1948 Canadian 25-Cent (Quarter) Value Guide
What is your 1948 Canadian quarter worth? Business Strike prices from $17 to $475+, rare Proof-Like at $900–$1,200, and Specimen up to $13,500+. All values in CAD, February 2026.
Most circulated 1948 Canadian quarters are worth $17–$75 CAD — even heavily worn examples typically trade above their silver melt value of approximately $16.51 CAD because of this coin's historically low mintage of just 2,564,424. In Gem Uncirculated grades, values reach $475, and genuine Specimen strikes command $3,500–$13,500+.
- Circulated (G4–F12):$17–$22 — Silver melt floor plus a date premium; never sell as junk silver
- Collector Grades (VF20–AU50):$30–$75 — Numismatic premium clearly decouples from melt
- Uncirculated (MS60–MS63):$100–$175
- Gem Uncirculated (MS65):$475 — Open fields make bag-mark-free Gems genuinely elusive
- Proof-Like Early Strike (PL65):$900–$1,200
- Specimen (SP63 / SP65 / SP67):$3,500 / $5,500 / $13,500
Is it silver? Yes — the 1948 Canadian quarter is 80% silver and non-magnetic, with an actual silver weight of approximately 0.15 troy ounces. Coin looks shiny or mirror-like? That may indicate an early Proof-Like (PL) strike worth significantly more than a standard business strike, or an extremely rare Specimen — see the Identification Guide to distinguish them. All values in CAD as of February 2026. See full value chart →
The 1948 Canadian 25-cent piece is a semi-key date in the King George VI Caribou series and one of the most historically resonant quarters of the mid-20th century. Its low mintage of just 2,564,424 business strikes resulted directly from the "Die Crisis" of late 1947 and early 1948: following India's independence in August 1947, the monarch's title changed and the legend ET IND:IMP: ("And Emperor of India") was removed from all Canadian coinage. New master dies could not arrive from London until late in the year, compressing Ottawa's production window and permanently cementing this coin's scarcity relative to surrounding dates. Learn how the 1948 quarter fits within the full series at our Canadian Quarter Value Guide.
Note: Errors such as off-center strikes, clips, and wrong-planchet coins exist for 1948 quarters but are outside the scope of this standard value guide.
1948 Canadian Quarter Composition & Melt Value
The 1948 Canadian quarter belongs to the 80% silver era of Canadian coinage — a standard established in 1920 that persisted until the mid-1967 debasement to 50% silver. The 20% copper component provides the hardness necessary for circulation; pure silver is too soft for regular use. There were no experimental alloys or composition variants for the quarter in 1948: every example is uniformly 80% Ag / 20% Cu.
| Element | Percentage | Role |
|---|---|---|
| Silver (Ag) | 80.0% | Precious-metal base; primary value driver; non-magnetic |
| Copper (Cu) | 20.0% | Hardening agent; reacts with sulfur (toning) and PVC (corrosion) |
Melt Value (February 2026)
Formula: Melt Value = Weight (g) × Purity × Silver Spot Price (CAD/g)
At a silver spot price of approximately $3.53–$3.59 CAD per gram (~$109–$111 CAD per troy oz as of February 11, 2026, per Canada Gold silver pricing):
5.83 g × 0.80 × ~$3.54/g ≈ $16.51 CAD
This melt value represents the absolute floor for any authentic, identifiable 1948 quarter — regardless of grade. Because of its semi-key date status, even heavily worn G4 examples typically retail above melt. Never sell a 1948 Canadian quarter into a junk silver lot; the date premium is real at every grade level.
ⓘ Magnet Test — Quick Composition Check
Hold a strong magnet to your coin. A genuine 1948 Canadian quarter will not attract to the magnet — the 80% silver / 20% copper alloy is non-magnetic. If the coin sticks, the composition is incorrect. Modern Canadian quarters (1999–present) are plated steel and strongly magnetic. As a secondary check, a genuine 1948 quarter weighs 5.83 grams; a modern plated-steel quarter weighs approximately 4.4 grams. A significant weight deviation signals the wrong coin or a counterfeit.
Toning and Storage Chemistry
The 20% copper content makes 1948 quarters chemically reactive over time. Sulfur-rich environments — old paper envelopes, certain cardboard coin albums — can produce rich russet, golden, or iridescent blue toning that many collectors prize. However, the same copper reacts aggressively with polyvinyl chloride (PVC) present in soft, pliable plastic flips, producing green corrosion (verdigris) that is irreversible. Store 1948 quarters only in inert, PVC-free holders such as Mylar flips or rigid acrylic slabs.
1948 Canadian Quarter Value Chart by Grade & Finish
The 1948 Canadian quarter trades across three distinct market tiers: standard Business Strikes, early-die-state Proof-Like (PL) strikes, and the extremely rare Specimen (SP) presentation issues. Each tier is priced on a separate scale. All values are in Canadian Dollars (CAD) as of February 2026.
1948 Canadian Quarter — Business Strike (Circulation)
The wide-open fields on King George VI's portrait (particularly the cheek and neck area) and the broad shoulder of the Caribou on the reverse are notorious for accumulating bag marks during bulk handling at the Mint. Gem-quality examples with clean fields are genuinely scarce, which explains the steep price jump between MS63 and MS65. Because production was compressed into a shortened calendar year, many business strikes also exhibit die polish lines or high-speed press chatter, further reducing the pool of premium survivors.
| Type | G4 | VG8 | F12 | VF20 | EF40 | AU50 | MS60 | MS63 | MS65 | Notes |
|---|---|---|---|---|---|---|---|---|---|---|
| 1948 Caribou Modified Legend | $17 | $18 | $22 | $30 | $50 | $75 | $100 | $175 | $475 | MS60 value covers MS60–MS62 range. MS66–MS67 examples estimated ~$2,500–$4,500 — condition rarity driven by bag marks on open fields. |
ⓘ Grade Sensitivity — The Value Cliffs
- G4–F12 ($17–$22): Dominated by silver melt (~$16.51). A modest date premium exists even at this level, but the value stays close to metal content. Do not sell as junk silver.
- VF20–AU50 ($30–$75): Numismatic value clearly overtakes melt. These are the affordable “collector” grades offering genuine eye appeal at a manageable cost.
- MS60–MS62 ($100): Technically uncirculated but typically show contact marks — slides, bag chatter — that reduce eye appeal. A coin you can see isn’t worn but wouldn’t be called attractive.
- MS63 → MS65 ($175 → $475): The most significant value cliff. The rushed 1948 production meant most coins went straight into canvas bags. A coin with a “clean cheek” and unmarked Caribou shoulder is statistically rare; this jump is driven entirely by surface preservation.
1948 Canadian Quarter — Proof-Like (PL) Early Die State
Proof-Like coins are not a separate Mint product — they are regular business strikes produced from freshly polished dies before die wear degrades the mirror surfaces. Only the first few hundred coins from a new die will exhibit this reflectivity. They are identified by their mirror-like fields (see the Identification Guide for the pen test) and command a significant premium over standard business strikes. Because the 1948 production run was rushed, PL survivors are particularly rare.
| Finish | PL63 | PL65 | PL67 | Notes |
|---|---|---|---|---|
| Proof-Like (PL) Early Die State Business Strike | — | $900–$1,200 | — | Only PL65 has documented pricing. A general premium of +25% to +75% over equivalent standard MS grades is documented across the range. PL strikes carry standard rounded rim edges — not squared like a Specimen. |
1948 Canadian Quarter — Specimen (SP)
Specimen coins are specially prepared presentation strikes featuring sharply squared “picture frame” rims, and matte or semi-matte fields with frosted devices. The 1948 quarter Specimen was issued in presentation cases or leatherette boxes — not the cellophane pliofilm sets common in later decades. With a surviving population estimated at only 25 to 100 pieces, this is a genuine “sleeper” rarity, often overshadowed by the more famous 1948 Silver Dollar Specimen. Prices are volatile at auction: a “Details” (cleaned or impaired) example may realize far less, while a pristine SP67 with exceptional toning or surface quality commands a considerable premium. An anomalous sale of approximately $655 in older records is considered a misattributed or severely impaired example and should not be used as a baseline for quality Specimens.
| Finish | SP60–62 | SP63 | SP65 | SP67 | Notes |
|---|---|---|---|---|---|
| 1948 Specimen (SP) | $2,000+ | $3,500 | $5,500 | $13,500 | Estimated 25–100 surviving pieces. Prices volatile at auction; eye appeal and toning have an outsized impact. Cleaned examples grade as “Details” and sell at steep discounts. Seek professional attribution before buying or selling. |
⚠️ PVC Damage Risk
The 20% copper content makes 1948 quarters highly reactive to polyvinyl chloride (PVC) in soft, pliable plastic flips. Green slime or haze on the coin surface means active copper corrosion is underway. Pure acetone can halt active PVC damage, but any pitting already formed is permanent. Coins with PVC damage revert toward melt value regardless of their underlying detail. Use only inert, PVC-free storage.
⚠️ Never Clean Your 1948 Quarter
Cleaning strips the original surface and destroys the microscopic flow lines that grading services examine under magnification. A cleaned 1948 quarter — regardless of its underlying detail — is graded “Details” (damaged) by ICCS, PCGS, or NGC, typically reducing its value by 50% or more. The market punishes cleaned semi-key dates severely.
Values in CAD represent typical retail market prices as of February 2026. For the complete denomination price guide, see our Canadian Quarter Value Guide.
Most Valuable 1948 Canadian Quarter Varieties
Unlike the 1947 quarter — which has the famous “Dot” variety — the 1948 issue is relatively homogeneous in its die characteristics. Charlton does not list major re-punched dates or dramatic doubled dies for this year. For the non-error collector, value is driven by condition rarity and surface finish rather than catalogued die varieties. The following documents the spectrum of verified variants.
Trophy-Level Examples — Not Typical
The trophy market for 1948 quarters is dominated by Superb Gem Business Strikes and Specimen strikes. Top-grade examples attract registry-set competition, and the grading service matters: a PCGS-certified MS66/67 can achieve stronger results at international auction than an equivalent ICCS-graded example due to US collector participation, though ICCS remains the bedrock standard for Canadian numismatics. Population reports from PCGS ValueView and NGC’s World Coin Price Guide confirm the rarity of top-tier examples.
| What | Why It Commands a Premium | Typical Grade Required | Estimated Value (CAD) |
|---|---|---|---|
| 1948 Specimen (SP) | Struck during the chaotic Modified Legend transition; very few were preserved. Often features stunning matte or satin surfaces with exceptional strike depth and detail. | SP65 or higher | ~$13,500 (SP67 est.) |
| MS66–MS67 Business Strike | Condition rarity — the rushed 1948 production and bulk-bag handling make a field-free survivor near miraculous. The open cheek and Caribou shoulder are unforgiving to marks. | MS66 / MS67 | ~$2,500–$4,500 |
| Proof-Like (PL65) Strike | Mirror fields from fresh dies deteriorate within the first few hundred coins struck; early examples exhibit unusual brilliance and are visually distinctive from standard business strikes. | PL65 | ~$900–$1,200 |
ⓘ PL vs. SP — A Critical Distinction
A Proof-Like (PL) coin is a regular business strike from freshly polished dies — it will have brilliant, mirror-like fields but standard, gently rounded rim edges. A Specimen (SP) is a deliberately prepared presentation strike with distinctly squared “picture frame” rims and matte or satin fields that are emphatically not mirror-bright. Confusing the two is a common and costly mistake: the value difference between a high-grade PL and a genuine Specimen is thousands of dollars. See the Identification Guide for the step-by-step test.
Findable Varieties — Worth Checking
While no major catalogued die varieties exist for the 1948 quarter, collectors hunt for the following manufacturing characteristics that add premium or improve saleability on the open market:
| Variety / Characteristic | How to Identify | Why It Matters | Premium Impact |
|---|---|---|---|
| Proof-Like (PL) Strike | Hold a pen approximately 2 inches from the flat field — if you see the pen’s reflection clearly, it is PL. Rim edges remain gently rounded (not squared like a Specimen). | Fresh dies deteriorate within the first few hundred strikes; PL survivors are genuinely scarce for this compressed production year. | +25% to +75% over equivalent standard MS grade |
| Die Clash (Obverse) | Look for a faint outline of Caribou antlers ghosted onto King George’s neck or jaw — a result of the dies colliding without a planchet between them. | An interesting and datable manufacturing artifact; unlisted in Charlton. | Small premium of approximately $10–$30 |
| Early Die State (EDS) | Absence of “orange peel” texture on fields; sharp, crisp lettering without die fatigue; visible flow lines on the flat surfaces. | Indicates a high-quality strike before progressive die wear set in — improves eye appeal and reduces saleability friction. | Adds to eye appeal; no fixed premium, but improves speed of sale at asking price |
1948 Canadian Quarter Identification Guide
Use the following 30-second checklist to confirm you have a genuine 1948 Modified Legend quarter and to determine which value tier applies to your coin.
Step 1 — Monarch & Legend Check (The Gatekeeper)
Examine the obverse (heads side). The coin must show:
- Monarch: King George VI, left-facing profile, portrait by T.H. Paget.
- Legend: Must read exactly GEORGIVS VI DEI GRATIA REX.
- Critical check: The letters ET IND:IMP: must be absent. If those letters appear anywhere on the legend, you likely have a different date. The 1948 issue was specifically struck without this title following India’s independence.
Step 2 — Date & Reverse Design Check
- Date: Must read 1948 with no maple leaf symbol beside the numerals. A “1947 Maple Leaf” is an entirely different issue struck on modified 1947 dies to bridge the production gap.
- Reverse image: Caribou head in left-facing profile with large sweeping antlers — the design by Emanuel Hahn. The designer’s “H” initial may be visible at the base of the Caribou’s neck; it wears away on lower-grade examples.
- Legends: “25 CENTS” above, “CANADA” below.
- Edge: Reeded — run your fingernail along the rim and feel the serrated ridges.
Step 3 — Composition Verification (Magnet & Weight Test)
- Magnet test: A genuine 1948 quarter will not attract to a magnet. The 80% silver / 20% copper alloy is non-magnetic. If the coin sticks, the composition is wrong — modern plated-steel quarters and some counterfeits using steel or nickel alloys are magnetic.
- Weight test: A genuine coin weighs 5.83 grams. A modern plated-steel quarter weighs approximately 4.4 grams. Any significant deviation signals the wrong coin or a counterfeit planchet.
Step 4 — Finish Identification (The Critical Step)
Identifying the finish determines which value table applies. This step can mean the difference between a $100 coin and a $13,500 coin:
- Business Strike (99%+ of all 1948 quarters): Look for cartwheel lustre — a spinning band of reflected light that sweeps across the fields as you tilt the coin under a light source. Rim edges are gently rounded where they meet the flat field. Fields may show microscopic radial flow lines and will likely have minor contact marks.
- Proof-Like (PL) — Early Die State: The flat fields show a clear, mirror-like reflection — hold a pen approximately 2 inches away; if you can see the pen clearly reflected in the field, the coin is PL. Critically, the rim edge still looks like a standard business strike — gently rounded, not squared. Only a few hundred coins per die will exhibit this quality.
- Specimen (SP) — Extremely Rare: Look for a “picture frame” rim — the edge where the rim meets the field is sharply squared off, not gently curved. The fields appear flat, matte, or satin rather than mirror-bright. The strike is unusually deep, with exceptional device sharpness. If you believe you may have a Specimen, submit to a professional grading service — ICCS (the Canadian standard, based in Toronto), PCGS, or NGC — before making any transaction. The value difference between a misattributed PL and a genuine Specimen is enormous.
Step 5 — Mint Mark (Standard: None)
The 1948 Canadian quarter carries no mint mark. Ottawa-struck Canadian coins of this era did not use mint marks. The absence of a mark is the correct, standard state — it does not indicate a missing or removed mark, nor does it affect value.
1948 Canadian Quarter Value FAQs
What is a 1948 Canadian quarter worth?
A circulated 1948 Canadian quarter is worth approximately $17–$75 CAD depending on grade, from G4 (heavily worn, ~$17) to AU50 (nearly uncirculated, ~$75). Gem Uncirculated examples (MS65) reach $475, early Proof-Like strikes reach $900–$1,200 at PL65, and genuine Specimen strikes command $3,500 (SP63) to $13,500 (SP67). Even the most heavily worn examples carry a numismatic premium above the silver melt floor of approximately $16.51 CAD.
Is a 1948 Canadian quarter rare?
The 1948 quarter is a confirmed semi-key date in the King George VI Caribou series. Its mintage of just 2,564,424 business strikes is dramatically lower than adjacent years — the 1947 combined mintage was approximately 11.8 million, and the 1949 production was approximately 7.9 million. While circulated examples appear on the market regularly, Gem Uncirculated (MS65+) and Specimen examples are genuinely rare. You are unlikely to encounter a problem-free 1948 quarter in a bulk junk silver lot.
What makes a 1948 Canadian quarter valuable?
Three factors drive 1948 quarter values: (1) Date scarcity — the historically low mintage means every grade carries a premium above common dates like 1949 or 1952; (2) Grade — the steep cliff from MS63 ($175) to MS65 ($475) reflects the difficulty of finding clean-field examples, given the rushed production and bulk-bag handling of 1948; and (3) Finish — Proof-Like early strikes ($900–$1,200 at PL65) and Specimens ($3,500–$13,500+) are far more valuable than standard business strikes at equivalent grades.
Is my 1948 Canadian quarter silver?
Yes. The 1948 Canadian quarter is composed of 80% silver and 20% copper, with an actual silver weight of approximately 0.15 troy ounces. You can confirm this with a simple magnet test: a genuine 1948 quarter will not attract to a magnet — the silver-copper alloy has no magnetic properties. Modern Canadian quarters (1999–present) are plated steel and are magnetic. The 80% silver standard for Canadian quarters persisted from 1920 until mid-1967.
Should I get my 1948 Canadian quarter graded?
It depends on the coin’s likely grade. In circulated grades (G4–EF40), professional grading fees typically exceed any added market premium — a VF20 coin worth ~$30 does not justify a $40+ grading submission. However, for coins you suspect are MS63 or above, or for any coin that may be a Specimen, professional certification makes clear financial sense. ICCS (International Coin Certification Service, Toronto) is the Canadian grading standard and highly respected by domestic dealers. PCGS and NGC are US-based alternatives that provide access to international auction liquidity — for registry-set competition or top-grade coins, PCGS-graded examples often achieve stronger results at major auction houses.
What is the difference between a Business Strike and a Specimen for the 1948 quarter?
A Business Strike is a regular circulation coin produced at high speed — it exhibits cartwheel lustre and typically has minor contact marks from handling. A Specimen (SP) is a deliberately prepared presentation strike with sharply squared “picture frame” rims and matte or satin fields (rather than mirror-bright). The 1948 Specimen was issued in presentation cases, not plastic sets, and with an estimated surviving population of only 25 to 100 pieces, it is a major rarity. The value difference between a nice business strike MS63 ($175) and a genuine SP63 ($3,500) is enormous — professional attribution is essential before any transaction.
What is a Proof-Like 1948 quarter, and how do I identify one?
A Proof-Like (PL) 1948 quarter is a standard business strike that happened to be among the first coins produced from a freshly polished die. The result is mirror-like fields that clearly reflect objects held near the coin’s surface — very different from the cartwheel lustre of a standard business strike. To test: hold a pen approximately 2 inches from the coin’s flat field; if you see the pen clearly reflected, it is likely PL. The rim edges remain gently rounded, distinguishing it from the squared rims of a Specimen. PL strikes for the 1948 quarter are rare and valued at approximately $900–$1,200 at PL65.
What is the “Modified Legend” on the 1948 quarter?
The “Modified Legend” refers to the removal of ET IND:IMP: — meaning “And Emperor of India” — from the obverse legend following India’s independence in August 1947. Prior to 1948, Canadian coins bore the full title GEORGIVS VI DEI GRATIA REX ET IND:IMP:. The 1948 coins read simply GEORGIVS VI DEI GRATIA REX. This change required entirely new master dies to be produced in London and shipped to Ottawa, causing the production delay that resulted in the low mintage. To confirm you have the correct coin, verify the ET IND:IMP: text is completely absent from the legend.
What is a die clash, and does it add value to a 1948 quarter?
A die clash occurs when the obverse and reverse dies strike each other without a coin planchet between them. Each die acquires a faint mirror image of the opposite design. On a 1948 quarter with an obverse die clash, you may see a ghosted outline of the Caribou’s antlers on King George’s neck or jaw. This is an unlisted manufacturing anomaly — Charlton does not assign it a formal variety designation. The market typically adds only a small premium of approximately $10–$30 for clearly visible die clashes, though they are interesting diagnostic markers of specific die use periods.
Should I clean my 1948 Canadian quarter?
Never clean a 1948 quarter. Cleaning removes the original surface and destroys the microscopic flow lines and luster that grading services examine under magnification. Even a gentle wipe with a soft cloth leaves hairlines that cause a coin to be graded “Details” (damaged) — permanently reducing its value by 50% or more regardless of the underlying detail. The market punishes cleaned semi-key dates particularly severely. If your coin has active PVC damage (green slime), pure acetone — not nail polish remover — can halt the corrosion without harming original surfaces. For any conservation beyond this, seek expert advice from a professional conservator.
Methodology & Sources
Values in this guide represent typical retail market prices as of February 2026 in Canadian Dollars (CAD), drawn from dealer catalogues, realized auction prices, and published price guides. Silver spot rates, auction competition, and grading service population data all cause values to fluctuate — treat all figures as informed market estimates, not guaranteed sale prices. Always verify current values with a reputable dealer or recent auction results before buying or selling.
Primary Sources:
- Charlton Standard Catalogue of Canadian Coins (Volume 1, Numismatic Issues) — variety attribution, series context, and baseline pricing logic.
- NGC World Coin Price Guide — Canada 25 Cents KM 44 (1948–1952) — certified population context and market valuations.
- PCGS ValueView — 1948 25¢ CAM Special Strike — Specimen population and valuation data.
- Calgary Coin Gallery — Canadian Quarters for Sale — active Canadian market pricing and historical series context.
- Carsley Whetstone — Canadian Maple Leaf Coins 1947–1948 — Die Crisis historical background and production context.
- Royal Canadian Mint — 25 Cents — Official technical specifications and denomination history.
- Saskatoon Coin Club — Canadian Circulation Coin Mintage Quantities — Mintage statistics for comparative analysis.
- Saskatoon Coin Club — George VI Coin Photo Grading Guide — Grading reference for the series and high-point wear locations.
- Canada Gold — Today’s Silver Prices — Silver spot price data used for melt value calculation (February 11, 2026).
- NumisBids — Heritage World Coin Auctions Long Beach Signature Sale 3076 (Sep 2019) — Specimen and high-grade auction records.
- Numista — Canada 25 Cents George VI (without IND:IMP:) — Reference specifications and collector attribution data.
ICCS (International Coin Certification Service, Toronto) is the grading service of record for Canadian coins within domestic markets. PCGS and NGC provide alternative third-party certification widely recognized at international auction venues. Heritage Auctions and Geoffrey Bell Auctions were analyzed for realized prices on high-grade trophy coins from 2023–2025 data.
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.