939 Royal Visit commemoratives.

Values in CAD represent typical market prices as of February 2026. For the complete denomination price guide, see our Canadian Penny Value Guide.

Most Valuable 1939 Canadian Penny Varieties

The 1939 cent presents two categories of non-error collectible variety: the Re-engraved Date—a Charlton-listed die variety with substantial price premiums—and die crack varieties representing specific die states within the production run. Neither is a struck production error; both arise from the dies themselves and appear on a known, repeatable population of coins.

1. Re-engraved Date (Charlton-Listed Die Variety)

The most prized variety for the 1939 cent. During die production, a working die’s date numerals could be deemed too shallow or indistinct. A mint engraver would then manually re-enter the digits directly on the die using a hand graver or punch. If the re-entry was misaligned with the original impression, a doubling or thickening effect was locked permanently into the die—and reproduced on every coin subsequently struck from it. This distinguishes it clearly from a one-off struck error.

Close-up of the 1939 Canadian penny date area illustrating the Re-engraved Date diagnostic: shadow doubling behind the “1” and “9,” and unusually bold “3” and “9” digits compared to a standard example. (Illustration — not a photo of your exact coin)

Diagnostic pickup points:

• Doubling of the “19”: Look for a secondary “shadow” numeral offset slightly behind the primary “1” and “9” digits of the date. This is the clearest diagnostic; a 10× loupe is recommended.
• Thickening of the “39”: The re-engraving may produce unusually thick or bold “3” and “9” digits, distinguishably heavier than the standard font when compared side-by-side.

For variety attribution resources, see the Saskatoon Coin Club’s Canadian 1-Cent Major Varieties reference.

2. Die State Varieties: The “Canada” Crack and the “Cent” Crack

Die crack varieties are not one-off accidents. They are repeatable features appearing on every coin struck from a given die once that die developed a fracture under the immense pressure of minting. Advanced collectors build “die state progressions” for the 1939 issue—assembling a sequence of coins showing the crack growing from a hairline to a full cud—a sophisticated and historically illuminating approach to this year.

Two documented 1939 Canadian penny die crack varieties: LEFT — the “Canada” crack running from the rim between the “N” and “A” of CANADA upward through the reverse field; RIGHT — the “Cent” crack curving through the numeral “1” and underlining CENT. (Illustration — not photos of your exact coin)

• The “Canada” Crack: A massive die crack running from the rim, between the letters “N” and “A” of CANADA, extending upward through the coin’s reverse field.
• The “Cent” Crack: A crack curving through the numeral “1” and underlining the word CENT.

The source document does not provide standalone valuations for die crack examples. Market premiums depend on the severity and completeness of the crack and are typically negotiated between specialist collectors at coin shows or specialty auctions.

1939 Canadian Penny Identification Guide

Use this 30-second checklist to confirm exactly what you have before consulting the value tables. The finish determination—Business Strike vs. Specimen—is the single most consequential step, since the two categories occupy entirely different value tiers.

Obverse: King George VI bare head facing left, legend GEORGIVS VI D:G:REX ET IND:IMP: (Thomas Humphrey Paget). Reverse: Two-leaved maple twig by G.E. Kruger-Gray; 1 CENT above date, CANADA below; designer initials K·G to the right of the twig stem.

30-Second Identification Checklist

1. Monarch Check: The obverse shows King George VI facing left with a bare, uncrowned head, designed by Thomas Humphrey Paget. The legend reads GEORGIVS VI D:G:REX ET IND:IMP: — note the ET IND:IMP: title. This confirms a pre-1948 issue. Coins struck from 1948 onward omit this phrase (see FAQ below).

2. Reverse Check: The reverse shows G.E. Kruger-Gray’s two-leaved maple twig. The designer’s initials K·G appear to the right of the twig stem. 1 CENT arcs above the date; CANADA arcs below.

3. Date Check: Confirm the date reads 1939. Under a 10× loupe, look for a “shadow” behind the “1” and “9,” or unusually bold “3” and “9” digits—if present, you may have the Re-engraved Date variety (see Variants section).

4. Edge Check: The edge is plain (smooth)—no reeding. This is consistent for all Canadian small cents.

5. Magnet Test (Composition Authentication): Apply a magnet to the coin. A genuine 1939 cent is bronze and will NOT be attracted to the magnet. Magnetic response indicates either a wrong-planchet anomaly (outside the scope of this guide) or a coin that is not a genuine 1939 Canadian cent. A refrigerator magnet is sufficient for this test.

6. Marks Check: No documented mint marks appear on the 1939 Canadian cent. There is no “W” Winnipeg mark, no plating mark, and no privy mark for this year. This is standard for Canadian circulation coins of this era.

7. Finish Identification (The Critical Step):

   • Business Strike: Standard cartwheel luster radiating from the center; normal contact marks from bag handling visible under a loupe. This is the most common type by far.
   • Matte Specimen (SP — Royal Visit Set): Uniform, granular, non-reflective surface with a subdued, sculpture-like quality. No cartwheel luster. Originally from a presentation case.
   • Mirror Specimen (SP — Royal Visit Set): Highly polished, mirror-like fields with frosted, sharply contrasting devices (portrait and maple twig). Visually similar to a modern proof coin. Strong “cameo” effect when tilted under a lamp.

   A coin originating from a leatherette or velvet presentation case is almost certainly a Specimen—not a high-grade Business Strike—and must be valued using the Specimen table above.

Business Strike (left) showing characteristic cartwheel luster and typical bag marks versus Mirror Specimen (right) showing mirror-reflective fields and frosted raised devices. The surface difference is immediately apparent under a light source. (Illustration — not photos of your exact coin)

1939 Canadian Penny Value FAQs

Methodology & Sources

Values in this guide are drawn from the sources listed below and are current as of February 6, 2026. All prices are in Canadian Dollars (CAD).

• Charlton Standard Catalogue of Canadian Coins — primary reference for variety attributions (Re-engraved Date, die crack classifications) and grade-by-grade value benchmarks
• NGC Price Guide — Canada Cent KM-32 (1937–1947) — market value benchmarks and population context
• Royal Canadian Mint — 1-Cent historical page — official composition and denomination history
• Numista — George VI 1 Cent KM-32 specification page — technical specifications and die variety context
• Saskatoon Coin Club — Canadian 1-Cent Major Varieties — Re-engraved Date and die state diagnostics
• Canadian Coin & Currency — CCCS MS-66 graded 1939 cent — MS-66 Red market pricing reference
• Coin World — 1939 Royal Visit Commemoratives — historical context for Specimen sets

Note: Several PCGS URLs cited in the source document were verified to reference US Lincoln Wheat cents (PCGS item ID 2677, which lists a mintage of 316,479,520—the US Lincoln cent mintage, not the Canadian cent’s 21,600,319) and have been excluded from linked references above. Population figures attributed to PCGS in the source document (fewer than 800 examples above MS-66) have been reproduced as stated; readers should verify independently against PCGS World Coin population reports. This guide covers standard non-error die varieties only. Market values are indicative and subject to change with auction results and metal market conditions. Melting Canadian coins is prohibited under the Currency Act of Canada.