1939 Canadian 25-Cent (Quarter) Value Guide

The 1939 Canadian 25-cent piece: obverse with King George VI effigy by T.H. Paget (note the IND:IMP: inscription) and the iconic Caribou reverse designed by Emanuel Hahn.

The 1939 Canadian 25-cent piece occupies a uniquely resonant position in the King George VI series. It was struck the same year as the first-ever Royal Visit of a reigning monarch to Canadian soil — an event that galvanized national identity — and just months before Canada entered the Second World War in September 1939. While the silver dollar was explicitly redesigned with Parliament buildings to commemorate the Royal Visit, the quarter continued with the standard Caribou reverse by Emanuel Hahn, introduced in 1937. The obverse features the effigy of King George VI by T.H. Paget, distinguished by the IND:IMP: (Emperor of India) inscription, which was removed from all Canadian coinage beginning in 1948. With a circulation mintage of 3,532,495 — modest by wartime standards, as production nearly tripled the following year — the 1939 quarter is obtainable in circulated grades but genuinely scarce in Gem Mint State. For the complete series price context, see our Canadian Quarter Value Guide.

Note: Major mint errors such as off-centre strikes and wrong-planchet coins exist for this era but are outside the scope of this standard value guide.

1939 Canadian Quarter Composition & Melt Value

The 1939 Canadian quarter uses the 80% silver standard — the metallurgical formula employed for Canadian dimes, quarters, and half dollars from 1920 through the midpoint of 1967. Unlike the earlier Canadian Sterling standard (92.5% silver, used until 1919) or contemporary US coinage (90% silver), this alloy blends 80% silver with 20% copper for improved durability in circulation. The copper component can occasionally lead to green-spot corrosion (verdigris) in improperly stored examples, which collectors should inspect for carefully.

Melt Value Calculation (February 2026)

The intrinsic silver value of the coin is calculated using the Actual Silver Weight (ASW) and the current spot price.

• Gross Weight: 5.83 grams
• Silver Content (ASW): 5.83 g × 80% = 4.664 grams of pure silver
• Silver Spot Price (February 2026): approximately $3.53 CAD per gram (SilverPrice.org — Canada, retrieved February 2026)
• Calculated Melt Value: 4.664 g × $3.53 = approximately $16.46 CAD

Edge view of the 1939 Canadian quarter showing the reeded edge profile. The silver-white appearance of an original-surface example is visible at the rim. A genuine 80% silver coin is non-magnetic — if a magnet attracts it, the coin is not authentic.

Magnetic Properties

The 80% silver composition means the 1939 Canadian quarter is completely non-magnetic. Applying a standard rare-earth magnet to a genuine example will produce zero attraction. If the coin sticks to a magnet, it is either a modern forgery or a base-metal slug. This test takes less than two seconds and is the fastest authenticity check available without instruments.

Note on Melting Canadian Coins

While the document sources do not elaborate on Canadian law regarding coin melting, collectors should be aware that defacing or melting Canadian coins that are still legal tender may be subject to provisions under the Currency Act of Canada. Consult a legal professional before any such activity.

1939 Canadian Quarter Value Chart by Grade & Finish

1939 Canadian Quarter — Business Strike (Circulation)

The table below covers standard Business Strike examples. Values for G4–VF20 reflect the silver melt floor (~$16.46 CAD); numismatic premiums emerge at EF40 and increase sharply through Mint State. MS64 pricing is drawn from market commentary in the source document. All values in CAD as of February 2026.

Grade comparison for the 1939 Canadian quarter — heavily circulated (left, G4–VF20, trading at silver melt) versus a Gem Uncirculated example (right, MS65, $420.00+). Note the bag marks across the King's cheek and the open Caribou fields that define the boundary between Choice and Gem grades. (Illustration — not a photo of your exact coin)

Market Context by Grade Tier

• The Bullion Tier (G4–VF20): At current silver spot prices, the intrinsic melt value of approximately $16.46 CAD sets the effective price floor. Historical catalogue prices for these grades are now obsolete. Dealers buy at 90–95% of melt; retail prices sit at $16.50–$17.00.
• The Collector Entry (EF40–AU50): The first numismatic premium appears here. An EF40 coin retains most of its detail, with wear limited to the King's highest relief points (cheek, hair) and the Caribou's shoulder. The AU50 grade offers near-Mint-State appearance at a fraction of MS60 cost, making it an excellent choice for budget-conscious collectors seeking historical representation.
• The Investment Zone (MS60–MS64): The spread between MS60 ($65.00) and MS63 ($125.00) reflects the market's strong intolerance for contact-marked, unattractive uncirculated coins. Identifying a genuinely choice MS63 example in a raw lot — white, lustrous, with minimal marks — can be highly rewarding.
• The Gem Tier (MS65+): George VI quarters were bulk-shipped in canvas bags, and the King's high-relief portrait made the cheeks and open fields especially vulnerable to contact damage. A mark-free survivor is a true rarity. The 3.5× premium from MS63 ($125) to MS65 ($420) reflects genuine condition scarcity, not speculation.

Close-up illustration showing the primary contact-mark areas on the 1939 Canadian quarter obverse: the King's cheek (the single most important focal point for graders) and the open fields surrounding the effigy. Even one significant mark in these zones prevents a coin from reaching MS65. (Illustration — not a photo of your exact coin)

1939 Canadian Quarter — Specimen (SP)

Specimen strikes were produced for commemorative sets distributed during the 1939 Royal Visit. They are Non-Circulating Legal Tender (NCLT) in function, featuring a distinct matte or satin finish that sets them apart from circulation Business Strikes. They were sold to collectors from the outset and have generally survived in better preservation than their circulation counterparts — though Specimen coins trade in an entirely separate market lane from Business Strikes.

An SP65 Specimen is typically less expensive than an MS65 Business Strike because SP65 is a reasonably expected grade for a deliberately preserved collector issue, whereas MS65 reflects an accidental survival from bulk-handling conditions. The rarity factor and resulting premium are higher for top-grade Business Strikes. Specimens showing strong cameo contrast — frosted devices against reflective fields — command premiums of 20–50% over the standard SP prices listed above, as noted in the source document.

All values in CAD represent typical retail market prices as of February 2026. For the complete denomination price history, see our Canadian Quarter Value Guide.

Most Valuable 1939 Canadian Quarter Varieties

A) Trophy-Level: Condition Rarities

For the 1939 issue, the most valuable designations are driven almost entirely by condition rarity rather than low mintage or major die variety. The population of coins grading MS66 or above is extremely small, a direct consequence of the soft 80% silver alloy and the bulk-bag handling practices of the era.

Note: The MS67 value is an estimate derived from market commentary in the source document. Confirmed auction records for a Canadian 1939 quarter in MS67 were not available at time of writing. The $1,250–$1,600 for MS66 is drawn from Canadian Coin News pricing trends (2019) and independent dealer listings documented in the source material.

B) Findable Variety: The Re-engraved Date

Close-up diagnostic view of the 1939 Canadian quarter date: the standard strike (left) shows a clean, single impression for each numeral. The Re-engraved Date variety (right) shows a visible secondary "shelf" or shadow impression at the base of the 1 and the tails of the 9s — the unmistakable result of a double-punched die. Use a 10× loupe and examine under raking light. (Illustration — not a photo of your exact coin)

Identifying the Re-engraved Date: Step by Step

1. Equipment: Use a 10× loupe or stereo microscope. Raking side-light (from a lamp held at a low angle) makes the doubling more visible.
2. Target: The date 1939 at the lower right of the reverse.
3. Look for: A distinct, sharp secondary outline — almost like a step or shelf — beneath the bottom of the 1 and at the base of the two 9s. It looks as if the numerals were stamped twice with a slight misalignment.
4. Rule out: "Die Deterioration Doubling" appears mushy and spread out across the entire surface of a worn die. The Re-engraved Date variety shows a crisp, shelf-like secondary impression, not a vague halo. If the doubling looks blurry or covers multiple design elements simultaneously, it is likely die deterioration — common and not a premium variety.

In circulated grades (VF20), the premium is modest — approximately $25 over standard. In Mint State, however, the rarity compounds substantially. A verified Re-engraved Date example in MS64 has been documented at $200–$250, compared to approximately $220 for a standard MS64 coin. The variety is recognised by grading services, so certified examples are more liquid.

1939 Canadian Quarter Identification Guide

Use this 30-second checklist to confirm exactly what you have — standard Business Strike, scarce Specimen, Re-engraved Date variety, or simply a piece of silver bullion.

30-Second Identification Checklist

1. Monarch (Obverse): Confirm King George VI faces right. The legend reads GEORGIVS VI D:G:REX ET IND:IMP: The presence of IND:IMP: (Emperor of India) is critical — it confirms a pre-1948 date. Coins dated 1948 and later omit this title.
2. Reverse Design: Confirm the Caribou head design by Emanuel Hahn. The denomination 25 CENTS appears at the bottom; CANADA at the top.
3. Date: Verify 1939 appears clearly at the lower right of the reverse. Check this area carefully with a loupe for the Re-engraved Date variety (see Variants section).
4. Edge: The edge must be reeded — closely spaced vertical grooves running around the circumference. A smooth edge indicates a wrong coin or a slug.
5. Magnet Test (Composition Verification — CRITICAL): Hold a rare-earth magnet near the coin. A genuine 1939 Canadian quarter is 80% silver and will show zero magnetic attraction. If the coin sticks to the magnet, it is not genuine silver — it is a base-metal forgery or slug. This test is instant and requires no equipment beyond an inexpensive magnet.
6. Weight: If a digital scale is available, the coin should weigh approximately 5.83 grams. A variance of ±0.1 g is acceptable for normal circulation wear. A coin weighing 4.4 g or 5.0 g is either on the wrong planchet or a fake.
7. Mint Marks: No mint mark is present or expected on the 1939 Canadian quarter. The Royal Canadian Mint in Ottawa struck all examples. No "W" (Winnipeg) or other facility marks exist for this issue.
8. Finish Identification (see detailed guide below): Determine whether the coin is a standard Business Strike or a rare Specimen before assessing its value — the financial difference is substantial.

Magnet test demonstration: a rare-earth magnet held near a 1939 Canadian quarter shows zero attraction. The 80% silver composition is non-magnetic. If your coin is attracted to a magnet, it is not a genuine silver quarter.

Finish Identification: Business Strike vs. Specimen

Correctly identifying the finish is the single most financially important step for the 1939 quarter. A Specimen in SP65 is worth $550–$700; a Business Strike in MS65 is worth $420. Confusing the two is easy for the untrained eye — but the tells are clear under magnification.

Side-by-side finish comparison for the 1939 Canadian quarter. LEFT — Business Strike: note the rotating "cartwheel" luster in the fields, visible flow lines, and gently rounded rim. RIGHT — Specimen: note the quiet, matte/satin surface with no cartwheel, razor-sharp device relief, and the characteristic squared-off rim junction. (Illustration — not a photo of your exact coin)

1939 Canadian Quarter Value FAQs

Methodology & Sources

Values in this guide represent typical retail market prices for accurately graded, problem-free examples as of February 2026, expressed in Canadian Dollars (CAD). They are not record auction "hammer prices" for exceptional outliers, nor are they wholesale dealer buy prices. Actual transaction prices may vary based on coin eye appeal, holder brand, and market conditions at time of sale.

Primary sources consulted:

• Charlton Standard Catalogue of Canadian Coins — the definitive Canadian reference for mintage data, variety attribution, and grading standards (print reference; edition-specific details implicit in dealer and auction pricing benchmarks).
• J&M Coin & Jewellery — 1939 25 Cents George VI retail listing — business-strike grade pricing from an established Canadian dealer.
• Canadian Coin News (February 2019) — MS66 price trend data for the 1939 quarter.
• Canadian Coin News (2014) — Specimen (SP) pricing for the 1939 quarter.
• NGC Price Guide — Canada 25 Cents KM 35 (1937–1947) — series price guide for George VI quarters.
• Coin World Canadian Values (July 2014) — Re-engraved Date variety pricing.
• Numista — Canada 25 Cents George VI (with IND:IMP:) — specifications and variety context.
• Bank of Canada Museum — Canada, George VI, 25 cents 1939 — archival documentation of the 1939 issue.
• Royal Canadian Mint — 25 Cents history — official RCM specifications and George VI era context.
• SilverPrice.org — Silver Price Canada — live and historical CAD silver spot price data used for melt value calculation.

Market values are snapshots and may change as silver spot prices fluctuate and as certified population data evolves. ICCS, PCGS, and NGC population reports were not directly available in the source document and are therefore not cited as population figures. Errors and anomalies are outside the scope of this guide.