1949 Canadian 25-Cent (Quarter) Value Guide
Find out what your 1949 Canadian quarter is worth. Complete price guide by grade and finish (Business Strike vs. Specimen) with current CAD silver melt values and market data for the George VI Modified Legend issue.
Most 1949 Canadian quarters are worth approximately $16.46 CAD in circulated grades — a floor set entirely by silver content. In certified Gem grades, values reach $300–$420, and rare Specimen strikes command $400–$3,000+.
- Circulated (G4–EF40):~$16.46 (silver melt floor)
- About Uncirculated (AU50):$25.00–$28.00
- Uncirculated (MS60–MS62):$30.00–$55.00
- Choice Uncirculated (MS63):$60.00–$75.00
- Gem Uncirculated (MS65):$300.00–$420.00
- Superb Gem (MS66):$650.00–$800.00
- Specimen (SP63):$400–$600
- Specimen (SP65):$1,500–$2,500
- Specimen (SP66/67):$3,000+
Found in change or a jar? Every genuine 1949 quarter contains approximately 0.15 troy oz of silver — worth roughly $16.46 CAD in metal value alone, even in heavily worn condition. Mirror-like fields with a frosted King’s portrait? You may have a rare Specimen strike worth $400+ at minimum — do not touch the surfaces. Is it silver? Yes — the 1949 quarter is 80% silver and 20% copper; a magnet will not attract it. All values in CAD as of February 2026. See full value chart →
The 1949 Canadian quarter marks a historically significant transition in the George VI coinage series: it was the first full production year to carry the Modified Legend, permanently removing the title Indiae Imperator (Emperor of India) from the obverse inscription following India’s independence in 1947. All coins of this year read GEORGIVS VI DEI GRATIA REX — without the “IND IMP” abbreviation present on 1947 and earlier issues. Unlike the scarce 1948 key date (delayed by the late arrival of new master matrices from the Royal Mint in London), the 1949 issue saw the Royal Canadian Mint in Ottawa return to full capacity, producing 7,988,830 quarters for circulation. The coin is common in worn grades but becomes a genuine rarity in certified Gem condition, where the softness of the 80% silver alloy left most survivors scarred by bag marks. For the complete series context and pricing across all George VI and other issues, see our Canadian Quarter Value Guide.
Note: Mint errors such as off-center strikes exist for the 1949 quarter but are outside the scope of this standard value guide.
Reverse: Emanuel Hahn’s iconic Caribou head design, first introduced in 1937 and continued throughout the George VI era. The date 1949 appears to the right of the caribou’s neck; CANADA arcs above; 25 CENTS is positioned between the antlers.
1949 Canadian Quarter Composition & Melt Value
Composition Breakdown
The Royal Canadian Mint maintained the 80% Silver / 20% Copper alloy standard for Canadian quarters from 1920 through the mid-point of 1967. This “Coin Silver” alloy — distinct from the 92.5% Sterling standard used prior to 1920 — was chosen for its durability: pure silver is too soft for circulation use, and the 20% copper addition hardens the planchet. However, even with the copper content, this alloy is significantly softer than the pure nickel coins that replaced Canadian silver quarters beginning in 1968. That relative softness is the single greatest grading challenge for high-grade 1949 quarter survivors: coins transported and stored in canvas mint bags sustained small but grade-limiting nicks and scratches where soft silver struck against soft silver, a phenomenon collectors call “bag marks” or “bag chatter.”
Melt Value Calculation (As of February 10, 2026)
The melt value represents the intrinsic bullion value of a single 1949 quarter and sets the absolute price floor for any genuine example in any circulated grade. No genuine 1949 quarter should sell for less than this figure (excluding holed or severely damaged coins).
| Step | Calculation | Result |
|---|---|---|
| Actual Silver Weight (ASW) | 5.83g × 0.800 purity | 4.664g Ag (≈ 0.15 troy oz) |
| Silver Spot Price (Feb 10, 2026) | SilverPrice.org / Canada Gold | ~$109.81 CAD/oz (~$3.53 CAD/g) |
| Melt Value | 0.15 oz × $109.81/oz | ~$16.46 CAD |
Key Market Implications of the Silver Floor
- The Bullion Floor (G4–EF40): For any 1949 quarter grading Good through Extremely Fine, the numismatic premium over silver is negligible. Dealers typically pay 90–95% of melt for circulated rolls. Do not overthink the grade distinction between VF-20 and EF-40 in this range — the price difference is minimal and the silver price drives both.
- The Numismatic Breakpoint (AU50+): Only at About Uncirculated and above does collector value begin to decouple meaningfully from the silver spot price.
- Weight as a Diagnostic Tool: A genuine 1949 quarter should weigh 5.83 grams. Heavily worn examples (G4/VG8) may weigh slightly less (approximately 5.70–5.75g) due to metal loss over 70+ years of circulation. A coin weighing approximately 5.05g is likely a post-1968 nickel issue and is not a 1949 silver quarter.
Magnetic Properties
Apply a standard magnet to the coin. A genuine 1949 quarter — composed of 80% silver and 20% copper — will not be attracted to the magnet. Neither silver nor copper is magnetic. If a coin purporting to be a 1949 quarter sticks to a magnet, it is either a counterfeit or a modern plated-steel coin and has no numismatic value as a 1949 issue.
ⓘ Legal Note on Melting
The melt value figure above reflects intrinsic metal content and is used as a pricing reference only. The Currency Act of Canada prohibits the melting of Canadian coin of the realm; this guide does not recommend melting coins.
1949 Canadian Quarter Value Chart by Grade & Finish
1949 Canadian Quarter — Business Strike (Circulation)
Composition: 80% Silver, 20% Copper | Mintage: 7,988,830 | No mint mark (Ottawa) | Market data: NGC Price Guide — Canada 25 Cents KM-44 (1948–1952)
| Grade | Designation | Est. Value (CAD) | Market Notes |
|---|---|---|---|
| G-4 | Good | $16.46 | Silver melt floor. No numismatic premium. |
| VG-8 | Very Good | $16.46 | Bullion item. Details worn but distinct. |
| F-12 | Fine | $16.46 | Bullion item. Major design elements clear. |
| VF-20 | Very Fine | $16.50–$18.00 | Minimal premium for strong eye appeal. |
| EF-40 | Extremely Fine | $18.00–$22.00 | Sharp detail; slight wear traces on hair. |
| AU-50 | About Uncirculated | $25.00–$28.00 | Traces of original lustre must be present. Collector premium begins here. |
| MS-60 | Uncirculated | $30.00–$40.00 | No wear, but likely bag-marked or dull lustre. |
| MS-62 | Select Uncirculated | $45.00–$55.00 | Better eye appeal; typical “BU roll” coin. |
| MS-63 | Choice Uncirculated | $60.00–$75.00 | Strong lustre; standard collector grade. |
| MS-64 | Choice/Near Gem | $100.00–$130.00 | Clean cheeks required. Popular collector target grade. |
| MS-65 | Gem Uncirculated | $300.00–$420.00 | Major value jump. Pristine fields required. Caribou’s neck and King’s cheek must be free of contact marks. |
| MS-66 | Superb Gem | $650.00–$800.00 | Rare. Very few certified examples are known at this grade level. |
⚠️ The MS-65 Value Cliff
The jump from MS-64 (~$100–$130) to MS-65 (~$300–$420) is dramatic and reflects the genuine rarity of bag-mark-free 1949 quarters. Coins were transported in canvas mint bags where the soft silver struck against itself, leaving small nicks on the King’s cheek and the Caribou’s neck. To grade MS-65, both the obverse and reverse fields must be essentially pristine — a demanding standard for a circulation issue of this era and alloy.
Grade comparison: a heavily circulated 1949 quarter (left, ~$16.46 silver melt value) versus a Gem Uncirculated MS-65 example (right, ~$300–$420), illustrating the pristine fields and fully struck devices required for the Gem premium. (Illustration — not a photo of your exact coin)
1949 Canadian Quarter — Specimen (SP) Strike
Specimen strikes are an entirely separate category from the mass-produced Proof-Like sets of the 1960s. The 1949 Specimen quarter was struck individually on specially prepared presses for presentation purposes, not distributed in standard collector sets. No officially verified mintage figure exists for 1949 Specimen quarters; numismatic scholars estimate the number of survivors is extremely low — likely in the low hundreds or fewer — with most found as singles rather than intact sets. Pricing is based on historical auction realizations from Geoffrey Bell Auctions and Heritage Auctions. For background on what distinguishes a Specimen finish visually, see the Numista reference on Specimen finish identification.
| Finish | SP-63 | SP-65 | SP-66/67 | Cameo Note |
|---|---|---|---|---|
| Specimen (SP) | $400–$600 | $1,500–$2,500 | $3,000+ | Heavy Cameo (HC) contrast is exceptionally rare on 1949 Specimen issues and commands a significant additional premium above these base figures. |
Business Strike versus Specimen finish: a standard Business Strike (left) displays rolling cartwheel lustre and a rounded rim profile, while a genuine Specimen strike (right) shows glassy mirror fields, frosted devices on the King’s portrait, and a sharp 90-degree wire rim where the raised rim meets the edge. (Illustration — not a photo of your exact coin)
All values in CAD represent typical market prices as of February 2026, reflecting the elevated silver-price environment of early 2026. For the complete denomination price guide, see our Canadian Quarter Value Guide.
Most Valuable 1949 Canadian Quarter Varieties
The 1949 Canadian quarter does not carry the famous die varieties found on some other years (such as the 1947 Maple Leaf or the 1973 Large Bust). No major DDO, DDR, or other catalogued die varieties are widely recognized by the Charlton Standard Catalogue for the 1949 25-cent piece. Value is determined almost entirely by grade and finish. That said, there are two meaningful split points and one critical warning that every 1949 quarter owner should understand.
A. Trophy-Level: The Rarest 1949 Quarter Examples
The following coins represent the peak of the market for this date. These values apply only to coins certified by top-tier grading services (ICCS, PCGS, or NGC) at the highest possible grades and are not representative of typical examples found in jars or rolls.
| Coin | Why It Commands a Premium | Est. Value (CAD) | Source |
|---|---|---|---|
| 1949 Specimen SP-67 | Absolute rarity. The 1949 Specimen issue had an extremely low mintage estimated in the low hundreds or fewer. A virtually flawless SP-67 example is a once-in-a-decade offering in any auction market. | ~$3,000+ CAD (estimated) | Historical auction realizations; Geoffrey Bell Auctions & Heritage Auctions records |
| 1949 Business Strike MS-67 | Condition rarity. With millions struck and stored in canvas bags, a bag-mark-free MS-67 survivor is a statistical anomaly for this soft-alloy, bulk-handled issue. | ~$580–$800 CAD | PCGS auction records |
| 1949 Business Strike MS-66 | Registry Set key grade. Collectors competing for the top-ranked certified set drive premiums at this level, which represents the realistic ceiling for most certified examples of this date. | ~$700 CAD (~$504 USD, Stack’s Bowers 2022) | Stack’s Bowers Galleries 2022 auction |
B. Findable Split Points
| Variant / Finish | How to Identify | Why It’s Rarer | Typical Premium Impact |
|---|---|---|---|
| Specimen (SP) Strike | Glassy mirror fields; frosted/matte King and Caribou devices; sharp 90-degree wire rim at the edge (see identification guide). Struck individually on specially prepared presses. | Extremely low number of survivors. Not distributed to the general public. | Values begin at $400–$600 (SP-63) — a 1,000%+ premium over silver melt. |
| PL-Like Business Strike (Early Die State) | Semi-reflective or “flashy” fields from an early die state during regular production. Lacks the squared wire rim of a genuine Specimen. Fields are reflective but not mirror-quality. | Not a formal collector issue; an artifact of early die production. Fewer survive in this desirable early-strike state. | Approximately 20–50% premium over standard MS grades of the same grade level. |
⚠️ “A to Denticle” Warning — Quarter vs. Penny Confusion
Online listings and forum discussions sometimes reference a “1949 A to Denticle” variety in the context of Canadian 25-cent coins. This variety applies exclusively to the 1949 1-Cent Penny, not the Quarter. There is no “A to Denticle” die variety recognized or catalogued by Charlton for the 1949 25-cent piece. Do not pay a variety premium for a 1949 quarter based on this misattribution.
The definitive Specimen diagnostic — rim profile cross-section: the sharp 90-degree “wire rim” of a genuine Specimen strike (right) versus the rounded, soft rim of a standard Business Strike (left). Combined with glassy mirror fields and frosted devices, the wire rim confirms Specimen status. If you see all three traits, secure the coin immediately and submit it for professional grading.
1949 Canadian Quarter Identification Guide
Use this 30-second checklist to determine exactly what you have before deciding whether to submit for professional grading. Work through each step in sequence.
Obverse identification guide: King George VI portrait by T.H. Paget. Key diagnostic — the legend ends in REX (no IND IMP), confirming the Modified Legend type used from 1948 onward. The bare neck truncation and standard peripheral denticles are also highlighted.
30-Second Identification Checklist
Monarch Check (Obverse): Confirm you see King George VI facing left, with a bare neck truncation. The portrait designer is T.H. Paget. Read the legend: it must read GEORGIVS VI DEI GRATIA REX. Focus on the end of the inscription — if it reads REX ET IND:IMP:, you have a 1947 or earlier coin. If it ends simply in REX with no additional abbreviations, you have the correct 1948–1952 Modified Legend type.
Reverse Check: Confirm the Caribou head reverse, designed by Emanuel Hahn (introduced 1937). CANADA arcs above; 25 CENTS appears between the antlers; the date is positioned to the right of the caribou’s neck.
Date Check: Confirm the date reads 1949 clearly and unambiguously.
Edge Check: The edge is reeded (milled) — a series of parallel ridges running around the full circumference of the coin. A plain, damaged, or otherwise abnormal edge is a warning sign of a counterfeit or altered coin.
Magnet Test (Composition Verification): Apply a standard magnet to the coin. A genuine 1949 quarter is composed of 80% silver and 20% copper — neither metal is magnetic, so the coin will not be attracted. If it sticks, it is not a genuine 1949 silver quarter. As a supporting check, weigh the coin: genuine examples weigh 5.83 grams. Significantly lighter readings (e.g., ~5.05g) may indicate a post-1968 nickel issue.
Mint Mark Check: No mint mark is documented or expected for 1949 quarters. All examples were struck at the Royal Canadian Mint in Ottawa. There is no “W” Winnipeg mark or any other distinguishing facility mark for this year’s circulation or Specimen issues.
Finish Identification — The Critical Step:
- Business Strike (Common): Tilt the coin under a direct light source and slowly rotate it. Look for the “cartwheel lustre” — a rotating spoke pattern of reflected light that sweeps across the fields. Fields will be shiny but will typically carry small contact marks (“bag chatter”). The rim has a soft, rounded profile where it meets the edge.
- Specimen Strike (Rare — Jackpot Check): Fields appear like polished liquid glass or a mirror. The King’s portrait and the Caribou appear grey, white, and frosted against the mirror background — this is called the “cameo” effect. Most critically: examine the rim under magnification. On a genuine Specimen, the rim meets the edge at a sharp 90-degree angle (the “wire rim”), not a rounded curve. If you observe all three traits simultaneously — mirror fields, frosted devices, and wire rim — do not touch the coin’s surfaces. Secure it in a holder immediately and submit to ICCS, PCGS, or NGC for professional authentication and grading.
Magnet test for the 1949 Canadian quarter: a standard magnet held near the coin shows no attraction — the 80% silver and 20% copper composition is non-magnetic. Any coin that sticks to a magnet is not a genuine 1949 silver quarter.
⚠️ Never Clean Your Coins
Cleaning strips original lustre and leaves hairlines that are immediately visible under magnification and to any experienced dealer. A cleaned 1949 quarter receives a “Details — Cleaned” designation from all major grading services, losing all numismatic premium and reverting to silver melt value (~$16.46 CAD) regardless of its underlying detail. If you have a coin with green PVC residue from old plastic holders, consult a professional conservator — do not attempt home remedies other than pure acetone applied carefully by someone experienced in conservation.
ⓘ “BU” Coin Warning
Dealers frequently sell raw coins as “BU” (Brilliant Uncirculated). In Canadian numismatics, “BU” typically maps to MS-60 or MS-62 ($30–$55 CAD). It rarely means MS-65. Treat any raw, unholdered “BU” 1949 quarter as an MS-60 value proposition (~$30–$40) unless you are an experienced grader or the coin has been independently certified.
1949 Canadian Quarter Value FAQs
What is a 1949 Canadian quarter worth?
Most 1949 Canadian quarters are worth approximately $16.46 CAD in circulated grades — the silver melt value of the coin’s 0.15 troy oz silver content at February 2026 spot prices. Coins grading MS-65 (Gem Uncirculated) command $300–$420, and rare Specimen strikes begin at $400–$600 (SP-63), rising to $3,000+ for SP-66/67. The exact value depends on grade, finish (Business Strike vs. Specimen), and whether the coin has been cleaned or altered.
Is a 1949 Canadian quarter silver?
Yes. The 1949 Canadian quarter is composed of 80% silver and 20% copper, with a weight of 5.83 grams and an actual silver weight (ASW) of approximately 0.15 troy oz. At February 2026 silver prices (~$109.81 CAD/oz), the metal value alone is approximately $16.46 CAD. This alloy was the Canadian standard from 1920 through mid-1967; quarters dated 1968 and later are struck in pure nickel and contain no silver. You can confirm silver content with a simple magnet test: the 1949 quarter will not stick.
What makes a 1949 Canadian quarter particularly valuable?
Three factors drive value above the silver floor: (1) Grade — the soft 80% silver alloy means that MS-65+ examples with pristine, bag-mark-free fields are genuine rarities, creating a dramatic value jump from ~$100–$130 at MS-64 to ~$300–$420 at MS-65; (2) Finish — a genuine Specimen strike is worth hundreds to thousands of dollars more than a business strike of the same date, even in lower grades; and (3) Preservation — original, undisturbed lustre free of cleaning, dipping, or environmental damage is essential for realizing top-tier grades and prices.
How do I identify a Specimen (SP) 1949 quarter?
Look for three simultaneous characteristics: (1) Mirror fields — the background of the coin appears like polished glass, not the rolling cartwheel lustre of a Business Strike; (2) Frosted devices — the King’s portrait and the Caribou appear white and matte against the mirror background, creating a stark cameo contrast; and (3) Wire rim — under magnification, the raised rim meets the coin’s edge at a sharp 90-degree angle rather than the soft rounded curve of a Business Strike. A coin displaying only one or two of these traits may be an early-die-state business strike or a cleaned coin, not a genuine Specimen. When in doubt, submit to ICCS or another major grading service for professional authentication.
Should I get my 1949 Canadian quarter graded?
Professional grading is economically worthwhile only if the coin is likely to reach MS-64 or higher, or if you believe you have a Specimen strike. For context: ICCS, PCGS, and NGC fees typically begin at $20–$50+ per coin (current fee schedules vary). A coin that grades MS-63 (worth ~$60–$75) may not justify the cost of certification. However, a coin with potential MS-65+ condition (worth $300+), or any suspected Specimen (worth $400+), absolutely warrants submission. For the Canadian market, ICCS is the recognized domestic standard. PCGS and NGC holders can achieve premium auction prices in international venues due to the “Registry Set” competition effect at the MS-66/67 level.
What is ICCS and how does it compare to PCGS and NGC for 1949 quarters?
ICCS (International Coin Certification Service) is the primary Canadian grading service and is recognized as the standard for Canadian coins within the domestic market. Their holders are highly liquid with Canadian dealers and at Canadian auctions. PCGS and NGC are US-based services whose holders are accepted internationally and tend to achieve strong prices at major US and international auction houses, particularly for registry-set competition at the very highest grade levels. For a 1949 quarter, an ICCS MS-65 holder is excellent for the Canadian market; PCGS or NGC may be preferred if you intend to sell through a major US or international auction house targeting serious registry-set collectors.
Why did the inscription on the 1949 quarter change from earlier issues?
All Canadian coins issued through 1947 carried the title Indiae Imperator (Emperor of India) in the monarch’s legend, abbreviated as “IND IMP” or “IND:IMP:” at the end of the inscription. When India gained independence in 1947, the British sovereign relinquished this title. Because the Royal Mint in London was delayed in supplying new master matrices without the title, 1948 became a very low-mintage year for Canadian coinage. By 1949, full production resumed with the “Modified Legend” reading simply GEORGIVS VI DEI GRATIA REX. This makes the 1949 quarter the first normal-production representative of the post-independence era — historically significant but common in circulated grades.
Is a cleaned 1949 quarter still worth anything?
A cleaned 1949 quarter retains its silver melt value (~$16.46 CAD at February 2026 prices) but loses all numismatic premium. Grading services assign a “Details — Cleaned” designation to cleaned coins, preventing them from receiving a standard numeric grade. In market terms, a cleaned coin that would otherwise grade MS-65 is worth the same as a worn circulated example: its silver content only. Additionally, many 1949 quarters have been “dipped” in acid solutions to create a white, shiny appearance. A dipped coin lacks the rolling cartwheel lustre of a genuine mint coin and will appear flat and lifeless under light. Never clean a 1949 quarter.
Methodology & Sources
Values in this guide are based on a synthesis of sources current to February 2026, reflecting the elevated silver-price environment of early 2026 (~$109.81 CAD/oz). All prices are expressed in Canadian Dollars (CAD). Coin values fluctuate with silver spot prices, collector demand, and market conditions; these figures represent estimated market values and should not be construed as offers to buy or sell.
- Charlton Standard Catalogue of Canadian Coins (74th Edition and historical volumes) — the definitive Canadian numismatic reference for mintage data, variety attribution, and grade-based pricing.
- NGC Price Guide — Canada 25 Cents KM-44 (1948–1952) — world coin market data and certified population context.
- Calgary Coin Gallery — Canadian Quarters — Canadian dealer retail pricing trends.
- George Manz Coins — Canadian Mint Issues — historical Specimen and presentation set auction realizations.
- SilverPrice.org — Silver Price Canada — February 10, 2026 silver spot reference (~$109.81 CAD/oz).
- Canada Gold — Today’s Silver Prices — supporting silver spot data reference.
- Numista — Specimen Finish Reference — educational reference on Specimen finish identification.
- Royal Canadian Mint — 25 Cents — historical mintage and production data.
- Heritage Auctions and Stack’s Bowers Galleries archive data (2022–2026) — high-grade and Specimen auction realizations informing trophy-level value estimates.
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.