1968 Canadian 25-Cent (Quarter) Value Guide
Is your 1968 Canadian quarter silver or nickel? Full price guide by grade and finish. Silver: $10.29+ melt floor regardless of condition. Nickel: face value to $325+ Gem. PL and Specimen values in CAD.
The 1968 Canadian quarter exists in two completely different compositions — 50% silver (worth $10.29+ in any condition) and 99.9% nickel (worth face value unless certified Gem). Apply a magnet first: non-magnetic = silver, magnetic = nickel.
- 🔍 Silver (non-magnetic, ~5.83 g) — Any circulated grade (G4–AU50):$10.29 melt floor
- 🔍 Silver — Gem Uncirculated (MS65):$35.00
- 🔍 Silver — Trophy grade (MS67):$400–$600+
- 🧲 Nickel (magnetic, ~5.05 g) — Circulated: Face value ($0.25)
- 🧲 Nickel — Gem Uncirculated (MS65):$18.00
- 🧲 Nickel — MS66/67:$200–$325
- 📦 Proof-Like (PL65):$8.00 standard; Heavy Cameo PL65: ~$35–$50
- 📦 Specimen (SP67):$45.00
All values in CAD as of February 2026. A "shiny" loose coin from a drawer is almost certainly a Proof-Like (PL) from a set, not a rare high-grade Business Strike — see Finish Identification below. Silver values move in direct proportion to silver spot price. See full value chart →
The 1968 Canadian quarter is one of the most consequential coins in the Royal Canadian Mint's history — the year the RCM permanently abandoned silver for circulation coinage, replacing it with 99.9% pure nickel. Two physically similar 25-cent pieces co-circulated under the same date: a 50% silver coin struck from January through July 1968, and a pure nickel coin introduced in August 1968. For collectors, identifying which metal you hold is the first — and most critical — step in valuation. Both varieties share the Arnold Machin "Tiara" obverse portrait of Queen Elizabeth II and Emanuel Hahn's iconic Caribou reverse. This guide covers standard Business Strike, Proof-Like, and Specimen values for all documented grade levels. For a complete overview of the denomination across all years, see our Canadian Quarter Value Guide.
Note: Production errors such as off-metal strikes on wrong planchets exist for this year but are outside the scope of this standard value guide.
1968 Canadian Quarter Composition & Melt Value
The 1968 quarter's dual-composition production creates a fundamental pricing bifurcation. By the late 1960s, rising silver prices threatened to make the metal content of Canadian coins worth more than their face value. The Royal Canadian Mint transitioned mid-year, producing 50% silver coins from January through July 1968 and 99.9% nickel coins from August 1968 onward. Both designs are visually near-identical, making physical testing essential before valuation.
Side-by-side comparison of the 1968 silver quarter (left, warmer/whiter tone) vs. the 1968 nickel quarter (right, steelier grey tone). The difference is subtle and unreliable as a sole test — always confirm with a magnet or digital scale. (Illustration — not a photo of your exact coin)
Composition 1: 50% Silver (January–July 1968)
The silver alloy used in 1968 was a 50/50 mix of silver and copper — reduced from the 80% silver used in earlier Canadian quarters prior to 1967. Each coin contains approximately 0.0937 troy ounces of actual silver weight (ASW). At the February 2026 silver spot price of $109.81 CAD per troy ounce, the melt value calculates as follows:
5.83 g × 0.500 purity ÷ 31.1035 g/troy oz × $109.81 CAD/troy oz ≈ $10.29 CAD
This establishes an absolute price floor: every 1968 silver quarter — even one worn completely smooth — is worth approximately $10.29 CAD in metal value alone. This floor moves in direct proportion to silver spot prices. Numismatic premiums above melt only begin to materialize at MS60 and above.
Visual cues for silver: The silver alloy appears whiter or creamier compared to nickel. Toning on silver ranges from yellow-gold to blue-russet to dark black depending on storage conditions. Silver is a soft metal, so contact marks from bag handling are common and visible even on higher-grade examples — this is a core reason condition-rarity premiums are significant for MS65 and above.
Composition 2: 99.9% Pure Nickel (August 1968 Onward)
Pure nickel is ferromagnetic — it sticks firmly to a rare-earth magnet. The nickel variety carries negligible intrinsic metal value; all numismatic worth is derived from grade (condition rarity) or variety interest. The diameter was deliberately kept at 23.88 mm to ensure continued compatibility with vending machines calibrated for the outgoing silver coin.
Visual cues for nickel: The nickel alloy presents a steelier, bluish-grey tone. Nickel is harder than silver, so surface marks often appear sharper and more jagged. Toning is less common on nickel but may appear as a golden haze over time.
Distinguishing the Two Compositions
The magnet test is the fastest and most reliable field method:
- Non-magnetic → 50% Silver → worth approximately $10.29+ (February 2026 spot)
- Strongly magnetic → 99.9% Nickel → face value unless MS65+
For definitive confirmation, a digital scale accurate to 0.01 g provides a physical result: ~5.83 g = Silver (heavier); ~5.05 g = Nickel (lighter). Visual tone assessment (creamy white vs. steely grey) is useful in good lighting but unreliable for well-worn or cleaned specimens.
A digital jeweler's scale confirming the weight of a 1968 Canadian quarter. A reading of approximately 5.83 g confirms the 50% silver variety; approximately 5.05 g confirms the 99.9% nickel variety. Use a scale accurate to 0.01 g for reliable results. (Illustration — not a photo of your exact coin)
ℹ️ The Gresham's Law Effect
As nickel quarters flooded circulation from August 1968 onward, the public instinctively hoarded the more valuable silver coins — "bad money drives out good." Today, finding a 1968 silver quarter in circulation is statistically improbable, though unsearched coin rolls occasionally yield examples. This is why silver specimens remain genuinely scarcer in high grades than the large mintage figures alone suggest.
1968 Canadian Quarter Value Chart by Grade & Finish
Values below reflect the retail market in February 2026, in Canadian Dollars (CAD). These are typical prices a collector would pay at a reputable coin shop or established online retailer — dealer purchase prices are typically 20–30% lower. Silver variety circulated values (G4–AU50) are anchored to the melt floor of approximately $10.29 CAD at a silver spot of $109.81 CAD/troy oz.
1968 Canadian Quarter — Business Strike (Circulation)
| Composition | Mintage | G4 | VG8 | F12 | VF20 | EF40 | AU50 | MS60 | MS63 | MS65 | High-Grade Notes |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 50% Silver Jan–Jul 1968 · Non-magnetic · ~5.83 g | ~71,464,000 | $10.29 | $10.29 | $10.29 | $10.29 | $10.29 | $10.29 | $12.00 | $15.00 | $35.00 | MS67: ~$400–$600+. Silver's softness makes mark-free Gem survivors rare; bag marks are ubiquitous. G4–AU50 values track silver spot. |
| 99.9% Nickel Aug–Dec 1968 · Strongly magnetic · ~5.05 g | ~88,686,931 | $0.25 | $0.25 | $0.25 | $0.25 | $0.25 | $0.25 | $1.00 | $2.50 | $18.00 | MS66/67: ~$200–$325. Planchet flaws and rough surfaces in 1968 nickel production limit pristine high-grade survivors. |
⚠️ Silver Values Tied to Spot Price
The G4–AU50 values for the silver variety are pegged to the silver melt calculation (~$10.29 CAD at February 2026 spot of $109.81 CAD/troy oz). If silver spot changes, circulated silver quarter values move in direct correlation. Meaningful numismatic premiums above melt only appear at MS60 and higher.
Grade comparison for the 1968 Canadian nickel quarter — from a heavily worn G4 (face value) through F12, VF20, and EF40 to a pristine MS65 Gem. The sharp value jump at MS65 reflects genuine rarity of planchet-flaw-free, fully struck survivors. (Illustration — not a photo of your exact coin)
1968 Canadian Quarter — Proof-Like (PL)
Proof-Like coins were struck for the Royal Canadian Mint's annual Uncirculated Coin Sets, packaged in flat, transparent pliofilm envelopes, often with a red or black card insert. PL coins feature mirror-like fields and frosted devices. Cameo contrast — the degree of frosting on the Queen portrait and Caribou against the mirror fields — is the primary value driver within the PL tier. The 1968 PL sets are abundant in the market; many loose "shiny" 1968 quarters encountered in collections are PL coins broken from these sets, not rare high-grade Business Strikes.
⚠️ PVC Damage Risk
Proof-Like coins stored in the original pliofilm packaging may develop green PVC residue over decades. If you see green slime on your 1968 PL coin, it requires professional conservation with pure acetone — do not use nail polish remover. Coins damaged by PVC revert to face or melt value regardless of underlying detail.
| Finish | PL63 | PL65 | PL66/67 | Heavy Cameo Premium | Notes |
|---|---|---|---|---|---|
| Proof-Like (PL) | $3.00 | $8.00 | $25.00 | Heavy Cameo (HC): adds ~50–100% premium. HC PL65: ~$35–$50. See London Coin Centre 1968 PL65 HC listing. | From pliofilm sets. 1968 PL sets are common. A standard PL63/64 often trades as part of a complete set for $15–$20 CAD. Cameo contrast is the critical value separator. |
ℹ️ PL Set Contamination
Millions of 1968 PL sets were produced and many have been broken open over the decades. A "shiny" 1968 quarter found loose in a collection is almost certainly a PL coin, not a rare high-grade Business Strike. Dealers routinely discount raw "Uncirculated" 1968 quarters for exactly this reason — always confirm finish type before attributing MS-grade Business Strike status.
1968 Canadian Quarter — Specimen (SP)
Specimen coins were struck for Double Dollar sets and specialized presentation cases. They are identified by a distinctive wire rim (sharply squared edge around the coin's circumference), a satin or matte-like finish distinct from both the cartwheel luster of Business Strikes and the mirror fields of PL coins, and uniformly sharp, squared device contours. Specimen coins originate from leatherette Double Dollar cases and are generally scarcer than PL coins at equivalent grades.
| Finish | SP63 | SP65 | SP67 | Notes |
|---|---|---|---|---|
| Specimen (SP) | $5.00 | $12.00 | $45.00 | Top-grade SP67/68: ~$200–$300. From leatherette Double Dollar sets. Sharper strike and wire rim distinguish SP from PL. Cameo contrast less common on SP than on PL. |
Three 1968 Canadian quarter finish types: Business Strike (left, rotating cartwheel luster with random bag marks), Proof-Like (center, mirror fields with frosted devices), and Specimen (right, satin-matte finish with distinctive wire rim and squared edge). (Illustration — not a photo of your exact coin)
⚠️ Never Clean Your Coins
Cleaning strips original luster and leaves hairlines visible under magnification. A cleaned coin is graded "Details" (damaged) and loses all numismatic premium. 1968 silver quarters are especially prone to acid dipping to remove tarnish — this destroys the original cartwheel luster and reduces such coins to melt value only, regardless of the underlying detail.
Values in CAD represent typical retail market prices as of February 2026. For complete denomination pricing across all years, see our Canadian Quarter Value Guide.
Most Valuable 1968 Canadian Quarter Varieties
The 1968 Canadian quarter's primary value driver is composition (silver vs. nickel), but condition rarity, finish quality, and documented die varieties also create meaningful premiums. Below are the trophy-level examples and actionable findable varieties documented for this year.
A. Trophy-Level Examples
| Coin | Why It Commands a Premium | Typical Requirement | Estimated Value (CAD, Feb 2026) |
|---|---|---|---|
| 1968 Silver Quarter — MS67 | Condition rarity: The 50% silver alloy is soft. Bag marks from mint handling are ubiquitous — a flawless MS67 business strike is a statistical anomaly. See NGC Auction Central — 1968 Silver Canada 25C MS. | ICCS/PCGS MS67 Business Strike | ~$400–$600+ |
| 1968 Nickel Quarter — MS66/67 | Condition rarity: 1968 nickel planchets were often rough or striated. Pristine satin-luster examples at MS66+ are genuinely scarce relative to the massive mintage. PCGS Auction Prices — 1968 25C. | ICCS/PCGS MS66+ | ~$200–$325 |
| 1968 Proof-Like — Heavy Cameo (PL66/67 HC) | Visual appeal: "Black and white" contrast between deep mirror fields and heavily frosted devices. Standard PLs often have minimal device frosting. HC PL65 referenced at London Coin Centre. | ICCS PL66/67 Heavy Cameo | ~$50–$100+ |
| 1968 Specimen — SP67/68 | Top-pop Specimen: Finest known Specimen strikes preserved in Double Dollar leatherette sets attract advanced collector competition. GreatCollections Auction Archive documents recent sales. | PCGS/NGC SP67/68 | ~$200–$300 |
Historical auction context: A 1968 nickel quarter in PCGS MS66 realized approximately $4,140 USD at a 2004 Heritage Auctions sale, driven by Registry Set competition during a period when certified populations were thin. By 2024–2025, the market had matured with grading populations filling out, and MS66/67 examples now trade in the $200–$600 CAD range. Historical peak prices are not current retail values — always consult recent realized prices before buying or selling at trophy levels.
1968 Canadian quarter Proof-Like cameo comparison: standard brilliant PL (left, minimal device frosting, both fields and portrait similarly reflective) vs. Heavy Cameo PL (right, stark white-frosted Queen portrait and Caribou against jet-black mirror fields). The Heavy Cameo designation adds approximately 50–100% to standard PL prices. (Illustration — not a photo of your exact coin)
B. Findable Varieties Worth Checking
| Variety | How to Identify | Reference | Premium Impact |
|---|---|---|---|
| Silver Business Strike | Non-magnetic + ~5.83 g weight. Slightly creamier/whiter metal tone than nickel. | Composition test | Melt floor: ~$10.29+ regardless of grade |
| Heavy Cameo Proof-Like (HC PL) | Thick, creamy frost on the Queen's portrait and Caribou against jet-black mirror fields. Best assessed under a strong light at an angle. Compare to standard PL to gauge contrast. | ICCS designation | 2× to 5× standard PL price. HC PL65: ~$35–$50 |
| Rotated Die | Hold coin with obverse portrait upright. The reverse Caribou should also be upright in standard medal alignment. A visibly rotated Caribou indicates a die shift during production. Listed in Charlton Standard Catalogue. | Charlton-listed | $20–$50+ depending on degree of rotation |
| Doubled Die Obverse (DDO) / Reverse (DDR) | Examine under a 5–10× loupe. Look for doubling or thickening on the date "1968" or on the letters of ELIZABETH II, REGINA (obverse) or CANADA, 25 CENTS (reverse). Listed in Charlton/Zoell. | Charlton/Zoell-listed | $10–$50+ depending on visibility and strength of doubling |
1968 Canadian Quarter Identification Guide
Use this 30-second checklist to determine exactly what you have — and to confirm the composition that determines base value — before consulting the value tables above.
1968 Canadian 25-cent coin: obverse (left) showing the Arnold Machin Second Portrait of Queen Elizabeth II wearing the Girls of Great Britain and Ireland tiara, with the legend ELIZABETH II D·G·REGINA; reverse (right) showing Emanuel Hahn's Caribou design with CANADA, 25 CENTS, and the date 1968.
30-Second Checklist
- Date Check: Confirm the coin reads 1968.
- Obverse Check: Confirm the Queen Elizabeth II "Tiara Portrait" — the Arnold Machin Second Portrait (used 1965–1989), depicting the mature Queen facing right and wearing the Girls of Great Britain and Ireland tiara. The legend reads ELIZABETH II D • G • REGINA.
- Reverse Check: Confirm Emanuel Hahn's Caribou design, the animal depicted in profile facing left, with CANADA above and 25 CENTS and 1968 below.
- Magnet Test — THE CRITICAL STEP for 1968:
- Hold a strong rare-earth magnet to the coin.
- Coin sticks firmly: 99.9% Nickel variety → base value is face value ($0.25) unless MS65+
- Coin does not stick: 50% Silver variety → base value is approximately $10.29 at February 2026 spot (see Numista community guide on testing 1968 quarters)
- Weight Confirmation (if magnet unavailable): Use a digital scale accurate to 0.01 g.
- ~5.83 g = Silver (heavier)
- ~5.05 g = Nickel (lighter)
- Mint Mark Check: No documented mint marks appear on 1968 Canadian circulation quarters. All business strikes are from the Royal Canadian Mint, Ottawa, with no identifying mark — standard for Canadian circulation coinage of this era. Do not mistake planchet marks or die characteristics for mint marks.
- Finish Identification:
- Business Strike: "Cartwheel" luster — bands of reflected light that rotate around the coin when tilted slowly under a light source. Surfaces will typically show random bag marks and contact abrasions from mint handling.
- Proof-Like (PL): Mirror-like fields (the flat background areas) with frosted devices (the Queen portrait and Caribou). These originate from flat pliofilm/cellophane packaging. Device frosting ranges from minimal ("brilliant," low premium) to very heavy ("Heavy Cameo," 50–100% premium over standard).
- Specimen (SP): A distinctive wire rim — a visibly sharp, squared edge around the full circumference — combined with a satin or matte-like finish. Both fields and devices are more uniformly finished than on a PL. Specimen coins originate from leatherette Double Dollar presentation cases.
- Variety Check:
- Confirmed non-magnetic + ~5.83 g = Silver variety (significant melt premium applies).
- PL coin: assess device frosting quality under angled light for potential Heavy Cameo designation.
- Business strike: hold obverse upright and check reverse orientation for rotated die; examine date and legends under a loupe for doubled die doubling.
The critical magnet test for 1968 Canadian quarters: a rare-earth magnet firmly attracts the 99.9% nickel variety (magnetic — worth face value unless Gem-grade) while the 50% silver variety is completely non-magnetic and falls away (worth $10.29+ at February 2026 silver spot). This single test immediately establishes base value. (Illustration — not a photo of your exact coin)
💡 ICCS vs. PCGS/NGC: Which Grading Service for Your 1968 Quarter?
ICCS (International Coin Certification Service) is the domestic Canadian standard — most Canadian price references, including the Charlton Standard Catalogue "Trends" pricing, are calibrated to ICCS grades. ICCS uses "Heavy Cameo" (HC) for PL coins, equivalent to PCGS's "Deep Cameo" (DCAM) and NGC's "Ultra Cameo" (UC). For a 1968 nickel quarter valued at $18.00 in MS65, grading fees typically exceed the coin's value — professional grading only makes economic sense at MS66+ (nickel) or MS67 (silver), or for PL coins with potential Heavy Cameo designation at PL66/67. PCGS and NGC are preferred for Registry Set competition and international auction reach at top-pop grades.
1968 Canadian Quarter Value FAQs
What is a 1968 Canadian quarter worth?
It depends entirely on the metal composition. If your 1968 quarter is non-magnetic, it is the 50% silver variety and worth approximately $10.29 CAD in metal value at the February 2026 silver spot — regardless of wear (G4 through AU50). Gem-grade (MS65) silver examples reach $35.00, and top-grade MS67 specimens are valued at $400–$600+. If the coin is magnetic, it is the 99.9% nickel variety, worth face value ($0.25) when circulated, $18.00 in MS65, and $200–$325 in MS66/67. All values in CAD.
How do I know if my 1968 Canadian quarter is silver or nickel?
Apply a strong rare-earth magnet. The 99.9% nickel variety sticks firmly (nickel is ferromagnetic). The 50% silver variety is completely non-magnetic. For confirmation, weigh the coin: ~5.83 g = silver (heavier); ~5.05 g = nickel (lighter). In good lighting, silver appears slightly creamier and whiter while nickel has a steelier, bluish-grey tone, but the magnet test is far more reliable than visual assessment — especially on worn or cleaned coins.
Is the 1968 Canadian quarter rare?
Neither variety is rare in lower grades — the silver variety had a mintage of approximately 71,464,000 and the nickel variety approximately 88,686,931, for a combined total of over 160 million coins. However, condition rarity is significant. Silver's softness means truly mark-free examples above MS65 are uncommon. For the nickel variety, planchet quality issues in 1968 make MS66+ examples with pristine fields genuinely scarce relative to total production. The 1968 silver quarter is also rarely found in circulation today, as decades of Gresham's Law hoarding effectively removed silver from everyday commerce.
Why does the 1968 silver quarter have a value floor in low grades?
The 1968 silver quarter contains approximately 0.0937 troy ounces of actual silver weight (ASW). At the February 2026 silver spot price of $109.81 CAD/troy oz, the metal alone is worth approximately $10.29 CAD. This creates a hard price floor: even a coin worn completely smooth is worth its silver content. Silver spot prices are volatile — if spot drops, the floor drops proportionally. If spot rises, the floor rises with it.
What is the difference between a Proof-Like and a Specimen 1968 quarter?
Proof-Like (PL) coins were struck for the RCM's annual Uncirculated Coin Sets, packaged in flat pliofilm envelopes. They feature mirror-like fields and varying degrees of device frosting — from minimal (standard PL, worth $8.00 at PL65) to Heavy Cameo (HC, worth ~$35–$50 at PL65). Specimen (SP) coins were struck for Double Dollar sets in leatherette cases and are identified by a distinctive wire rim (sharp, squared edge) and a satin/matte finish. SP coins are generally scarcer than PL coins and attract a higher base premium — an SP65 is worth $12.00 vs. $8.00 for PL65.
What is a Heavy Cameo designation, and why does it matter for 1968 PL quarters?
A Heavy Cameo (HC) — the ICCS designation, equivalent to PCGS "Deep Cameo" (DCAM) or NGC "Ultra Cameo" (UC) — describes a Proof-Like coin with a striking visual contrast: heavily frosted, white-matte devices (Queen portrait and Caribou) against jet-black mirror fields. Standard PL coins often show minimal frosting with little contrast between fields and devices. This "black and white" effect is caused by frosted die surfaces interacting with the polished coin blank. Heavy Cameo examples command a premium of approximately 50–100% over standard PL prices — an HC PL65 trades at roughly $35–$50 compared to $8.00 for a standard PL65.
Should I get my 1968 Canadian quarter professionally graded?
For most 1968 quarters, professional grading fees will exceed the coin's numismatic value. Grading is typically economical at MS66 or higher for the nickel variety, MS67 for the silver variety, or for PL coins with potential Heavy Cameo designation at PL66/67. ICCS is the domestic Canadian standard and most Charlton "Trends" pricing is calibrated to ICCS grades. PCGS and NGC are US-based services preferred for Registry Set competition and broader international auction reach. A subtle grading philosophy difference exists between services — always consult recent certified auction records before deciding which service to use for high-value submissions.
What is the most valuable 1968 Canadian quarter?
Among business strikes, the most valuable are top-certified examples: a silver MS67 is estimated at ~$400–$600+ CAD, and a nickel MS66/67 at ~$200–$325 CAD. A 1968 nickel quarter graded PCGS MS66 sold for approximately $4,140 USD at a 2004 Heritage Auctions sale during peak Registry Set competition — though today's more mature market with fuller grading populations places MS66/67 examples in the $200–$600 CAD range. For collector finishes, a top-grade SP67/68 Specimen is valued at ~$200–$300 CAD, and a PL66/67 Heavy Cameo at ~$50–$100+.
Methodology & Sources
Values in this guide reflect the Canadian retail coin market as of February 2026, expressed in Canadian Dollars (CAD). Prices represent typical amounts a collector would pay at a reputable dealer or established platform — dealer purchase prices are generally 20–30% lower. Silver melt values are calculated at a spot price of $109.81 CAD/troy oz as reported by SilverPrice.org. Composition, weight, diameter, and mintage data sourced from the Numista 1968 Silver Quarter entry and Numista 1968 Nickel Quarter entry, cross-referenced with the Royal Canadian Mint official 25-cent page. Grade pricing cross-referenced with the NGC World Coin Price Guide (Canada 25 Cents KM-62a) and NGC Auction Central — 1968 Silver Canada 25C MS. Top-grade realized prices from PCGS Auction Prices — 1968 25C and GreatCollections Auction Archive — Canada 1968 25 Cents Nickel. PL Heavy Cameo reference: London Coin Centre Inc.. Historical transition context from Canadian Coin News — RCM Replaces Silver with Nickel Alloy and Numismatic News — 1968 Canadian 25-Cent Struck in Two Metals. Variety attributions reference the Charlton Standard Catalogue of Canadian Coins. Market prices are not guaranteed and silver variety values will fluctuate with precious metal spot prices.
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.