1940 Canadian 25-Cent (Quarter) Value Guide
Discover what your 1940 Canadian quarter is worth. Full CAD price guide from circulated to MS-67, plus the Double 40 variety premium, silver melt value, and grading tips for this George VI wartime silver coin.
Most 1940 Canadian quarters are worth their silver content as a baseline — approximately $12–$16 CAD at current spot prices. Circulated examples are catalogued at $10.70 (VF-20); in top Gem and Superb Gem grades, values climb to $223 (MS-65) and $5,300 (MS-67).
- Circulated (VF-20):$10.70 — silver melt floor (~$12–$16) is the effective minimum
- Choice Uncirculated (MS-63):$47
- Near Gem (MS-64):$85.40
- Gem (MS-65):$223
- Superb Gem (MS-66):$992
- Museum Quality (MS-67):$5,300
- Double 40 Variety (MS-65):$256
This coin is silver: every 1940 Canadian quarter is struck in 80% silver and contains 0.150 troy oz of actual silver weight, giving it a metal floor regardless of grade. Is it shiny or uncirculated-looking? Unlike later decades, the RCM did not produce mass collector sets in 1940 — an uncirculated 1940 quarter is a genuine Business Strike survivor, not a PL coin. Is it the Double 40 variety? Examine the date digits under 10× magnification — a rounded secondary outline on the “40” indicates the variety and adds a modest premium. See the full value chart →
All values in CAD as of February 2026.
The 1940 Canadian 25-cent coin is a wartime silver relic struck at the Royal Canadian Mint in Ottawa during Canada's full mobilization for the Second World War. Part of the George VI “Caribou” series introduced in 1937 — featuring Thomas Humphrey Paget's stoic royal portrait on the obverse and Emanuel Hahn's iconic caribou reverse — the 1940 issue recorded a mintage of 9,583,650 coins, nearly three times the 1939 output of 3,532,495, reflecting the explosive money demand of a wartime economy. Despite this large original mintage, two major silver melt events (1979–1980 and 2011) significantly reduced the surviving population, especially in lower circulated grades. For values across the entire George VI and later series, see our Canadian Quarter Value Guide.
Note: Rotated die errors and other mechanical mint errors that may exist for 1940 quarters are outside the scope of this standard value guide, which covers non-error circulation and variety coins only.
1940 Canadian Quarter Composition & Melt Value
Canada's .800 Silver Standard
While the United Kingdom debased its silver coinage to .500 fineness in 1920 and the United States maintained a .900 standard, Canada utilized a distinctive .800 silver standard. The 1940 quarter's alloy — 80% silver and 20% copper — was a deliberate functional choice: pure silver is too soft for heavy circulation use, and the copper addition hardened the planchet to preserve Paget and Hahn's high-relief designs over decades of commercial handling.
This alloy is reactive to atmospheric sulfur, forming silver sulfide (Ag₂S) toning over time. On circulated 1940 quarters, this appears as a golden-grey patina. On high-grade Mint State survivors stored in sulfur-rich environments (such as old paper envelopes), it can manifest as rich iridescent blues and russets — toning that experienced collectors prize rather than penalize.
Actual Silver Weight & Melt Value
With an Actual Silver Weight (ASW) of 0.150 troy ounces, the melt floor calculation is straightforward: multiply ASW by the current silver spot price in CAD. Based on market data as of early 2026, spot prices have ranged from approximately $80 to $110 CAD per troy ounce, placing the melt value of a single 1940 quarter at approximately $12.00–$16.00 CAD. For a live Canadian silver spot price, refer to resources such as SilverPrice.org. This silver floor means the coin can never be worth less than its metallic content — a fundamental consideration when evaluating lower circulated grades.
Magnetic Properties
The 80% silver, 20% copper alloy is non-magnetic. Applying a strong magnet to a 1940 Canadian quarter should produce no attraction whatsoever. A coin that sticks to a magnet is not a genuine 1940 Canadian quarter and warrants close examination for authenticity. This simple test is a critical first screen for collectors.
⚠️ Never Clean Your Coins
Cleaning a silver coin strips original luster and leaves hairline scratches visible under magnification. A cleaned 1940 quarter is graded “Details — Cleaned” by ICCS, PCGS, or NGC and loses all numismatic premium above its silver melt value, regardless of the underlying detail quality. Natural toning, even dark patina, is always preferable to a stripped surface.
1940 Canadian Quarter Value Chart by Grade
Because the 1940 quarter was a wartime circulation issue, the Royal Canadian Mint did not produce mass Proof-Like (PL) collector sets that year, and authenticated Specimen (SP) strikes are virtually absent from the public marketplace (see Notable Variants for Specimen context). All documented public-market pricing therefore applies to the Business Strike finish.
1940 Canadian Quarter — Business Strike (Circulation)
| Grade | Value (CAD) | Description & Notes |
|---|---|---|
| G-4 (Good) | Melt floor | Portrait is a silhouette; date readable. Effective value = silver melt (~$12–$16 at current spot). Silver melt may exceed older catalog levels for this grade. |
| VF-20 | $10.70 | Most common surviving grade. Hair detail partially worn flat above ear; caribou shoulder merges to smooth plane. Note: silver melt floor may exceed this catalog figure at current spot prices. |
| EF-40 | ~$10–$12 | Light wear on eyebrow and caribou shoulder only. Traces of original cartwheel luster visible near lettering. |
| AU-50 / AU-58 | — | Nearly full luster with friction on high points (King's cheek, caribou flank). Often mistaken for Mint State; a critical distinction that can affect value significantly. |
| MS-60 | $23.00 | Strictly uncirculated. Bag marks and surface contact acceptable at this grade. May appear unattractive but is technically unworn. |
| MS-63 | $47.00 | Choice Uncirculated. Luster strong; marks present but not excessive or in focal areas. |
| MS-64 | $85.40 | Near Gem. Marks must be few and absent from the King's portrait and the central caribou. The “tipping point” toward serious collectible status. |
| MS-65 | $223.00 | Gem Mint State. Booming luster; caribou antlers sharply defined. The price jumps significantly from MS-64. |
| MS-65 Double 40 | $256.00 | Recognized die variety. Premium of ~$33 over standard MS-65. See Variants section. |
| MS-66 | $992.00 | Superb Gem. Near-flawless surfaces; exceptional luster required. Registry-grade territory begins here. |
| MS-67 | $5,300.00 | Museum Quality. Population is extremely low — often single-digit counts in certification reports. The move from MS-65 to MS-67 represents a more than 2,200% value increase. |
ℹ️ The Grade Cliff: Why MS-65 to MS-67 Matters
The 1940 quarter exhibits one of the steeper grade cliffs in Canadian numismatics. The difference between MS-65 ($223) and MS-67 ($5,300) is barely perceptible to the untrained eye yet represents a more than 2,200% premium. This extreme spread is driven by Registry Set competition and the statistical rarity of fully struck, mark-free survivors from a high-mintage wartime issue. For coins at or above MS-65, professional certification by ICCS, PCGS, or NGC is strongly recommended before purchase or sale.
Prices sourced from Coins and Canada — 25 Cents 1937–1952 Price Guide and cross-referenced with the NGC World Coin Price Guide for Canada KM-35.
All values in CAD as of February 2026. For the complete denomination price guide, see our Canadian Quarter Value Guide.
Most Valuable 1940 Canadian Quarter Varieties
1. The Double 40 — Recognized Die Variety
The most significant recognized variety for the 1940 Canadian quarter is the Double 40 (also called the Doubled Date). This variety exhibits clear doubling on the digits of the date, specifically the “40.” The doubling appears as a secondary outline or “shelf” shifting slightly to the side of the primary digits.
Mechanism: This is hub doubling, arising during the die-production process when the master hub impresses the working die more than once and shifts slightly between impressions. Every coin struck by that affected die carries the same characteristic, making it a true catalogued variety rather than a one-off error.
Catalogue Status: The Double 40 is recognized in major references including Charlton and Calgary Coin Gallery's Canadian quarter reference. At MS-65, the Double 40 is valued at $256 CAD compared to $223 CAD for the standard strike — a modest but documented premium that makes it a target for variety specialists.
How to Identify True Hub Doubling vs. Machine Doubling
Collectors must use a 10× loupe to distinguish true hub doubling from Machine Doubling (MD). Machine doubling is caused by a loose die “chattering” upon striking, creating a flat, shelf-like appearance that subtracts from the width of the device. True hub doubling adds to the width and creates a rounded, fully formed secondary image. Machine doubling is a non-value-adding mechanical imperfection, not a variety. Do not pay a variety premium for a coin that shows only flat, shelf-like doubling.
2. The 1940 Specimen (SP) Strike — The Ghost Population
Under normal circumstances, the RCM sold Specimen sets to collectors (as it had done in 1937). In 1940, with the Mint focused on wartime production, commercial Specimen set sales were largely suspended. Only a small number of coins of Specimen quality are believed to have been struck — likely as archive or VIP presentation pieces rather than for public sale.
Authentic 1940 Specimen quarters are virtually non-existent in the public marketplace and do not appear in standard pricing tables. A genuine example would be identifiable by its characteristic square rims, mirror fields, and absence of any contact marks. Were a confirmed 1940 SP quarter to surface at auction, it would represent a significant numismatic event, with values estimated in the high four or low five figures based on comparable presentation-quality issues from this series.
⚠️ The Newfoundland Confusion
Internet searches for “1940 Re-engraved Canadian quarter” frequently return results for the Newfoundland 1940 10-cent and 1-cent re-engraved date varieties — coins struck for a separate legal jurisdiction (Newfoundland did not join Confederation until 1949). There is no widely recognized “Re-engraved Date” variety for the Canadian 25-cent coin of 1940 comparable in magnitude to the Newfoundland issues. The Double 40 is the closest Canadian quarter equivalent. Collectors must be precise in attribution; Newfoundland coins are catalogued and valued entirely separately. See the Calgary Coin Gallery Newfoundland coins reference for that series.
1940 Canadian Quarter Identification Guide
30-Second Identification Checklist
Use this checklist to confirm exactly what you have and set realistic value expectations before submitting or selling.
- Monarch Check: The obverse shows King George VI in an uncrowned, right-facing couped bust portrait designed by Thomas Humphrey Paget. The legend reads GEORGIVS VI D:G:REX ET IND:IMP: — note the abbreviation IND:IMP: (Indiae Imperator, Emperor of India), which was removed from Canadian coinage beginning in 1948. Its presence here confirms the pre-1948 era of the George VI series.
- Reverse Check: The reverse features a caribou head and neck, facing left, designed by Emanuel Hahn. The denomination “25 Cents” arcs below the image; “CANADA” appears at the top.
- Date Check: “1940” appears at the lower portion of the reverse. Confirm all four digits are clear.
- Edge Check: Run a thumbnail across the edge — it should feel distinctly reeded (milled ridges). A plain or smooth edge indicates a different coin entirely.
- Magnet Test (Composition Verification): Hold a strong magnet near the coin. The 80% silver, 20% copper alloy is non-magnetic. If the coin is attracted to the magnet, it is not a genuine 1940 Canadian quarter — investigate further for authenticity. This test takes three seconds and is the fastest authentication screen available.
- Mint Mark Check: There are no mint marks on 1940 Canadian quarters. This is standard for Canadian circulation coins of this era. Do not expect or look for a mint mark; the absence of one is correct and expected.
- Finish Identification: The 1940 quarter was struck as a Business Strike only for public purposes. Look for cartwheel luster — the bands of reflective light that sweep across the fields as you tilt the coin under a lamp. Proof-Like mirror fields and Specimen satin surfaces are not present on standard examples. No mass collector PL sets were produced in 1940.
- Strike Quality Assessment: Examine the caribou's antlers. A fully struck example displays a “velvet”-like texture across the antler rack — the result of high striking pressure and a fresh die. A softly struck example shows blurred, flattened antler centres, particularly in the innermost tines. This is a manufacturing quality issue, not circulation wear. Do not penalize a soft strike as “circulated”; equally, do not over-grade a softly struck coin in the upper Mint State range. Grading services will note strike quality in their assessment.
- AU vs. MS Distinction: This is the most critical grade boundary for value. About Uncirculated (AU-50 to AU-58) coins have nearly full luster but exhibit friction — a dulling of the frost on the King's cheek or the caribou's flank. True Mint State coins show absolutely no wear anywhere. Under a good light and 5× magnification, friction is detectable as a change in surface texture at the high points. A “slider” (AU-58) can look deceptively similar to MS-60 to the naked eye but is worth significantly less.
- Variety Check: Under 10× magnification, examine the digits “40” in the date. Hub doubling — the Double 40 variety — appears as a distinct, rounded, full-width secondary image offset from the primary digits. This is not the same as Machine Doubling, which looks flat and shelf-like. If you see a rounded secondary “40,” you may have the variety; have it attributed by a knowledgeable dealer or certification service.
1940 Canadian Quarter Value FAQs
What is a 1940 Canadian quarter worth?
Most circulated 1940 Canadian quarters are worth approximately $10–$16 CAD, with the silver melt floor (~$12–$16 at current spot) acting as the effective price floor for worn examples. In Choice Uncirculated condition (MS-63), value rises to $47; in Gem (MS-65), to $223; and in the rare MS-67 grade, to $5,300. The specific grade, strike quality, and presence of the Double 40 variety all affect realized prices.
Is my 1940 Canadian quarter silver?
Yes — every genuine 1940 Canadian 25-cent coin is struck in an alloy of 80% silver and 20% copper, containing an Actual Silver Weight (ASW) of 0.150 troy ounces. Canada used this .800 silver standard for its subsidiary coinage from 1920 onward; the switch away from silver in the 25-cent denomination would not occur until 1968. A quick magnet test confirms authenticity: the silver-copper alloy is non-magnetic, so a genuine coin will show no attraction to a strong magnet.
What makes a 1940 Canadian quarter valuable?
Value is driven by three factors in descending order of impact: (1) Grade — the enormous leap from MS-65 ($223) to MS-67 ($5,300) illustrates how a barely perceptible quality difference translates to a 2,200%+ premium in registry-competition territory; (2) Strike quality — a fully struck example with defined antler “velvet” on the caribou commands a premium over a softly struck coin of the same technical grade; and (3) Variety — the Double 40 hub doubling variety adds a documented premium, reaching $256 at MS-65 versus $223 for the standard issue.
What is the “Double 40” variety and how do I find it?
The Double 40 is a recognized hub-doubling variety where a slight misalignment between the master hub and working die during die production left a secondary, rounded image offset from the primary “40” digits of the date. It is visible under 10× magnification as a full, rounded second set of digits alongside the primary date. It is listed in major catalogues including Charlton and Coins and Canada. To hunt for it: look through dealer “junk silver” bins or generic Uncirculated trays where the variety may be unattributed — a loupe and patience are your tools.
How do I tell if my coin is truly Mint State or just lightly worn?
The About Uncirculated (AU) vs. Mint State boundary is the most consequential grade distinction for the 1940 quarter. Under magnification and a good light, examine the King's cheek and the caribou's shoulder — the highest points of each side. Mint State coins show unbroken, original frost across all surfaces. AU coins show friction — a subtle flattening or dulling of the frost at the high points, often described as a “rub.” Additionally, do not confuse a softly struck Mint State coin (which may have flat antler details from insufficient die pressure) with a coin that has circulated wear; the fields and lower-relief areas of a soft-strike MS coin will still retain original luster.
Are there Specimen strikes of the 1940 quarter, and what are they worth?
The RCM suspended commercial Specimen set sales during the wartime year of 1940. Only a very small number of Specimen-quality coins are believed to have been struck, likely as archive or presentation pieces. Authenticated 1940 SP quarters are virtually non-existent in the public marketplace and carry no established price in standard catalogues. Were a confirmed example to appear at a major auction, it would be a rare numismatic event; the document's expert analysis suggests a value in the high four to low five figures. Do not mistake a high-grade Business Strike with exceptional luster for a Specimen — genuine SP coins display characteristic square rims and satin-matte fields distinct from cartwheel Business Strike luster.
Should I get my 1940 Canadian quarter graded?
Grading makes economic sense above MS-64 ($85.40), where the value significantly exceeds typical grading service fees. Below that threshold — especially for circulated coins worth melt value — the cost of submission, holder, and shipping is unlikely to be recovered. ICCS (International Coin Certification Service) is the Canadian standard and is most familiar to Canadian dealers; PCGS and NGC are US-based alternatives with broader international auction recognition. For a potential MS-65 or higher example, always buy certified — the difference between an AU-58 slider and a genuine MS-65 is over $200 CAD, and only a certified holder protects you from misattribution.
How does the silver spot price affect my 1940 quarter's value?
For circulated grades (G-4 through EF-40), the 1940 quarter essentially trades as bullion, with retail prices hovering near the melt value calculated as: 0.150 troy oz × current CAD silver spot price. As of early 2026, silver spot in CAD has ranged from approximately $80 to $110/oz, producing a melt range of roughly $12–$16 CAD. Timing purchases of circulated examples during silver price dips can meaningfully reduce acquisition cost. For Mint State examples (MS-60 and above), numismatic premium increasingly dominates and the coin's value becomes largely decoupled from the day-to-day silver price.
Methodology & Sources
Values in this guide reflect Canadian dollar market prices as of February 2026. Primary pricing data was drawn from the Coins and Canada 25 Cents 1937–1952 Price Guide and cross-referenced with the NGC World Coin Price Guide (Canada KM-35). Variety attributions reference the Charlton Standard Catalogue of Canadian Coins and the Calgary Coin Gallery Canadian quarter reference. Technical specifications were confirmed against the Royal Canadian Mint's official denomination reference and Wikipedia's Quarter (Canadian coin) article. Silver melt values are spot-price-dependent; live Canadian silver prices may be tracked via SilverPrice.org. All prices are estimates and subject to market fluctuation. This guide covers standard business strike and die variety coins only; mechanical errors are out of 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.