1940 Canadian 1-Cent (Penny) Value Guide
Find out what your 1940 Canadian penny is worth. Complete price guide by grade and colour (Red, Red-Brown, Brown), the rare 'Double 40' doubled die variety, Specimen strikes, and current CAD values as of February 2026.
Most 1940 Canadian pennies in circulated condition are worth $0.15–$1.15 CAD. The real premium lives at the top of the Mint State scale — a MS65 example with full original Red luster commands $60–$80 CAD, while a MS66/67 Red can reach $300–$2,500+ CAD. The rare “Double 40” doubled die variety can elevate a common VF coin to $10–$25 CAD.
- Circulated (VG8–AU50):$0.15–$1.15 CAD
- Uncirculated MS60–62:$3.00–$6.00 CAD
- Gem MS65 Brown (BN): ~$20 CAD
- Gem MS65 Red (RD):$60–$80 CAD
- Superb Gem MS66/67 Red (RD):$300–$2,500+ CAD
- “Double 40” variety (VF):$10–$25 CAD
- Specimen / PR67 Red (PCGS):$2,520 USD (auction record — extremely rare)
Not silver: The 1940 cent is 95.5% copper bronze — non-magnetic and carries no silver content. Shiny or mirror-like? A shiny coin found loose is almost certainly an early die state Business Strike. True Specimen coins are exceedingly rare and require professional authentication. Colour is king at MS65+: A Brown (BN) example is worth a small fraction of a full Red (RD) coin at the same numeric grade. All Charlton and Coins and Canada values in CAD; auction records stated in USD where the document specifies. See full value chart →
The 1940 Canadian penny was struck on the cusp of the Second World War, with an extraordinary mintage of 85,740,532 — a dramatic surge driven by Canada’s accelerating wartime economy. It bears King George VI’s portrait by Thomas Humphrey Paget on the obverse and George Edward Kruger-Gray’s enduring maple leaf twig on the reverse, making it the last of the pre-war “full bronze” issues before wartime metallurgical austerity reshaped Canadian coinage. Although the Canadian penny was withdrawn from circulation on February 4, 2013, the 1940 issue remains abundant in most grades. Its value story is almost entirely one of condition rarity: commonplace when worn, genuinely scarce in Gem Red Mint State. For values across all eras of the Canadian cent, see our Canadian Penny Value Guide.
Note: Random errors such as off-centre strikes and clipped planchets exist for this issue but are outside the scope of this standard value guide.
1940 Canadian Penny Composition & Specifications
The 1940 cent is struck in a high-tin bronze alloy — 95.5% copper, 3.0% tin, and 1.5% zinc — that distinguishes it from the later George VI issues. This composition is historically significant: it represents one of the last issues before wartime strategic metal shortages forced the RCM to modify alloys in 1942 and subsequent years, when tin and zinc were critical for munitions and industrial production.
What the Composition Means for Collectors
The elevated tin content of the 1940 cent has two practical consequences. First, it produces a distinctively warm, golden-red luster when struck fresh — slightly different from the cooler copper tone of modern plated cents. Second, the high tin content provides greater resistance to the aggressive copper corrosion common in later high-zinc issues. A well-preserved 1940 cent tends to mellow into a stable chocolate brown or firm red-brown, rather than developing the unsightly black carbon spots (caused by zinc reactivity) seen more often on post-war pennies.
Magnet Test: Composition Verification
The 1940 cent is non-magnetic. Solid bronze does not respond to a magnet. If a coin presented as a 1940 Canadian cent sticks to a magnet, it is either a counterfeit, a wrong-planchet error on a steel blank, or a different coin entirely. This simple test is your first line of authentication.
Weight as a Diagnostic Tool
The statutory weight is 3.24 grams (50 grains). Deviations greater than approximately 0.1 gram may indicate a foreign planchet error — for example, a cent struck on a smaller denomination blank. An accurate digital scale is an inexpensive but valuable addition to any 1940 cent authentication toolkit.
The Currency Act of Canada prohibits the melting of Canadian coin of the realm for profit, so the intrinsic metal value of a 1940 cent is presented here for informational purposes only. Numismatic value substantially exceeds metal value at virtually every grade level. For official composition and production history, see the Royal Canadian Mint’s 1-cent denomination page and the Numista catalogue entry for KM#32.
1940 Canadian Penny Value Chart by Grade & Colour
All Charlton catalogue and Coins and Canada values below are in Canadian dollars (CAD) as of February 2026. Auction records sourced from PCGS and Heritage are stated in USD as published. Values sourced from Coins and Canada — 1940 1-Cent pricing and the NGC World Coin Price Guide for Canada Cent KM#32.
1940 Canadian Penny — Business Strike (Circulation)
| Type | VG8 | F12 | VF20 | EF40 | AU50 | MS60–62 | MS65 | MS66/67 | Notes |
|---|---|---|---|---|---|---|---|---|---|
| 1940 Business Strike | $0.15 | $0.20 | $0.40 | $0.80 | $1.15 | $3.00–$6.00 | $54+ | $300–$2,500+ | MS65+ values highly dependent on colour designation (RD/RB/BN). See colour table below. |
Note: The MS65 general figure (~$54 CAD) reflects the Charlton/Coins and Canada standard reference. The MS66/67 range of $300–$2,500+ depends on the Red (RD) designation and registry competition. In circulated grades (VG through AU), colour designation does not materially affect value.
Side-by-side comparison of a circulated 1940 Canadian cent (left, worn eyebrow and flat hair detail) versus a Gem Mint State MS65 example (right, blazing cartwheel luster). (Illustration — not a photo of your exact coin)
1940 Canadian Penny — Colour Designation at Mint State Grades
For the 1940 cent, original red luster is the single most powerful value driver at the MS63 and above threshold. Over 80 years of potential exposure to humidity and atmospheric sulfur mean that genuinely Red (RD) examples are a small fraction of the surviving Mint State population. The three colour designations used by PCGS, NGC, and ICCS are:
- RD (Red): Over 95% original red luster remaining — commands the highest premiums
- RB (Red-Brown): Between 5% and 95% original red — an intermediate state
- BN (Brown): Less than 5% original red — the coin has largely oxidised
| Grade | BN (Brown) | RB (Red-Brown) | RD (Full Red) |
|---|---|---|---|
| MS65 | ~$20 CAD | — | $60–$80 CAD |
| MS66/67 | — | — | $300–$2,500+ CAD |
RB pricing at MS65 is not explicitly stated in the source document and is therefore omitted. MS66/67 BN and RB examples are rarely competitive in the registry market; the document notes high-end investors focus exclusively on the RD designation at these grades. The dash (—) indicates no document-provided figure for that cell.
Three 1940 Canadian penny obverses showing full Red (RD, left), Red-Brown (RB, centre), and Brown (BN, right). Colour preservation is the primary value driver above MS63. (Illustration — not a photo of your exact coin)
⚠️ Never Clean Your Coins
Cleaning strips the original luster and leaves hairlines visible under magnification. A cleaned 1940 cent will be graded “Details — Cleaned” (damaged) by PCGS, NGC, or ICCS, losing all numismatic premium regardless of its underlying detail. Once a coin’s surface has been polished or dipped, the Red designation is permanently compromised.
⚠️ PVC Damage Risk
The 1940 bronze alloy is highly susceptible to PVC damage from soft plastic coin flips produced in the 1970s and 1980s. This manifests as green residue on the surface and is often irreversible on copper, pitting the metal beneath. If you find a 1940 cent in an old soft flip with green residue, professional conservation (acetone by a conservator, not nail polish remover) is required — but the Red designation will almost certainly be lost.
1940 Canadian Penny — Specimen Strikes (Extremely Rare)
Standard RCM records for 1940 show negligible or zero mintages for formally packaged Specimen sets. Commercial Specimen set sales were not a routine consumer product in 1940. However, Specimen-quality strikes undeniably exist, believed to have been produced for presentation to government officials or for internal mint archives. The document estimates that perhaps fewer than a dozen such coins survive.
These Specimen coins are visually distinct from business strikes: they display square wire rims unlike the rounded rims of circulation coins, and a semi-matte bust set against polished fields — produced by double-striking at high pressure with specially prepared dies. In PCGS records they appear under the PR (Proof) designation.
The sole documented auction result in the source: a PCGS PR67RD example realised $2,520 USD at auction — see the PCGS auction record for the 1940 1C PR67RD. This compares starkly with even a top business strike; the scarcity is absolute. If you believe you have a 1940 cent with squared wire rims and a mirror-contrasted finish, submission to ICCS or PCGS for authentication is mandatory before any valuation attempt.
ℹ️ PL Contamination — “Shiny” Is Not Rare
A shiny 1940 cent found loose in a coin roll, dealer stock, or old collection is almost certainly an early die state Business Strike — sometimes called “Proof-Like” informally — not a true Specimen. Dealers often discount raw “Uncirculated” 1940 cents because of uncertainty about surface quality. True Specimen coins typically carry documented provenance tracing to major collections or official RCM sources.
For the complete denomination price guide across all George VI and other eras, see our Canadian Penny Value Guide.
Most Valuable 1940 Canadian Penny Varieties
The 1940 cent features several documented die varieties — consistent, catalogued anomalies arising from the die production process rather than random minting accidents. These are collected as distinct entities and can be “cherry-picked” from common circulated stock using a 10x loupe. Hans Zoell’s pioneering Major Coin Varieties catalogues (1960s) first systematised many of these varieties for George VI Canadian cents; modern references including the Charlton Standard Catalogue and Coins and Canada continue to document them. For context on re-engraved die varieties in the broader RCM context, see the ICCS entry on re-engraved date varieties.
Tier A — Trophy Variety
1. The “Double 40” Doubled Die
This is the premier variety for the 1940 date and the primary target for cherry-pickers. It is a Doubled Die variety: during the hubbing process (where the master hub is pressed into the working die to transfer the design), the die shifted slightly between impressions, creating a visible ghost or secondary outline of the date numerals.
- Location: The digits 4 and 0 in the date on the reverse
- Diagnostic: Under 10x–15x magnification, look for a distinct doubling of the thickness of the number strokes, a secondary curved outline inside the zero, or a ghost image along the crossbar of the four
- Magnification recommended: 10x–15x loupe
- Value impact: A standard VF20 1940 cent is worth $0.40 CAD. A confirmed “Double 40” in VF can trade for $10–$25 CAD — representing a 25x to 60x premium over the common coin. High-grade Mint State examples command significantly more; no specific MS figure is published in the source document.
Close-up of the 1940 Canadian cent date area showing the “Double 40” variety diagnostic: secondary outlines on the ‘4’ and ‘0’ numerals visible at 10x–15x magnification. (Illustration — not a photo of your exact coin)
Tier B — Findable Varieties
2. The “Double Legend”
Similar in mechanism to the Double 40, but the doubling is centred on the legend text rather than the date numerals.
- Location: Letters of CENT or CANADA on the reverse, or the obverse legend GEORGIVS VI
- Diagnostic: Look for “notched” serifs on the letter terminals or a split in the vertical strokes of individual characters, 10x magnification
- Market: Less famous than the Double 40 but highly prized by variety specialists; no separate valuation figure provided in the source document
3. Double Right Leaf
A subtler variety involving doubling on the rightmost maple leaf of Kruger-Gray’s reverse twig design.
- Location: Outer edges of the right maple leaf
- Diagnostic: A secondary outline or “shadow” of the leaf edge running parallel to the primary edge, 10x magnification
- Market: Listed in major variety databases; no specific valuation stated in the source document
4. Die Clashes (“Ghost” Images)
Die clashes occur when the obverse and reverse dies strike each other with no planchet between them, transferring each design onto the opposing die.
- Obverse clash: Look for faint outlines of the maple leaves appearing on King George’s cheek or neck
- Reverse clash: Look for the faint outline of the King’s chin or forehead appearing among the maple leaves on the reverse
- Diagnostic: Visible to the naked eye on strong examples; 5x magnification for weaker clashes
- Market: Strong die clash examples are collectible; no specific valuation stated in the source document
1940 Canadian cent reverse showing a die clash “ghost image” — the faint outline of King George VI’s chin visible among the maple leaves. Strong examples are collectible. (Illustration — not a photo of your exact coin)
5. Re-Engraved Dies (Zoell Legacy)
Hans Zoell’s catalogues identified numerous “re-engraved” varieties for the George VI period, arising when mint workers hand-punched or re-engraved details into worn dies to extend their working life. While less commonly traded by specific Zoell number than in the 1970s collecting era, a coin in an old 2×2 holder carrying a Zoell attribution adds value to niche variety collectors. Re-engraved date digits (where individual numerals were retouched on the die) are among the known entities for this era.
The PCGS auction record for the top-condition business strike — a 1940 1C MS67 Red PCGS — illustrates the extreme premium available for the finest known business strikes, independent of variety status.
1940 Canadian Penny Identification Guide
Use this 30-second checklist to confirm you have a genuine 1940 Canadian cent and identify its finish, colour designation, and variety potential.
1940 Canadian penny obverse (King George VI, Thomas Humphrey Paget portrait, left-facing) and reverse (maple leaf twig, G.E. Kruger-Gray design). Key wear points — the eyebrow and hair above the ear — are highlighted.
30-Second Identification Checklist
- Monarch Check: The obverse should show King George VI facing left, with the legend GEORGIVS VI D:G:REX ET IND:IMP: — note the IND:IMP: abbreviation (Emperor of India), present on all 1937–1947 Canadian coins. This legend was removed after India’s independence and is absent from 1948–1952 issues. The portrait is by Thomas Humphrey Paget; the ear and eyebrow area are the primary wear indicators.
- Reverse Check: Confirm the two maple leaves on a twig, with designer’s initials K.G. to the right of the date. This is Kruger-Gray’s design introduced in 1937. Look for the word CANADA at the top and CENT at the bottom.
- Date Check: The date 1940 appears on the reverse below the twig. This is the location to examine for the “Double 40” variety (see Variants section).
- Edge Check: The edge is plain (smooth). Any reeding indicates a different denomination or a counterfeit. Check for seams that might indicate a cast fake.
- Magnet Test (Critical Composition Verification): Hold a magnet near the coin. A genuine 1940 Canadian cent will not attract to the magnet — the 95.5% copper bronze alloy is non-magnetic. If the coin is magnetic, it is not a standard 1940 Canadian cent.
- Mint Mark Check: No mint marks appear on the 1940 Canadian cent. All examples were struck at the Royal Canadian Mint in Ottawa. There is no “W” (Winnipeg) variant for this issue. If you see a “C” on the coin, you may have a Newfoundland cent (see below) or a different issue entirely.
- Finish Identification (Critical for Valuation):
- Business Strike (MS): Displays “cartwheel” luster — when you tilt the coin under a light source, the luster radiates outward from the devices like wheel spokes. Contact marks (bag marks) are normal.
- Potential Specimen (SP/PR): Exceptionally rare for 1940. Genuine Specimens display sharply squared wire rims (unlike the softly rounded rims of business strikes), and a semi-matte bust contrasting against polished fields. Provenance from a major collection is almost always documented. If in doubt, submit to ICCS or PCGS immediately — this could be a four-figure coin.
- Colour Designation (for Mint State coins only): Under good lighting — not artificial fluorescent light — assess the surface colour. Full original red-orange across more than 95% of the surface = RD. Partial red with brownish toning = RB. Largely brown = BN. This single factor can multiply or divide the coin’s value severalfold at MS65 and above.
- Variety Check: For the “Double 40,” place the coin under a 10x loupe and examine the 4 and 0 in the date. Any secondary outline, thickening of number strokes, or ghost curve inside the zero warrants further investigation. Consult the Charlton Standard Catalogue for Charlton attribution. See the Mid-Island Coin Club’s George VI grading guide for visual grading reference.
Magnet test on a 1940 Canadian penny: the bronze alloy (95.5% copper) is non-magnetic and the coin does not attract. A coin that sticks to a magnet is not a standard 1940 Canadian cent.
The 1940 Newfoundland Cent: A Critical Identification Warning
In 1940, Newfoundland was a separate Dominion — not yet a Canadian province — and contracted the Royal Canadian Mint in Ottawa to produce its own coinage due to wartime transatlantic shipping risks. The result is two completely different bronze cents sharing the 1940 date:
| Feature | 1940 Canada Cent | 1940 Newfoundland Cent |
|---|---|---|
| Mintage | 85,740,532 | ~300,000 |
| Reverse Design | Two Maple Leaves on Twig | Pitcher Plant (Sarracenia purpurea) |
| Mint Mark | None | None (the ‘C’ mark is omitted on 1940 and 1942 issues — an anomaly) |
| Circulated Value | $0.15–$0.80 CAD | Substantially higher (different collector market) |
These coins are easily distinguished by their reverse designs. The Canadian cent features maple leaves; the Newfoundland cent features the pitcher plant. Do not confuse the two — their collector markets are entirely separate.
Side-by-side comparison of the 1940 Canada cent reverse (left, two maple leaves on twig) and 1940 Newfoundland cent reverse (right, pitcher plant). Both were struck at the Ottawa Mint — distinguish by design, not mint mark.
1940 Canadian Penny Value FAQs
What is a 1940 Canadian penny worth?
In circulated grades (VG8 through AU50), a 1940 Canadian penny is worth approximately $0.15–$1.15 CAD — modest collector value rather than investment value. The coin becomes genuinely significant in Gem Mint State with full original Red luster: an MS65 RD commands $60–$80 CAD and an MS66/67 RD can reach $300–$2,500+ CAD. The “Double 40” doubled die variety adds a substantial premium at any grade.
Is a 1940 Canadian penny rare?
In circulated grades, no — with a mintage of 85,740,532, the 1940 cent is one of the most common Canadian pennies. However, it is a genuine rarity in high Mint State with full Red luster. Exposure to over 80 years of atmospheric humidity and sulfur means that an MS66 or MS67 coin with more than 95% original red surface is statistically uncommon in the surviving population. This “condition rarity” is what drives prices into the hundreds and thousands of dollars for a coin produced in the tens of millions.
What makes a 1940 Canadian penny valuable?
Four factors in descending order of impact: (1) Grade — the jump from AU50 to MS65 to MS66/67 is geometric, not linear; (2) Colour designation — a full Red (RD) coin is worth dramatically more than a Brown (BN) example at the same numeric grade; (3) Variety — the “Double 40” doubled die commands a 25x–60x premium over a common coin of the same grade in VF; (4) Finish/Provenance — a rare Specimen strike or a coin with major auction house provenance (e.g., the George Hans Cook Collection) commands a further premium.
Is my 1940 Canadian penny silver?
No. The 1940 cent is entirely base metal — 95.5% copper, 3.0% tin, 1.5% zinc (bronze). It contains no silver, gold, or other precious metal. A simple magnet test confirms authenticity: genuine bronze is non-magnetic. If you are looking for silver Canadian cents, those are found in the dime (10¢), quarter (25¢), half dollar (50¢), and dollar ($1) denominations of earlier eras.
Should I get my 1940 Canadian penny graded?
The economics of third-party grading depend entirely on the coin’s condition. ICCS, PCGS, and NGC grading fees typically start at $20–$40+ CAD per coin. For a circulated 1940 cent worth under $1.15, grading costs are unrecoverable. The “value cliff” that makes grading worthwhile begins at approximately MS65 RD (worth $60–$80 CAD) and above. ICCS (International Coin Certification Service) is the Canadian standard and the preferred service for registry submissions within Canada; PCGS and NGC are US-based alternatives with global auction recognition. A confirmed “Double 40” in any grade above VF, or any coin suspected to be a Specimen strike, should be authenticated and graded immediately.
What is the “Double 40” variety and how do I find it?
The “Double 40” is a Doubled Die variety where the master hub was pressed into the working die twice with a slight misalignment, creating a visible secondary image — or “ghost” — of the date numerals. To check your coin: place it under a 10x–15x loupe and examine the digits 4 and 0 in the date on the reverse. Look for a secondary outline of the numeral strokes, unusual thickness of the number edges, or a ghost curve visible inside the zero or along the crossbar of the four. A standard VF20 1940 cent is worth $0.40 CAD; a confirmed VF20 “Double 40” can trade for $10–$25 CAD.
What is the difference between Red (RD), Red-Brown (RB), and Brown (BN)?
These colour designations, assigned by PCGS, NGC, and ICCS, describe how much of the coin’s original mint-fresh copper bloom survives. RD (Red) means more than 95% of the original red-orange luster is intact — the coin looks close to the day it was struck. RB (Red-Brown) means 5%–95% original red remains, with visible toning. BN (Brown) means less than 5% original red — the copper has largely oxidised. At MS65, this distinction alone separates a ~$20 CAD coin (BN) from a $60–$80 CAD coin (RD). At MS66/67, only RD examples are competitive in the registry market. Colour cannot be restored once lost — never attempt to clean or “brighten” a 1940 cent.
How do I tell a 1940 Canadian cent from a 1940 Newfoundland cent?
Look at the reverse design. The 1940 Canadian cent shows two maple leaves on a twig — the Kruger-Gray design used from 1937 onward. The 1940 Newfoundland cent shows a pitcher plant (Sarracenia purpurea). Both were struck at the Ottawa Mint, and the 1940 Newfoundland issue unusually omits the ‘C’ mint mark that normally distinguished Ottawa-struck Newfoundland coins. The two coins are entirely separate collector markets and should not be confused. The Newfoundland issue had a mintage of approximately 300,000 — far scarcer in absolute numbers — but a circulated 1940 Canadian cent at MS66/67 Red has a higher absolute price ceiling due to registry competition.
What happened to the Canadian penny?
The Royal Canadian Mint officially withdrew the 1-cent coin from circulation on February 4, 2013. Pennies are still legal tender but are no longer produced or distributed by the RCM. Cash transactions are rounded to the nearest 5 cents. The 1940 cent, like all pre-2013 pennies, remains in countless collections and dealer stocks — its circulated examples are abundant, which is why only Gem Mint State examples with original Red luster carry significant numismatic value.
Methodology & Sources
Values presented in this guide are sourced from the following authoritative references and represent market data as of February 2026. All Charlton catalogue and Coins and Canada values are in Canadian dollars (CAD); auction records from PCGS and Heritage are stated in USD as published in the source document.
- Coins and Canada — 1940 1-Cent Prices & Varieties (primary pricing reference)
- NGC World Coin Price Guide — Canada Cent KM#32 (1937–1947)
- PCGS Auction Prices — 1940 1C PR67RD (Specimen)
- PCGS Auction Prices — 1940 1C MS67 Red (Business Strike)
- Royal Canadian Mint — 1-Cent denomination history
- Numista — 1 Cent George VI KM#32 (1937–1947)
- ICCS — Re-Engraved Date Varieties (Newfoundland context)
- Wikipedia — Penny (Canadian coin)
Variety attributions follow the Charlton Standard Catalogue of Canadian Coins and the Zoell Major Coin Varieties taxonomy as referenced in the source document. Market values represent typical trading ranges and may vary based on individual coin eye appeal, strike quality, and current registry competition. This guide covers standard (non-error) varieties only. No market predictions are made.
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.