1943 Canadian 25-Cent (Quarter) Value Guide
Find out what your 1943 Canadian quarter is worth. Complete grade-by-grade price guide for this 80% silver wartime coin, plus the Horns die crack, Hearing Aid clash, Doubled Die Obverse varieties, and ultra-rare Specimen strikes. All values in CAD.
Every 1943 Canadian quarter is struck in 80% silver (0.15 troy oz fine silver), so even a heavily worn example carries an intrinsic metal value of approximately $16.50 CAD at February 2026 silver prices. In Gem Uncirculated grades the coin becomes a conditional rarity commanding dramatically more.
- Circulated (G4–AU50):$16.50–$35.00 — silver melt floor to collector entry
- Choice Uncirculated (MS63):$50.00–$65.00
- Gem Uncirculated (MS65):$320.00–$350.00
- Superb Gem (MS66):$1,200+
- Specimen Strike (SP64):$2,000+ CAD — extremely rare; expert certification required
Is it silver? Yes — all 1943 Canadian quarters are 80% silver and non-magnetic. A magnet will not stick. Got a shiny example? Most 1943 quarters were business strikes; a lustrous coin is likely an early die state or lightly circulated example, not a rare Specimen. All values in CAD as of February 2026. See full value chart →
The 1943 Canadian quarter was struck at the peak of the Second World War, when the Royal Canadian Mint produced 13,559,575 examples — nearly double the 1942 output — to satisfy the liquidity demands of Canada's booming wartime economy. Despite this extraordinary mintage, high-grade survivors are surprisingly scarce, creating a classic case of conditional rarity that continues to drive strong prices in the certified-coin market. The coin features King George VI's uncrowned portrait by T.H. Paget and Emanuel Hahn's iconic caribou reverse, a combination introduced in 1937 and maintained throughout the wartime years. For values across all George VI and later quarter dates, see our Canadian Quarter Value Guide.
Note: Mechanical mint errors such as off-center strikes and wrong-planchet coins exist for this year but fall outside the scope of this standard value guide, which covers business strikes, die varieties, and Specimen strikes only.
1943 Canadian Quarter Composition & Melt Value
The physical specifications of the 1943 quarter were governed by the Currency Act of 1910 and its subsequent amendments. Prior to 1920 Canadian silver coinage followed the Sterling standard (92.5% silver, 7.5% copper); following World War I economic pressures, the fineness was reduced to 800 parts per thousand — the 80% silver, 20% copper alloy that defines all George VI-era quarters including the 1943 issue. The 20% copper component was not merely a cost measure: it imparted the durability necessary for heavy wartime circulation, allowing the intricate caribou and royal portrait details to survive decades of commercial use.
Silver Content and Melt Value
With a nominal weight of 5.83 grams and 80% silver purity, the 1943 quarter contains 4.664 grams of fine silver, equivalent to 0.15 troy ounces. At the silver spot prices observed in February 2026 — approximately $3.53–$3.59 CAD per gram — this yields an intrinsic metal value of approximately $16.50 CAD. This figure represents the absolute floor for any undamaged 1943 quarter regardless of grade. Collectors and dealers purchasing circulated rolls of these coins are effectively acquiring fractional silver bullion, with the numismatic premium over melt value approaching zero for heavily worn examples.
Because both silver and copper are non-magnetic materials, the 1943 quarter will not be attracted to a magnet. This is a useful authentication check: if a coin labelled as a 1943 quarter sticks to a magnet, it is not a genuine silver example and warrants immediate scrutiny.
ℹ️ Silver Melt Value Fluctuates
The ~$16.50 CAD melt floor is tied to the silver spot price and will change as markets move. Always verify the current silver price before valuing a circulated 1943 quarter as a bullion coin. See SilverPrice.org — Canada for current CAD spot data.
1943 Canadian Quarter Value Chart by Grade
The 1943 quarter's value structure divides cleanly into two zones: a silver-price-driven bullion zone covering all circulated grades, and a numismatic premium zone beginning at Mint State where condition rarity governs pricing. Values below are sourced from the Coins and Canada 1937–1952 quarter price guide and the NGC World Coin Price Guide (KM 35) as of February 2026.
Side-by-side grade comparison: a circulated 1943 Canadian quarter (left, AU-50 with trace wear on the caribou's neck and the King's eyebrow) versus a Gem Uncirculated MS-65 example (right, with full cartwheel luster and nearly pristine surfaces). The difference between these two grades accounts for hundreds of dollars in value. (Illustration — not a photo of your exact coin)
1943 Canadian Quarter — Business Strike (Circulation)
| Grade | Description | Est. Value (CAD) | Notes |
|---|---|---|---|
| G-4 | Heavily Worn | $16.50 | Silver melt value only; design visible but worn flat |
| VF-20 | Moderate Wear | $16.50–$18.00 | Bullion + trace numismatic premium |
| EF-40 | Light Wear | $18.00–$22.00 | High points show light rub; still considered "better bullion" |
| AU-50 | About Uncirculated | $25.00–$35.00 | Entry-level collector coin; luster broken on eyebrow and caribou neck |
| MS-60 | Uncirculated — Baggy | $25.80–$45.00 | No wear but heavy bag marks; barely above bullion |
| MS-62 | Uncirculated | ~$33.60 | Moderate contact marks; common entry for date collectors |
| MS-63 | Choice Uncirculated | $50.00–$65.00 | Liquid market standard; noticeable marks acceptable |
| MS-64 | Near Gem | $100.00–$125.00 | Investment entry point; strong eye appeal required |
| MS-65 | Gem Uncirculated | $320.00–$350.00 | The numismatic "investment target"; price triples from MS-64 |
| MS-66 | Superb Gem | $1,200+ | Major condition rarity; booming luster, virtually flawless surfaces |
💡 The 1943 Conditional-Rarity Paradox
Despite the 1943 issue having nearly double the mintage of the 1944 quarter (13.5 million vs. 7.2 million), the 1943 coin in MS-65 is valued at approximately triple the 1944 equivalent. The wartime mintage was absorbed immediately into commerce, and die deterioration from the high-speed production run resulted in fewer well-struck survivors. An MS-65 1943 quarter is a genuine rarity hiding behind an apparently common mintage number.
The Value Cliff: MS-64 to MS-65
The price jump from $100–$125 (MS-64) to $320–$350 (MS-65) signals the true scarcity threshold. At MS-64, supply is adequate to meet collector demand. At MS-65, the combination of wartime die fatigue, heavy bag-handling at the Mint, and decades of storage means genuinely pristine examples are rare. A full, sharp strike — evidenced by complete detail in the caribou's ear and the King's hair waves — is itself a prerequisite for any MS-65 candidate; without it, even brilliant surfaces will not reach the grade.
1943 Canadian Quarter — Specimen Strike (SP)
During the war years (1940–1943) the Royal Canadian Mint officially suspended the public sale of Specimen sets to focus on circulation output. A very limited number of Specimen strikes were nonetheless produced in 1943, likely for presentation purposes. These coins never entered commerce officially and are extremely rare.
| Finish | SP-64 | Notes |
|---|---|---|
| Specimen (SP) | $2,000+ CAD | Auction record: $1,500 USD (Heritage Auctions via NumisBids). Certification by PCGS, NGC, or ICCS is mandatory — do not purchase raw coins claimed as 1943 Specimens. |
⚠️ Never Clean Your Coins
Cleaning strips original luster and leaves hairlines visible under magnification. A cleaned 1943 quarter receives a "Details — Cleaned" designation from any grading service and loses all numismatic premium regardless of its underlying detail quality. A cleaned MS-65 reverts to near-bullion status.
All values in CAD represent typical retail market prices as of February 2026. For the complete denomination price guide across all George VI and subsequent dates, see our Canadian Quarter Value Guide.
Most Valuable 1943 Canadian Quarter Varieties
The 1943 quarter is unusually rich in documented die varieties for a wartime issue. These fall into four categories: Doubled Die Obverses (DDOs), a recognised die crack, a die clash, and a re-engraved date. All are inherent to the die pair and therefore repeatable — every coin struck from an affected die will show the same feature — distinguishing them from one-off mechanical errors, which are out of scope here. Variety attributions reference the Variety Vista 1943 DDO catalog and George Manz Coins — Silver 25 Cents.
Trophy-Level: The 1943 Specimen Strike
The rarest 1943 quarter of all is not a die variety but a finish variety: the Specimen (SP) strike. Produced in extremely limited numbers without public announcement while the Specimen program was officially suspended, a PCGS-graded SP-64 example has sold for $1,500 USD at auction. The current market estimate from the document's appendix is $2,000+ CAD. These coins possess sharply squared rims and a distinct semi-matte or frosted finish that sets them apart from any business strike. Authentication by PCGS, NGC, or ICCS is mandatory; no unattributed coin should ever be purchased as a claimed 1943 Specimen.
Doubled Die Obverse (DDO) Varieties
Close-up of a 1943 Canadian quarter obverse showing Doubled Die Obverse (DDO) doubling. Look for thickening or a "shadow" image of the letters in GEORGIVS and the date digits under a loupe or strong magnification. The FS-101 (DDO-005) is the most prized, showing Class II Distorted Hub doubling. (Illustration — not a photo of your exact coin)
Research from specialised variety catalogs identifies nearly 50 distinct DDO listings for the 1943 quarter (DDO-001 through DDO-050). DDOs are created during the die-hubbing process when the hub and working die are misaligned between successive impressions, transferring a doubled image onto every coin struck from that die. Three listings carry the coveted "FS" (Cherrypickers' Guide) designation:
- DDO-005 (FS-101): Class II Distorted Hub doubling. Diagnostic: thickening of letters in GEORGIVS and the date numerals.
- DDO-011 (FS-103): Class I Rotated Hub doubling. Diagnostic: clear separation of design elements in the legends, often the most visually dramatic.
- DDO-017 (FS-102): Class I Counter-Clockwise (CCW) doubling.
A standard MS-63 1943 quarter is worth approximately $50–$65. The same coin correctly attributed as a major FS-numbered DDO could be worth $200–$500+. Most DDOs require a 5–10× loupe to detect; the FS-numbered varieties are widely recognised and command the strongest premiums. Searching (cherrypicking) raw coins in dealer boxes is a legitimate strategy for this date.
The "Horns" Die Crack
Close-up of the 1943 Canadian quarter reverse showing the "Horns" die crack — a die crack running through the caribou's antlers or head that creates the appearance of additional antler tines. Shown here at ~10× magnification on the caribou's antler region. An AU-50 "Horns" example lists at $32 CAD vs. $30 for a standard AU-50. (Illustration — not a photo of your exact coin)
The "Horns" variety is a die crack running through the caribou's antlers or head, giving the appearance of extra antler tines or an additional horn structure. Technically a die state rather than a distinct die pairing, it is nonetheless actively listed and collected. An AU-50 "Horns" example is specifically listed at $32 CAD, a premium over the standard AU-50 price of $30 for the same grade.
The "Hearing Aid" Die Clash
Close-up of the 1943 Canadian quarter obverse near King George VI's ear, showing the "Hearing Aid" die clash impression. A die clash occurs when obverse and reverse dies strike each other without a planchet, impressing reverse design elements onto the obverse. The resulting shape near the King's ear resembles a vintage hearing aid. An EF-40 example lists at $30 CAD. (Illustration — not a photo of your exact coin)
A die clash occurs when the obverse and reverse dies strike each other without a planchet between them. This damages both dies, impressing ghost images of the opposite design onto each. On the 1943 quarter, a specific clash transfers imagery near the King's ear, producing a shape that resembles a vintage hearing aid — hence the variety's nickname. An EF-40 "Hearing Aid" example is listed at $30 CAD, nearly triple the bullion-level value of a standard EF-40 coin (approximately $18–$22). This variety appeals strongly to collectors drawn to whimsical numismatic features.
The "RE 1943" Re-Engraved Date
The RE 1943 (Re-Entered 1943) variety shows evidence that the date punches — particularly the final '3' — were entered into the working die, deemed insufficient or misaligned, and punched a second time. This leaves a subtle "shadow" or doubling of the digit visible under magnification. Older reference data lists a VF-30 example at $7 CAD, while the document's current market analysis suggests these trade for approximately $25–$35 CAD in the 2026 market.
1943 Canadian Quarter Identification Guide
Use the 30-second checklist below to confirm exactly what you have before consulting the value tables. Three reference guides from the Saskatoon Coin Club's George VI 25-cent grading guide and general George VI grading guide are recommended for photo-illustrated grade comparisons.
Obverse and reverse of the 1943 Canadian 25-cent piece. Obverse: uncrowned effigy of King George VI facing left, designed by T.H. Paget, inscription GEORGIVS VI D:G:REX ET IND:IMP:. Reverse: caribou head designed by Emanuel Hahn, inscriptions CANADA (above), 25 CENTS (below), date 1943 (right of antlers). Red circles highlight key identification markers.
30-Second Identification Checklist
- Monarch Check: Obverse shows King George VI, facing left, uncrowned. Inscription: GEORGIVS VI D:G:REX ET IND:IMP: (note the IND:IMP: — Emperor of India title, present on all pre-1948 issues). Portrait designed by Thomas Humphrey Paget (T.H. Paget).
- Reverse Check: Caribou head facing left. CANADA arcs above the antlers; 25 CENTS appears between antlers and date; 1943 to the right. Design by Emanuel Hahn, introduced 1937.
- Date: A single date — 1943. No dual dates, no commemorative inscription.
- Edge: Reeded (milled edge with fine parallel grooves running around the circumference). A plain or lettered edge would indicate a problem coin.
- Magnet Test (Composition Verification): Apply a strong magnet to the coin. A genuine 1943 quarter will NOT be attracted — both silver and copper are non-magnetic. If the coin is magnetic, it is not an authentic silver 1943 quarter. This test takes two seconds and is definitive for ruling out base-metal counterfeits or plated-steel substitutes.
- Mint Marks: No mint marks on 1943 Canadian circulation quarters. No documented "W" (Winnipeg) or other marks exist for this year. Standard for Canadian coins of this era.
- Finish Identification (Critical for Valuation):
- Business Strike: Cartwheel luster radiating from the centre in arcs when tilted under a single light source. Contact marks from bag handling are normal.
- Specimen (SP): Distinctly sharper, more squared rim profile. Fields may show a semi-matte or softly frosted quality unlike the mirror-bright fields of a modern proof or the radiant cartwheel of a business strike. Authenticated SP coins will have been certified by PCGS, NGC, or ICCS — any raw coin claimed as a 1943 SP should be treated with extreme scepticism.
Grading Focal Points
Annotated diagram of the 1943 Canadian quarter obverse grading focal points. Red circles mark the three primary wear indicators: (1) the King's eyebrow — the first high point to show friction; (2) the ear and adjacent hair waves — fine lines merge in VF and below; (3) the shoulder fold — must be sharp and unbroken for any Mint State designation. (Illustration — not a photo of your exact coin)
Obverse (George VI portrait):
- Eyebrow: The first point to show wear. On an AU-50 coin the luster breaks here, showing a dull grey friction patch. By EF-40 the eyebrow ridge is flat.
- Ear and hair waves: In VF-20 the fine hair lines above the ear merge and the ear loses internal definition. In F-12 the ear is a flat silhouette.
- Shoulder fold: The vertical fold in the King's robe. On a genuine MS-60 or higher this fold must be sharp and unbroken by friction.
Reverse (Caribou):
- Neck and shoulder fur: The caribou's fur texture on the neck and shoulder represents the highest relief on the reverse. Any greyness here indicates circulation and places the coin in AU or lower.
- Antler tips: Secondary wear point, somewhat protected by the rim but vulnerable in extreme circulation.
Distinguishing Wear from Weak Strike: A significant challenge on 1943 quarters is separating actual wear from a weak strike caused by die fatigue. The diagnostic is luster: wear removes luster from high points, leaving a dull grey surface. A weak strike may produce "mushy" looking areas in the hair and ear, but these areas will retain mint luster within the soft detail. A coin can be fully uncirculated (MS-60+) with poor strike quality. Both factors affect value: a poorly struck MS-65 candidate will not achieve the grade.
Comparison of a business strike 1943 Canadian quarter (left) versus a Specimen strike (right) at the rim. The business strike shows the typical slightly rounded rim profile from standard die pressure. The Specimen displays a noticeably sharper, more squared rim caused by specialised slower striking with prepared dies. This rim distinction is the primary physical diagnostic — but certification remains the only reliable authentication. (Illustration — not a photo of your exact coin)
⚠️ Do Not Polish or Clean
Many silver coins are found lightly toned. Toning is natural and does not automatically reduce value — attractive blue, gold, and russet toning can actually increase a coin's eye appeal and value. Never clean, dip, or polish a 1943 quarter. A cleaned coin receives a "Details" designation and loses all numismatic premium over its silver melt value, regardless of its original quality.
1943 Canadian Quarter Value FAQs
What is a 1943 Canadian quarter worth?
It depends entirely on grade and finish. A circulated 1943 Canadian quarter is worth approximately $16.50 CAD — the intrinsic silver melt value at February 2026 spot prices — up to around $35 for a nice About Uncirculated example. In Choice Uncirculated (MS-63), prices reach $50–$65. A Gem (MS-65) trades for $320–$350, and a Superb Gem (MS-66) exceeds $1,200. The ultra-rare Specimen strike has sold for $2,000+ CAD.
Is a 1943 Canadian quarter made of silver?
Yes. All 1943 Canadian quarters are struck in 80% silver and 20% copper — a composition maintained from 1920 through the mid-1960s. The coin contains 0.15 troy ounces of fine silver (approximately 4.664 grams). You can confirm this with a simple magnet test: a genuine silver quarter will not be attracted to a magnet, since both silver and copper are non-magnetic metals.
What is the minimum value of a 1943 Canadian quarter?
Every undamaged 1943 quarter is worth at least its silver melt value, which is approximately $16.50 CAD at February 2026 silver prices (around $3.53–$3.59 CAD per gram). This floor fluctuates with the silver spot price. Even a heavily worn G-4 example with no collector premium is worth this amount in raw metal. Damaged coins (bent, holed, or chemically corroded with significant weight loss) may be worth less.
What makes a 1943 Canadian quarter valuable above melt?
Three factors drive premiums above the silver floor: grade (condition), die variety, and finish. Grade is the primary driver — an MS-65 is worth roughly twenty times a circulated example despite containing the same silver. Die varieties such as the FS-101 Doubled Die Obverse can multiply a coin's value several times over. And the Specimen finish, produced in tiny numbers during the officially suspended Specimen program, represents the ultimate rarity at $2,000+ CAD.
Should I get my 1943 Canadian quarter professionally graded?
The economics depend on the coin's likely grade. Grading fees at ICCS, PCGS, or NGC typically range from $30 to $60+ per coin. For a 1943 quarter, certification only becomes economically worthwhile if the coin is strong MS-64 or better (value at MS-64: $100–$125; at MS-65: $320–$350). Circulated examples are worth bullion value in a raw (uncertified) state — there is no return on grading fees for a VF coin worth $18. ICCS is the Canadian standard and often preferred by specialist buyers; PCGS and NGC provide international liquidity.
What is the 1943 Canadian quarter "Horns" variety?
The "Horns" variety is caused by a die crack that runs through the caribou's antler region on the reverse, creating the illusion of additional antler tines or an extra "horn". Technically a die state (a result of die deterioration during the high-pressure wartime minting process), it is actively collected. An AU-50 "Horns" example is listed at $32 CAD, a modest premium over the $30 standard AU-50 price. Look for a thin raised line or bump cutting through or near the antlers of the caribou.
What is the 1943 "Hearing Aid" die clash?
The "Hearing Aid" is caused by a die clash — an event where the obverse and reverse dies strike each other without a planchet in between, impressing ghost images of the opposite die's design onto each die. On the 1943 quarter, the clash produces a distinctive shape near King George VI's ear on the obverse that resembles a vintage hearing aid. An EF-40 "Hearing Aid" example is listed at $30 CAD, compared to approximately $18–$22 for a standard EF-40. The feature is best seen under 5–10× magnification.
How do I identify a 1943 Doubled Die Obverse (DDO)?
A DDO is produced when the working die receives two slightly misaligned hub impressions during manufacture, transferring a doubled image to every coin struck from that die. On the 1943 quarter, examine the letters of GEORGIVS and the date numerals under a 5–10× loupe. The most valuable varieties — DDO-005 (FS-101), DDO-011 (FS-103), and DDO-017 (FS-102) — show visible thickening, a "shadow" image, or clear separation of design elements in the legends. Confirmed FS-numbered examples can be worth $200–$500+ in MS-63, compared to $50–$65 for a standard coin in the same grade. See the Variety Vista 1943 DDO catalog for full diagnostics.
What is a 1943 Specimen quarter and how rare is it?
A Specimen (SP) strike is a coin produced with specially prepared dies, higher striking pressure, and slower press speeds to create a superior finish intended for presentation or collector purposes. The Royal Canadian Mint officially suspended Specimen set sales from 1940 to 1943 due to the war, making any surviving 1943 Specimen an unofficial rarity likely never released publicly. A PCGS-graded SP-64 example has been recorded selling for $1,500 USD at auction; the current market estimate is $2,000+ CAD. Identification requires expert authentication — the key diagnostic is a sharply squared rim profile distinct from all business strikes. Never purchase a raw coin claimed to be a 1943 Specimen without independent PCGS, NGC, or ICCS certification.
How does the 1943 quarter compare to adjacent years?
The 1943 issue presents a striking paradox. With a mintage of 13,559,575 — nearly double the 1944 figure of 7,216,237 — it should be the more common coin in high grades. Yet an MS-65 1943 quarter is valued at approximately $320–$350 versus roughly $110 for a 1944 MS-65. The wartime production surge meant dies were pushed well beyond optimal lifespan, resulting in weaker strikes and heavier bag-handling during bulk shipping. The 1944 production, with its lower volume, apparently saw more coins survive in pristine condition. For the collector, this makes the 1943 in Gem grades a genuine sleeper: common on paper, genuinely scarce in the slab.
Methodology & Sources
Values in this guide are sourced from the Coins and Canada 1937–1952 quarter price guide, the NGC World Coin Price Guide (KM 35), and a confirmed auction realisation from Heritage Auctions via NumisBids. Variety attributions draw from the Variety Vista 1943 DDO catalog and George Manz Coins. Grading guidance references the Saskatoon Coin Club George VI 25-cent grading guide. Specifications confirmed via the Royal Canadian Mint and Numista. Silver spot data from SilverPrice.org. All values are in CAD as of February 2026 and are subject to change with silver market movements. This guide covers standard business strikes, die varieties, and Specimen strikes only — mechanical errors are outside 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.