1949 Canadian Silver Dollar ($1) Value Guide — Newfoundland 'Matthew' Commemorative

The 1949 Canadian silver dollar is a one-year-only commemorative issued to celebrate Newfoundland's historic entry into Confederation on March 31, 1949, as Canada's tenth province. The standard Voyageur reverse was entirely suspended and replaced with a breathtaking depiction of the Matthew — the three-masted vessel commanded by explorer John Cabot during his 1497 voyage — beneath the Latin motto FLOREAT TERRA NOVA ("May the New Found Land Flourish"). Remarkably, reverse designer Thomas Shingles hand-engraved the intricate ship's rigging directly into hardened steel, as the Royal Canadian Mint lacked a functioning pantograph at the time. With a total mintage of 672,218 (including 40,718 coins physically struck in early 1950 but retaining the 1949 date) and an 80% silver composition, this coin is a cornerstone of the Canadian Dollar series. For full series context, see our Canadian Dollar Value Guide.

Obverse (King George VI bareheaded, GEORGIVS VI DEI GRATIA REX — no IND IMP) and reverse (the Matthew sailing ship, FLOREAT TERRA NOVA) of the 1949 Canadian silver dollar. Designer initials "HP" (T.H. Paget) appear below the neck truncation on the obverse; "TS" (Thomas Shingles) appears on the reverse.

Note: Major mint errors exist for the 1949 Canadian dollar but are outside the scope of this standard value guide.

1949 Canadian Silver Dollar Composition & Melt Value

The 1949 Canadian dollar is composed of 80% silver and 20% copper, commonly described as .800 fine silver — the Canadian standard for circulating silver coinage from 1920 through mid-1967. The 20% copper matrix hardened the planchet against daily abrasion and the severe mechanical wear of commercial circulation. Physical specifications are documented in the NGC World Coin Price Guide for KM-47: official weight is 23.33 grams and diameter is 36.00 mm.

Because the coin is exactly 80% pure silver by mass, the Actual Silver Weight (ASW) contained in a single uncirculated specimen is precisely 18.664 grams — approximately 0.6001 troy ounces of fine silver. This heavy bullion content explains why millions of mid-century Canadian dollars were melted during the silver market spikes of the late 1970s and early 1980s, reducing the surviving population of premium-quality coins.

Melt Value (February 2026)

As of February 26, 2026, the Canadian silver spot price is established at $3.82 CAD per gram ($118.86 CAD per troy ounce), as tracked by SilverPrice.org. Applying the standard melt formula:

23.33g × 0.80 × $3.82 CAD/g = $71.36 CAD

This melt value of $71.36 CAD is the single most important pricing factor for this coin. Historical static catalogues list G4–AU50 examples at $51.50 CAD — but because the current silver content now exceeds that figure, all authentic circulated-grade market transactions will occur at the bullion floor, not the catalogue price. The true economic "value cliff" for collector premiums above silver melt begins at MS63.

Note: Canadian law (Currency Act) prohibits the melting of coins of the realm. Melt value information is provided for valuation purposes only.

1949 Canadian Silver Dollar Value Chart by Grade & Finish

The 1949 "Matthew" dollar presents a highly unusual pricing structure driven by two forces: the overwhelming dominance of silver melt value through AU50, and an exceptional survival rate for high-grade (MS65–MS66) examples resulting from protective paper-tube distribution packaging used by the RCM — making this the most affordable and liquid high-grade date in the entire King George VI silver dollar series. Importantly, the Royal Canadian Mint did not produce formalized Proof-like (PL) collector sets until 1953–1954; the sole recognized premium-strike format for the 1949 issue is therefore the Specimen (SP).

1949 Canadian Silver Dollar — Business Strike (Circulation)

Values for all circulated grades (G4–AU50) reflect the February 2026 silver melt floor of $71.36 CAD, which supersedes historical catalogue values. All values in CAD per Coins and Canada (February 2026), George Manz Coins (February 2026), and Canadian Coin & Currency / CDN Coin (February 2026).

* Grades G4–AU50 are dynamically adjusted to the February 2026 silver melt floor of $71.36 CAD. Traditional static catalogues may list these grades at $51.50 CAD, but authentic market transactions will not clear below the raw silver spot value. All collector premiums above melt begin at MS63.

Side-by-side illustration of a circulated 1949 Canadian dollar (AU50, showing gentle field friction on the wave crests and sail surfaces) versus a Gem Uncirculated MS65 with fully intact cartwheel luster and no bag marks. Note the undisturbed luster on the King's cheekbone and the crest of the central sail on the MS65 coin. (Illustration — not a photo of your exact coin)

1949 Canadian Silver Dollar — Specimen (SP) Strikes

Specimen strikes are extraordinarily scarce presentation pieces produced using specially polished dies and selected, burnished planchets, double-struck at slower speeds for exceptional surface quality and strike sharpness. They represent the sole recognized premium-finish category for the 1949 issue — only a relative handful are known to exist. Population data and auction results per PCGS CoinFacts (February 2026) and GreatCollections Auction Archive (February 2026). All values in CAD.

Identifying a Specimen strike requires careful inspection of rim geometry and field texture — see the Identification Guide for the precise diagnostics. If you believe you have a Specimen, third-party authentication by ICCS or PCGS/NGC is strongly recommended before buying or selling at SP prices.

Business Strike (left) versus Specimen Strike (right) of a 1949 Canadian silver dollar. The Specimen exhibits noticeably broader, perfectly squared rims that meet the field at a near-90-degree angle, and a uniform matte or lined surface texture compared to the cartwheel luster of the Business Strike. (Illustration — not a photo of your exact coin)

Values in CAD represent typical market prices as of February 2026. For the complete denomination price guide, see our Canadian Dollar Value Guide.

Most Valuable 1949 Canadian Silver Dollar Varieties

Beyond raw grade and finish, the 1949 Canadian silver dollar hosts two formally catalogued, Charlton-recognized varieties that can transform a common circulation coin into a high-value numismatic rarity — and a small number of top-population certified examples that function as prestige assets for serious registry collectors. These named varieties are not mint errors; they are historically significant, documented anomalies with dedicated collector bases.

A) Trophy-Level Condition Rarities

The following realized prices represent verified auction transactions for the absolute finest-known certified specimens. These figures are not typical — they require a coin authenticated as one of the top-graded examples in existence.

B) Findable Varieties Worth Checking

1. Half Moon (Die Clash) — Charlton CH# 1949 Rev-002

Close-up of the 1949 Canadian dollar reverse showing the Half Moon die clash (CH# 1949 Rev-002): a distinct raised crescent-moon shape in the flat sky field directly above the Matthew's sails. This impression was permanently embedded when the obverse die (bearing the King's portrait) struck the reverse die without a planchet present. (Illustration — not a photo of your exact coin)

What it is: A distinct raised crescent-moon shape appears in the flat sky field directly above the Matthew's sails. The variety was created by a severe mechanical die clash — the obverse die bearing King George VI's portrait impacted the reverse die without a planchet present between them, permanently embedding a negative impression of the King's ear and surrounding relief into the reverse sky field.

How to identify: With a 5–10× loupe, examine the open sky area above the ship's top sails. If you see a raised, curved crescent shape — where the field would otherwise be completely smooth and flat — you have the Half Moon variety. A standard coin has an uninterrupted flat field in this area.

2. J.O.P. Counterstamp (Type 2 — Small Oval)

Close-up showing the J.O.P. Type 2 (Small Oval) counterstamp on a 1949 Canadian silver dollar. The initials "J.O.P." are enclosed in a small, deeply impressed oval. This stamp was applied by Joseph Oliva Patenaude of Nelson, B.C., to protest paper fiat currency and promote local silver mining. Professional authentication is mandatory before paying a premium — fake stamps have been documented. (Illustration — not a photo of your exact coin)

What it is: The initials "J.O.P." enclosed in a small oval are deeply and deliberately counterstamped into the coin's surface. Joseph Oliva Patenaude, a jeweler and optician based in Nelson, British Columbia, personally applied these stamps to protest paper fiat currency and promote the local silver mining industry. The J.O.P. counterstamp is officially recognized as a historic pioneer variety — not post-mint damage — and is catalogued separately from standard business strikes.

How to identify: Locate a small, oval-shaped impression stamped into the coin's surface containing the letters J.O.P. A genuine Type 2 Small Oval features highly specific typographic dimensions, a precise oval border, exact letter spacing, and documented metallurgical die-displacement characteristics (metal pushed outward on the opposing face of the coin at the point of impact). These specific metrics distinguish authentic examples from fakes.

1949 Canadian Silver Dollar Identification Guide

Use this 30-second checklist to confirm exactly what you have before consulting the price tables: monarch → reverse design → edge → magnet test → weight → finish → varieties.

30-Second Identification Checklist

1. Monarch Check: The obverse features a bareheaded portrait of King George VI facing left, designed by T.H. Paget. The peripheral legend must read GEORGIVS VI DEI GRATIA REX. If the legend includes the words IND IMP, the coin is not a 1949 issue — that imperial title was legally removed following India's independence in August 1947. Look also for the designer initials "HP" (Humphrey Paget) just below the King's neck truncation on the obverse, which authenticate the obverse die's origin.

2. Reverse Check: The reverse must clearly depict the three-masted sailing ship Matthew riding stylized ocean waves, with the motto FLOREAT TERRA NOVA. This design is entirely distinct from the standard Voyageur reverse (a canoe with paddler) used in all other years of the George VI and Voyageur dollar era. Look for the designer initials "TS" (Thomas Shingles) on the reverse, acknowledging his hand-engraved master die.

3. Edge Check: The edge is fully reeded (milled). A plain or smooth edge indicates a counterfeit or wrong planchet.

4. Magnet Test: Hold a strong magnet near the coin. An authentic 1949 Canadian dollar — composed of 80% silver and 20% copper — will not be attracted to the magnet. Any magnetic response confirms the coin is not composed of silver and is not genuine.

5. Weight Verification: Place the coin on a calibrated digital jeweler's scale. A genuine 1949 Canadian dollar weighs exactly 23.33 grams. A tolerance of 0.1–0.2 grams is acceptable on heavily circulated examples; an uncirculated coin must hit 23.33g precisely. Coins that feel suspiciously light or are unusually thick at the rim may be cast counterfeits in a lower-density alloy.

Authentication quick-tests for the 1949 Canadian silver dollar: (left) a strong magnet showing no attraction to the coin, confirming 80% silver / 20% copper composition; (right) a digital scale reading 23.33g confirming the correct planchet weight. Both tests together provide strong evidence of authenticity for raw, unslabbed coins.

Finish Identification (Business Strike vs. Specimen)

Correctly identifying the finish is critical — a genuine Specimen strike is worth dramatically more than a business strike at the same numerical grade. The two finishes are visually and physically distinct:

• Business Strike: Exhibits standard sweeping cartwheel mint luster when tilted under a direct incandescent light source. Rims are slightly rounded and mass-produced in appearance. Even well-preserved examples typically show at least minor microscopic bag marks, rim chatter, or surface abrasions on the King's cheekbone or the wide open fields behind the ship — though paper-tube examples may be surprisingly clean.
• Specimen Strike (SP): Produced using specially polished dies and selected, burnished planchets, double-struck at reduced speeds for exceptional fidelity. Key diagnostics: (1) Exceptionally broad, perfectly squared-off rims forming a near-90-degree angle with the field surface — the single most reliable visual diagnostic; (2) Fields exhibiting either a deeply reflective mirror finish or a highly uniform matte/lined texture rather than standard cartwheel luster; (3) Central devices (the King's head and the ship's hull and complex rigging) may exhibit a frosted, cameo appearance on the finest examples; (4) Strike detail in the Matthew's architectural rigging will be vastly superior and fully separated compared to any business strike.

Rim cross-section comparison: the Specimen strike (top) shows a broad, perfectly squared rim meeting the field at a sharp 90-degree angle — the most reliable single diagnostic for identifying a 1949 SP coin. The Business Strike (bottom) exhibits a slightly rounded, narrower rim profile that transitions more gradually into the field. (Illustration — not a photo of your exact coin)

Variety Quick-Check

• Half Moon (CH# 1949 Rev-002): Using a 5–10× loupe, examine the flat sky field directly above the Matthew's top sails. A raised, curved crescent or "moon" shape — where the field should be completely smooth and flat — identifies the Half Moon die clash variety.
• J.O.P. Counterstamp: Locate a small oval containing the initials "J.O.P." deliberately impressed into the coin's surface. If present, have it authenticated by ICCS/CCCS, PCGS, or NGC before transacting at the premium value — documented fakes exist.

1949 Canadian Silver Dollar Value FAQs

Methodology & Sources

Values and specifications in this guide are drawn exclusively from primary numismatic sources extracted in February 2026. No prices were estimated, interpolated, or invented from non-primary sources. The Charlton Standard Catalogue of Canadian Coins is the definitive Canadian reference for variety attribution; Charlton numbers are cited where provided by source documents.

• Coins and Canada — 1949 Dollar Prices & Varieties (primary pricing source; mintage; variety attribution and pricing for Half Moon and J.O.P.)
• PCGS CoinFacts — 1949 Canada Silver Dollar (Specimen population context; SP67+ Heritage 2014 trophy auction record)
• PCGS Auction Records — SP66 Cook Collection (SP66 Aug 2019 realized price)
• NGC World Coin Price Guide — KM-47 (composition and physical specifications)
• GreatCollections Auction Archive — 1949 Canada Dollar SP (Specimen auction data)
• GreatCollections — 1949 PCGS MS-67 Toned (MS67 business strike auction reference)
• George Manz Coins — Canadian Silver Dollars (domestic retail pricing cross-reference)
• Canadian Coin & Currency (CDN Coin) — 1949 MS-65 (MS65 tier pricing cross-reference)
• SilverPrice.org — Silver Price Canada (spot price: $3.82 CAD/g, $118.86 CAD/troy oz as of February 26, 2026)
• Geoffrey Bell Auctions — Type II J.O.P. Dollar (J.O.P. variety documentation and provenance)
• Edmonton Numismatic Society — J.O.P. Authentication (J.O.P. counterfeit diagnostic criteria)
• Imaginaire — 1949 Dollar Half Moon Variety (Half Moon variety market reference)

All values are expressed in Canadian Dollars (CAD) and reflect typical market transactions as of February 2026. Melt value uses the silver spot rate verified on February 26, 2026. Market prices fluctuate — consult current dealer or auction data before transacting. This guide covers standard (non-error) values only.