1946 Canadian 25-Cent (Quarter) Value Guide
Complete 1946 Canadian quarter value guide. Business strike prices from G4 to MS67, rare Specimen (SP) strike values, silver melt value (~$16.50 CAD), and the definitive guide to phantom varieties. All values in CAD as of February 2026.
Most circulated 1946 Canadian quarters are worth $16.50–$75 CAD — primarily their 80% silver content. In top certified Gem grades, values reach $2,500+ CAD.
- Heavily worn (G4–VG8):~$16.50–$18 — silver melt value only
- Circulated collector grade (VF20–EF40):$30–$75
- About Uncirculated (AU50–55):$85–$110
- Uncirculated (MS60–62):$150–$200
- Choice/Near Gem (MS63–64):$250–$600
- Gem (MS65–67):$900–$2,500+
- Specimen Strike (SP65, ultra-rare):$1,500–$3,000+
Is it silver? Yes — every 1946 Canadian quarter is 80% silver, giving it a firm melt value floor of approximately ~$16.50 CAD at February 2026 silver spot prices (~$110 CAD/troy oz). Even a worn, damaged coin cannot logically trade below its silver content.
Shiny or mirror-like? A highly reflective 1946 quarter with sharply squared rims is almost certainly a Specimen (SP) strike — one of fewer than 100 believed to exist. Do not sell or trade it without professional authentication from ICCS or PCGS.
No major die varieties exist on the 1946 quarter. The widely searched "Hoof in 6" and "6 over 6" varieties do not apply to this denomination. Value is driven entirely by grade, silver content, and finish. All values in CAD. See full value chart →
The 1946 Canadian quarter is the third-rarest circulation strike of the entire George VI series (1937–1952), with a mintage of just 2,210,810 pieces — an 83% reduction from the peak wartime production of 1943. Struck in 80% silver at the Ottawa Mint, this semi-key date is one of the last Canadian coins to bear the legend ET IND:IMP: (Emperor of India), historically anchoring it to the eve of Indian independence in 1947. The pairing of Thomas Humphrey Paget's George VI portrait with Emanuel Hahn's iconic Caribou reverse creates one of the most enduring designs of the Commonwealth era, still referenced on Canadian quarters today. For the complete denomination history, see our Canadian Quarter Value Guide.
1946 Canadian Quarter Composition & Melt Value
The 80% silver composition of the 1946 Canadian quarter creates an intrinsic value floor of approximately $16.50 CAD at February 2026 silver spot prices — no 1946 quarter can logically trade below its silver content.
Alloy Composition: Canadian ".800 Fine" Silver
The 1946 Canadian quarter is struck in the .800 fine silver standard adopted by Canada in 1920 — 80% silver and 20% copper. This is distinct from the contemporary United States standard of 90% silver. The 20% copper component gives the coin its slightly warm hue compared to a sterling-silver coin and is critical for accurate authentication via specific gravity testing, since a 90% silver coin of the same diameter would weigh measurably differently.
Silver Content and Melt Value
Based on the coin's documented specifications and February 2026 silver spot prices:
- Total weight: 5.83 grams
- Silver purity: 80% (0.800 fine)
- Net silver weight: 5.83 × 0.800 = 4.664 grams
- Actual Silver Weight (ASW): 4.664 ÷ 31.1035 = approximately 0.1499 troy oz
- Silver spot price (February 2026): approximately $110.00 CAD per troy oz (per Canada Gold live silver prices)
- Calculated melt value: approximately $16.50 CAD
This melt value creates an important market dynamic: the price difference between a G4 and a F12 1946 quarter is modest, because both grades are primarily bullion plays. True numismatic premiums begin at VF20 and accelerate sharply at MS60. You can also calculate the silver content of your holdings using the APMEX Canadian Silver Calculator.
ℹ️ The Silver Floor Effect
The ~$16.50 CAD melt floor means no 1946 quarter — regardless of damage, cleaning, or heavy wear — can logically trade below its silver value. For investors, worn examples (VG–F) in quantity represent a near-zero-risk silver bullion play. For collectors, the real opportunity lies in grade: the step from AU to MS60 nearly doubles the coin's value, and from MS63 to MS65, values increase many times over.
Magnetic Properties: The Authentication Shortcut
Silver and copper are both non-magnetic metals. A genuine 1946 Canadian quarter is completely non-magnetic. Apply a strong neodymium magnet to the coin — it should produce no attraction whatsoever. If the coin is attracted to the magnet, it is either a modern plated-steel counterfeit or a wrong-planchet error, both of which require immediate professional examination. See the Identification Guide below for step-by-step testing instructions.
1946 Canadian Quarter Value Chart by Grade & Finish
The 1946 quarter exists in two documented finish types: the standard Business Strike (circulation coin) and the ultra-rare Specimen Strike. No Proof-Like (PL) sets were produced for this year. Values below are in CAD as of February 2026, sourced from the NGC World Coin Price Guide (KM#35, 1937–1947) and Calgary Coin Gallery's Canadian 25-cent listings.
1946 Canadian Quarter — Business Strike (Circulation)
| Type | G4 | VG8 | F12 | VF20 | EF40 | AU50–55 | MS60–62 | MS63–64 | MS65–67 |
|---|---|---|---|---|---|---|---|---|---|
| 1946 Business Strike | ~$16.50 | $17–$18 | $20–$25 | $30–$40 | $55–$75 | $85–$110 | $150–$200 | $250–$600 | $900–$2,500+ |
G4–VG8: Melt value only. Numismatic premiums begin at VF20. MS67 examples have realized prices over $8,000 USD at auction per source documentation, making super-grade coins a speculative category. Mintage: 2,210,810.
Grade comparison: a circulated VF20 1946 Canadian quarter (left) versus a Mint State MS64 example (right). Note the sharp caribou neck fur detail and cartwheel luster on the uncirculated coin that justify the dramatic value premium. (Illustration — not a photo of your exact coin)
💡 Best Value-for-Money Grade
The MS62 to MS63 range ($150–$300 CAD) offers the most accessible entry point for collectors seeking a visually appealing uncirculated 1946 quarter without paying the steep Gem premium. These coins show full luster with only minor bag marks and are a fraction of the cost of MS65+.
⚠️ Condition Rarity Warning
The 1946 quarter is a classic condition rarity. Worn examples (G–VF) are available because 2.2 million were struck, but Mint State examples are disproportionately scarce — the post-war coins were spent immediately into commerce rather than hoarded. A 1946 quarter with full, razor-sharp caribou fur detail is significantly rarer than the mintage suggests.
1946 Canadian Quarter — Specimen Strike (SP)
Specimen coins were struck on polished dies with polished planchets and double-struck at slow speed for dignitaries and mint archives — not for public sale. Fewer than 100 Specimen sets are believed to have been produced in 1946.
| Finish | SP63 | SP65 | SP67 | Notes |
|---|---|---|---|---|
| Specimen (SP) | — | $1,500–$3,000+ | — | Fewer than 100 believed extant. Authenticate with ICCS/PCGS before any transaction. Known examples trace to major collections including Norweb. |
SP63 and SP67 values are not documented in source data for this year — only SP65 data is available. The market for 1946 Specimen quarters is extremely thin; realized prices depend heavily on provenance, eye appeal, and cameo contrast.
Values in CAD represent typical market prices as of February 2026. For the complete denomination price guide, see our Canadian Quarter Value Guide.
Most Valuable 1946 Canadian Quarter Varieties
The 1946 Canadian quarter is remarkable in the George VI series for one defining characteristic: it has no recognized die varieties. Its semi-key status is built entirely on its low mintage (2,210,810 pieces) and its survival rate in high grades — not on the kind of dramatic die re-tooling that defines the 1947 Maple Leaf or the legendary 1936 Dot. This is, for investors and collectors alike, a strength: the coin's value is straightforward and stable, with no need to identify a rare sub-variety to justify the price.
The Phantom Varieties: What the 1946 Quarter Is NOT
Confusion frequently arises because 1946 was an exceptional year for die varieties on other Canadian denominations. Understanding what does not exist on the quarter is as important as knowing what does.
The "Hoof in 6" variety (left, shown on the 1946 50-cent piece) and the "6 over 6" variety (right, shown on the 1946 5-cent piece) are frequently and incorrectly searched for on the 1946 quarter. Neither variety exists on this denomination.
1. The "Hoof in 6" Variety — Does NOT Exist on the Quarter
This is the most common phantom search. The "Hoof in 6" is a real and valuable variety — but it exists exclusively on the 1946 50-cent (Half Dollar) coin. It was caused by a die clash where the obverse and reverse dies struck each other without a planchet, transferring the caribou hoof design onto the date area of the 50-cent die. The geometry of the 25-cent dies positions the caribou differently relative to the date, making this specific clash geometrically impossible on the quarter. Detailed documentation of the genuine 50-cent variety is available at George Manz Coins' Canadian Silver 50-Cent reference. There is no "Hoof in 6" 1946 quarter.
2. The "6 Over 6" Repunched Date — Does NOT Exist on the Quarter
The "6 over 6" repunched date is a well-documented and collectible variety of the 1946 5-cent (Nickel) coin. The Saskatoon Coin Club's 5-cent variety reference confirms this variety. While repunching can theoretically occur on any denomination, there is no Charlton-listed "6 over 6" variety for the 1946 quarter that commands a premium. Do not pay a variety premium for a 1946 quarter based on this variety claim.
3. "Dot" and "Maple Leaf" Marks — Wrong Year
The "Dot" (1947 Dot) and "Maple Leaf" (1947 Maple Leaf) privy marks were added to 1947-dated coins struck in 1948 during the die shortage caused by India's independence. They do not appear on any 1946-dated coins of any denomination. See the Saskatoon Coin Club's 25-cent variety guide for documentation of actual George VI quarter varieties by year.
What Does Exist: Minor Die Clashes
Genuine 1946 quarters do occasionally exhibit minor die clashes — typically an outline or ghost of the King's chin or collar appearing faintly on the reverse. These are treated as die state curiosities rather than distinct collectible varieties and typically add a modest curiosity premium of approximately $10–$20 over the standard grade value. They do not approach the premiums commanded by true named varieties.
The True Trophy: The 1946 Specimen Strike
The single most valuable 1946 quarter variant is the Specimen (SP) strike. With fewer than 100 believed to exist, the 1946 Specimen quarter is a genuine numismatic rarity in any grade. Known examples have traced provenance to major collections including the Norweb sale (documented in the Norweb Collection catalog, Stack's Bowers Galleries, 1996). A Specimen in SP65 can command $1,500–$3,000+ CAD. See the Identification Guide for diagnostics to distinguish a Specimen from a high-grade Business Strike.
ℹ️ Mintage Context: Why the 1946 Quarter Is a Semi-Key
The 1946 mintage of 2,210,810 followed peak wartime production of 13,559,575 in 1943 — an 83% contraction. The year 1947 had a lower raw mintage (1,524,554) but that date splits across three varieties (Plain, Dot, Maple Leaf). The 1948 has a higher mintage (2,564,424) yet trades at higher prices due to hoarding. The 1946 was quietly spent into a commerce-starved postwar economy, creating a survival rate far lower than its mintage implies.
1946 Canadian Quarter Identification Guide
Use the following 30-second checklist to confirm exactly what you have before assigning a value. The critical steps are the legend check (confirming the pre-independence IND IMP title), the magnet test (confirming genuine silver), and the finish identification (distinguishing a common Business Strike from a potentially very valuable Specimen).
Key identification features of the 1946 Canadian quarter: Thomas Humphrey Paget's George VI portrait (obverse, left) with the IND:IMP: legend confirming pre-independence era, and Emanuel Hahn's Caribou reverse (right) with the date 1946 positioned to the right of the caribou's neck.
30-Second Identification Checklist
Monarch Check (Obverse): Confirm a left-facing male portrait with the legend GEORGIVS VI D:G:REX ET IND:IMP: This is King George VI, designed by Thomas Humphrey Paget. The presence of ET IND:IMP: (Emperor of India) confirms the coin was struck before 1948. The highest-relief point on the obverse is the hair above the ear — the first area to show wear.
Reverse Check: Confirm the Caribou design by Emanuel Hahn: a barren-ground caribou head facing left with 25 CENTS nested between the antlers and CANADA arcing across the top. The date 1946 is positioned to the right of the caribou's neck.
Date Check: Confirm the date reads 1946 — not 1945, 1947, or 1948. Be aware that heavily worn coins can have dates that are difficult to read.
Edge Check: The edge should be reeded (milled) — parallel grooves running around the circumference. A plain or smooth edge on a coin this size indicates a counterfeit or wrong-planchet error.
Magnet Test (Composition Verification): Touch a strong magnet to the coin. A genuine 1946 quarter is struck in 80% silver and 20% copper — both metals are non-magnetic. The coin should show zero attraction to the magnet. Any magnetic response indicates the coin is not genuine silver and requires professional examination.
Mint Mark Check:No mint marks exist on the 1946 Canadian quarter. All 1946 quarters were struck at the Ottawa Mint and carry no distinguishing mark. Do not pay a premium for a supposed "mint mark" on this coin.
Finish Identification (THE CRITICAL STEP): This determines whether you have a common Business Strike or a potentially very rare Specimen.
- Business Strike (MS): Displays a cartwheel luster — a spinning, flowing brightness that moves across the surface as you tilt the coin under a light. Fields and devices have the same surface texture. May show bag marks (contact marks from other coins in the mint bag).
- Specimen (SP): Far rarer and visually distinct. Look for: (a) mirror-like or satin fields — the background is noticeably smoother and more reflective than a business strike; (b) squared rims — the junction between the rim face and coin edge forms a near-90-degree angle, not the rounded contour of a business strike; (c) full strike on every detail — every tuft of caribou fur and every strand of the King's hair is crisp and complete.
Variety Check: The 1946 quarter has no recognized die varieties requiring identification. Do not search for a "Hoof in 6" or "6 over 6" on this denomination — see the Varieties section for why these do not apply.
Business Strike vs. Specimen finish comparison on a 1946 Canadian quarter. Left: Business Strike showing cartwheel luster with rounded rim. Right: Specimen showing satin-to-mirror fields, sharply squared rim (near-90-degree angle), and fully struck device detail. (Illustration — not a photo of your exact coin)
⚠️ Never Clean Your Coins
Cleaning a 1946 quarter — even with a gentle cloth — strips the original luster and leaves hairlines visible under magnification. A cleaned coin is graded "Details" (damaged) by ICCS, PCGS, and NGC and loses all numismatic premium regardless of its underlying detail. A cleaned MS65 reverts to near-melt value. Never clean your coins.
The magnet test for a 1946 Canadian quarter: a genuine 80% silver coin shows zero attraction to a neodymium magnet (left). Any magnetic response (right) indicates a non-silver planchet and requires immediate professional examination.
Grading Focus Points for the 1946 Quarter
When assessing grade, concentrate on:
- Obverse: Hair detail above the ear (highest relief, first to wear), ear separation, and cheekbone friction
- Reverse: Caribou neck fur waves, antler tip sharpness, and eye of the caribou
- Luster: Must retain at least 50% original mint luster for AU50; full unbroken luster required for MS60+
1946 Canadian Quarter Value FAQs
What is a 1946 Canadian quarter worth?
A circulated 1946 Canadian quarter in worn grades (G4–VG8) is worth approximately $16.50–$18 CAD — essentially its silver melt value. Lightly circulated examples (VF20–EF40) range from $30–$75 CAD, where numismatic collector premiums begin to emerge. Uncirculated (MS60–62) examples are worth $150–$200 CAD, and Gem-grade (MS65–67) coins reach $900–$2,500+ CAD. The ultra-rare Specimen (SP) strike can command $1,500–$3,000+ CAD in SP65 condition.
Is my 1946 Canadian quarter silver?
Yes — every 1946 Canadian quarter is composed of 80% silver and 20% copper, containing approximately 0.1499 troy ounces of actual silver weight (ASW). This is Canada's ".800 fine" silver standard, which is different from the 90% silver used in contemporary US coins. At February 2026 silver spot prices of approximately $110 CAD per troy ounce, the melt value is roughly $16.50 CAD per coin. A quick non-destructive test: a genuine 1946 quarter is completely non-magnetic. Apply a magnet — if it sticks, the coin is not genuine silver.
Is the 1946 Canadian quarter rare?
The 1946 quarter is classified as a semi-key date — the third-rarest circulation strike in the George VI series (1937–1952) — with a mintage of 2,210,810 pieces. It is not aggressively rare in worn grades, but it is a genuine condition rarity: because these coins were spent freely into postwar commerce rather than hoarded, finding a Mint State (MS60+) example is disproportionately difficult relative to the mintage numbers. Gem-grade (MS65+) examples are exceptionally scarce.
What makes a 1946 Canadian quarter valuable if it has no major varieties?
Unlike many key dates, the 1946 quarter's value is built on pure supply fundamentals and silver content rather than die varieties. Its semi-key status comes from (1) the dramatic post-war mintage contraction (83% below the 1943 peak), (2) a very low Mint State survival rate because the coins were circulated heavily, and (3) the silver content floor that prevents any example from being worthless. The coin rewards patient grade-focused collecting rather than variety hunting.
Do the "Hoof in 6" or "6 over 6" varieties exist on the 1946 quarter?
No — neither variety exists on the 1946 Canadian quarter. The "Hoof in 6" die clash variety exists only on the 1946 50-cent piece, where the geometry of the dies allows the caribou hoof to encroach on the date. The "6 over 6" repunched date exists only on the 1946 5-cent nickel. Do not pay a variety premium for a 1946 quarter based on either claim. Any dealer or seller asserting these varieties exist on the 1946 quarter is mistaken. The 1946 quarter is a single recognized variety — no sub-types command premiums beyond grade.
What is a 1946 Specimen quarter, and how do I know if I have one?
Specimen coins were struck at the Royal Canadian Mint for dignitaries, museum archives, and senior officials — not for public sale — using polished dies and planchets, double-struck at slow speed. Fewer than 100 Specimen sets are believed to have been produced in 1946. The key diagnostics are: squared rims (near-90-degree angle between rim and edge, versus the rounded rim of a business strike), satin-to-mirror fields, and a fully complete strike on every detail. If your coin shows these characteristics, do not buy, sell, or trade it until it has been authenticated by ICCS or PCGS. The value difference between a high-grade Business Strike and a Specimen is thousands of dollars.
Should I get my 1946 Canadian quarter professionally graded?
Grading is economically justified once the coin's estimated value comfortably exceeds the grading fee. As a rule of thumb: for a 1946 quarter, ICCS or PCGS/NGC submission is sensible for any coin you believe grades AU50 or better (approximate value $85+ CAD). For Mint State examples where the value cliff between grades is steep — MS63 at ~$250 versus MS65 at $900+ — independent certification prevents disputes and protects resale value. ICCS (International Coin Certification Service) is the Canadian standard and most recognized by Canadian dealers. PCGS and NGC are US-based alternatives with strong international market recognition. Any suspected Specimen must be submitted for authentication regardless of cost.
How do I distinguish a high-grade Business Strike from a Specimen for the 1946 quarter?
Three physical diagnostics separate them: (1) Rim squareness — Specimen coins have a sharp, nearly 90-degree junction between the rim face and the coin's edge due to careful hand-feeding of polished planchets; business strikes have rounded rims from the high-speed upsetting mill. (2) Field surface — Specimen fields have a satin or mirror-like quality; business strike fields show flow lines and cartwheel luster when tilted under a light. (3) Strike completeness — every hair strand and caribou fur tuft must be razor-sharp on a Specimen. Because the premium on a genuine Specimen runs into thousands of dollars, professional authentication is essential — do not rely solely on self-diagnosis.
Methodology & Sources
Values in this guide reflect market pricing as of February 2026, synthesized from the following primary sources: NGC World Coin Price Guide — Canada 25 Cents KM#35 (1937–1947); Calgary Coin Gallery — Canadian Quarter Listings; Numista — 25 Cents George VI (IND:IMP:); the Charlton Standard Catalogue of Canadian Coins; and the Norweb Collection sale catalog (Stack's Bowers, 1996) for Specimen provenance context. Silver spot data sourced from Canada Gold live silver prices. Variety authentication references: Saskatoon Coin Club — 25-Cent Varieties and Saskatoon Coin Club — 5-Cent Varieties. All values are in Canadian Dollars (CAD) and represent typical market realizations; individual coins may trade above or below guide ranges depending on eye appeal, strike quality, toning, and auction venue. This guide covers standard (non-error) business and specimen strikes only.
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.