1978 Canadian 1-Cent (Penny) Value Guide
Find out what your 1978 Canadian penny is worth. Complete price guide by grade, finish (Business Strike, Proof-Like, Specimen), and the rare High 8 and Double Date varieties. All values in CAD as of February 2026.
Most 1978 Canadian pennies found in circulation are worth their copper melt value of approximately $0.06 CAD. In certified Gem Red condition, values reach $59.90 at MS-66 and $238–$360 at MS-67. The rare High 8 die variety trades for up to $123 in MS-66 Red.
- Circulated (G-4 to AU-50, Standard): Copper melt value ~$0.06–$0.10
- MS-63 Red (Standard): $0.55
- MS-65 Red (Standard): $19.30
- MS-66 Red (Standard): $59.90
- MS-67 Red (Standard): ~$238–$360
- Proof-Like (PL-66): $15.00
- Specimen (SP-67): ~$60.00
- High 8 Variety (MS-66 Red): $123.00
- Double 1978 Variety (MS-66 Red): $118.00
Found in change? The 1978 penny is pure bronze (98% copper) worth approximately six times its face value as scrap metal — but the Canadian penny was withdrawn from circulation on February 4, 2013, so circulated examples are plentiful and trade near their copper value. Shiny or mirror-like? You very likely have a Proof-Like (PL) coin from a broken Uncirculated Set, not a rare high-grade Business Strike — see the PL table below. Is it silver? No — the 1978 cent is solid bronze and non-magnetic; it contains no precious metals. All values in CAD as of February 2026. See full value chart →
The 1978 Canadian 1-cent piece belongs to the Arnold Machin portrait series (1965–1989), depicting Queen Elizabeth II wearing the Girls of Great Britain and Ireland tiara. With a circulation mintage of 911,170,647 coins, the 1978 penny is one of the most plentiful issues in Canadian numismatic history — yet locating a chemically preserved, fully Red example in Gem or Superb Gem condition remains a genuine challenge. The year also carries a distinct alloy formula (98% Cu, 1.75% Sn, 0.25% Zn) not shared by adjacent years, and its die varieties — particularly the High 8 — attract dedicated specialist collectors. For values across all years and grades of the Canadian cent, see our Canadian Penny Value Guide.
Note: Errors such as off-center strikes, clips, and wrong-planchet coins are known for 1978 but are outside the scope of this standard variety and grade value guide.
1978 Canadian 1-cent penny — obverse (Queen Elizabeth II, Arnold Machin Second Portrait) and reverse (Maple Leaf Twig, G.E. Kruger Gray). Key features labelled: KG initials to the right of the twig and the date “1978” below the leaves.
1978 Canadian Penny Composition & Melt Value
The 1978 Bronze Alloy
The 1978 1-cent is struck in a bronze alloy unique to the 1978–1979 period: 98% Copper, 1.75% Tin, 0.25% Zinc. This differs from the 1965–1977 standard (98% Cu, 0.5% Sn, 1.5% Zn). The higher tin content (1.75% versus 0.5%) produces a marginally harder planchet, theoretically improving strike definition and surface resistance. The lower zinc content (0.25% versus 1.5%) acts as a deoxidizing agent during the casting process. The coin is also slightly thinner at 1.52 mm compared to the 1.65 mm of earlier issues, while maintaining the same 3.24 g weight.
- Copper (98%): Provides weight, colour, and the bulk of intrinsic value.
- Tin (1.75%): Increases hardness and corrosion resistance relative to earlier years.
- Zinc (0.25%): Deoxidizer during casting; improves metal flow into the die.
Copper Melt Value (February 2026)
With copper trading at approximately $8.23 CAD per pound as of February 2026, the intrinsic metal value of a single 1978 penny is calculated as follows:
- Formula: 3.24 g × 98% copper × ($8.23 CAD/lb ÷ 453.592 g/lb)
- Result: approximately $0.058 CAD (~5.8 cents CAD) per coin
This means the 1978 penny is worth nearly six times its one-cent face value in raw copper alone. Virtually all circulated examples have been culled from circulation by copper hoarders since the penny’s discontinuation in 2013. Note that melting Canadian legal-tender coinage is prohibited under the Currency Act of Canada; the copper value is realized through bulk weight trading rather than individual smelting. See current spot prices at Trading Economics — Copper Price.
Magnetic Test (Composition Verification)
The 1978 Canadian penny is a solid bronze coin and is non-magnetic. Touch a magnet to the coin — it should not stick. The coin’s high copper content (98%) makes it entirely unresponsive to magnetic attraction. If a coin labelled as a 1978 Canadian penny does stick to a magnet, it is likely a modern plated-steel counterfeit or an exceedingly rare wrong-planchet error struck on a magnetic foreign planchet. A confirmed non-magnetic result is a basic but important authentication step for this issue.
A standard disc magnet held near a 1978 Canadian penny — the coin does not attract to the magnet, confirming its solid bronze (98% copper) composition. A coin that sticks may indicate a counterfeit or a wrong-planchet error.
1978 Canadian Penny Value Chart by Grade & Finish
All values in CAD as of February 2026. Prices assume problem-free coins with no corrosion, holes, or heavy scratches. For Business Strike coins graded MS-63 and above, prices assume Full Red (RD) colour — at least 95% original mint bloom intact. Red-Brown (RB) or Brown (BN) examples trade at a significant discount (often 40–60% below Full Red at the same numerical grade). The MS-60 column reflects coins in uncirculated condition that have turned Brown or Red-Brown.
ⓘ The Red Premium Explained
Copper is chemically reactive. Over nearly five decades, atmospheric humidity and sulfur turn a coin from Red (RD) to Brown (BN). A 1978 penny that has remained 95%+ original red is a chemical survivor. This preservation — not the coin’s face value or age — is what collectors pay for in the upper grades.
1978 Canadian Penny — Business Strike (Circulation)
Source: Coins and Canada — 1 cent 1965 to 2012 (February 2026). Circulation mintage: 911,170,647.
| Type / Variety | G-4 → VF-20 | EF-40 | AU-50 | MS-60 (BN/RB) | MS-63 (RD) | MS-64 (RD) | MS-65 (RD) | MS-66 (RD) | Notes |
|---|---|---|---|---|---|---|---|---|---|
| 1978 Standard | ~$0.06 | ~$0.06 | ~$0.10 | $0.15 | $0.55 | $8.60 | $19.30 | $59.90 | MS-67 RD: ~$238–$360. MS-67+ RD: ~$2,000 (top population). See trophy section. |
| 1978 High 8 | ~$0.06 | ~$0.25 | ~$0.50 | — | $9.80 | $24.20 | $49.00 | $123.00 | Die variety: “8” positioned notably higher than “7.” See identification guide. |
| 1978 Double 8 | — | — | — | — | — | $14.10 | $22.40 | $82.00 | Doubling visible on the “8” digit only. |
| 1978 Double 978 | — | — | — | — | — | $21.50 | $30.80 | $85.10 | Doubling on “978” digits; also referenced as “Double 78” in some catalogues. |
| 1978 Double 1978 | — | — | — | — | — | $30.00 | $31.50 | $118.00 | Strongest doubling: all four date digits affected. Most desirable double-date variety. |
Three 1978 Canadian pennies illustrating the colour grading spectrum: Full Red (RD, 95%+ original bloom commanding the highest premiums), Red-Brown (RB, partial toning at a significant discount), and Brown (BN, fully oxidized, near copper melt value). (Illustration — not a photo of your exact coins)
ⓘ The MS-64 to MS-65 Value Cliff
Notice the jump for the Standard 1978 coin from MS-64 ($8.60) to MS-65 ($19.30) to MS-66 ($59.90). Each grade increment represents a meaningful leap in eye appeal. An MS-64 coin has a few distracting bag marks; an MS-65 is aesthetically sharp and pleasing. This steep curve makes professional certification economically relevant only for coins that clearly approach Gem quality.
1978 Canadian Penny — Collector Finishes (Proof-Like & Specimen)
Proof-Like coins (PL mintage: 260,000) were included in standard Uncirculated Sets sealed in flat cellophane (pliofilm). Specimen coins (SP mintage: 229,000) appeared in the 1978 Prestige “Double Dollar” Sets, packaged in rigid plastic book-style cases alongside the 1978 Commonwealth Games commemorative silver dollar. For set context, see the 1978 Canadian Double Dollar Prestige Set listing.
| Finish | Set Origin | PL-65 / SP-65 | PL-66 / SP-66 | PL-67 / SP-67 | Notes |
|---|---|---|---|---|---|
| Proof-Like (PL) | Uncirculated Sets (flexible cellophane) | $5.00 | $15.00 | Rare | Mirror fields with frosted devices. Often shows fine “chatter” scratches from cellophane contact; PL-67 population is very small. |
| Specimen (SP) | Prestige / Double Dollar Sets (rigid case) | $12.00 | $33.50 | ~$60.00 | Matte/lined fields; heavily frosted devices (cameo contrast); double-struck on a slow press. Rigid packaging preserves surfaces at higher grades. |
⚠ PVC Damage Risk
Proof-Like coins stored in their original pliofilm (cellophane) packaging may develop green PVC residue over decades. If you see green slime or a sticky haze on the coin surface, professional conservation is required — do not use nail polish remover or household cleaners. Coins with active PVC damage revert to copper melt value regardless of the underlying grade.
ⓘ PL Set Contamination
With 260,000 PL sets produced in 1978, many have been broken open. A “shiny” 1978 penny found loose is almost certainly a PL coin, not a rare high-grade Business Strike. Dealers routinely discount raw “Uncirculated” examples from this era because PL origin is assumed.
Values in CAD represent typical market prices as of February 2026. For the complete denomination price guide, see our Canadian Penny Value Guide.
Most Valuable 1978 Canadian Penny Varieties
A. Trophy-Level Examples
For the standard 1978 penny, value at the top of the market is driven almost entirely by condition rarity — how well the coin has preserved its original red copper surface over nearly five decades. Combined with a documented die variety, the premiums multiply further.
| What | Why It’s Expensive | Typical Requirement | Documented Value (CAD) | Source |
|---|---|---|---|---|
| 1978 Standard MS-67+ Red | Top population. Only a handful exist at this grade across all certification services. | Flawless surfaces, blinding lustre, zero carbon spots or toning. | ~$2,000 | PCGS auction records (per source document, ~$1,495 USD) |
| 1978 Standard MS-67 Red | Registry quality. Essential for competitive set-building at the top of the census. | Exceptional eye appeal, virtually mark-free surfaces throughout. | ~$238–$360 | Coins and Canada |
| 1978 High 8 (MS-66 Red) | Variety + condition. A rare die state preserved in top Gem grade. | Clearly elevated “8,” Gem surfaces, full original red colour. | ~$123 | Coins and Canada |
| 1978 Double 1978 (MS-66 Red) | Most dramatic doubling variety for the year in Gem grade. | Strong doubling on all four date digits visible at 5× magnification. | ~$118 | Coins and Canada |
Note: These prices represent certified coins (slabbed by PCGS, ICCS, or NGC). Raw (unencapsulated) coins rarely command these premiums because verifying an MS-66 or MS-67 grade reliably requires professional certification.
B. Findable Varieties — Check Your Coins
Several die varieties can be found by searching original bank rolls or dealer inventory bins. A 10× loupe is strongly recommended for reliable identification.
The High 8 Variety
The most famous 1978 die variety. The mechanism likely involved a hubbing anomaly or die production offset during working-die creation, resulting in the “8” digit being set slightly above its normal position relative to the other date numerals.
- How to Spot: Hold the coin so the date reads horizontally. On a standard (Low 8) coin, the bottom loops of the digits 1, 9, 7, and 8 sit at roughly the same baseline. On the High 8, the bottom of the “8” sits visibly higher than the bottom of the adjacent “7.”
- Premium at MS-64 RD:$24.20 vs. $8.60 standard — approximately 3× base value at the same grade.
- Even in circulated grades, the High 8 commands a small premium: ~$0.25 at EF-40 versus ~$0.06 for the standard.
Side-by-side comparison of the 1978 Canadian penny “High 8” variety (left) versus the standard “Low 8” (right). On the High 8, the bottom loop of the “8” sits noticeably above the baseline of the “7.” A horizontal baseline guide drawn across the bottoms of all four digits makes the diagnosis clear. (Illustration — not a photo of your exact coin)
Double Date Varieties
The 1978 issue has three documented double-date varieties, most attributable to die deterioration doubling or machine doubling rather than a true hub-doubled die. Despite this, the Saskatoon Coin Club Major Varieties guide and Coins and Canada list them with specific premiums, and they are accepted as collectible varieties in the Canadian market. Look for a “shelf-like” secondary edge or shadow beside one or more date digits.
| Variety | What to Look For | MS-64 RD | MS-65 RD | MS-66 RD |
|---|---|---|---|---|
| Double 1978 | Shelf-like secondary impression on all four digits “1978.” Most dramatic and most valuable of the three. | $30.00 | $31.50 | $118.00 |
| Double 978 (also called Double 78) | Doubling visible on “978” only; the “1” appears normal. | $21.50 | $30.80 | $85.10 |
| Double 8 | Doubling visible on the “8” only; least dramatic but still commands a modest premium. | $14.10 | $22.40 | $82.00 |
Close-up comparison of a normal 1978 date versus the “Double 1978” variety. The doubled coin shows a clear shelf-like secondary impression on all four digits — most visible on the “1” and “8.” (Illustration — not a photo of your exact coin)
Die Clash (Hanging)
A minor die state variety in which faint transferred lines from the opposing die — for example, a ghost of the Queen’s chin appearing in the reverse field — are visible. This is a novelty rather than a premium die variety, adding only approximately $2–$10 over base value.
⚠ Never Clean Your Coins
Artificial cleaning cannot restore a Brown coin to Full Red. The result is an unnatural flat orange colour and hairlines visible under magnification. Certification services (ICCS, PCGS, NGC) will designate cleaned coins as “Details — Cleaned” or “Altered Surfaces,” stripping all numismatic premium down to copper melt value regardless of the underlying design detail.
1978 Canadian Penny Identification Guide
Use this checklist to confirm what you have and determine which value tier applies before seeking a professional opinion.
30-Second Identification Checklist
- Date Check: Confirm “1978” on the reverse, positioned below the maple leaf twig. The 1979 penny carries a similar alloy but an entirely different variety catalogue; the 1977 penny has a lower tin content (0.5% Sn).
- Portrait Check: The obverse shows Queen Elizabeth II facing right, wearing a tiara. This is Arnold Machin’s Second Portrait, used on Canadian coins from 1965 to 1989. The legend reads ELIZABETH II D · G · REGINA.
- Reverse Check: Two maple leaves on a single twig. “1 CENT” appears above and “CANADA” below the date “1978.” The initials “K.G.” (G.E. Kruger Gray) appear to the right of the twig.
- Edge Check: The 1978 penny has a plain (smooth) edge. Reeding on the edge would indicate a different denomination or a possible error coin.
- Magnet Test (Composition Verification): Touch a magnet to the coin. The 1978 penny is solid bronze and must not attract the magnet. If it sticks, this is a strong indicator of a modern plated-steel counterfeit or an extremely rare wrong-planchet error. A non-magnetic result confirms the correct 98% copper bronze composition.
- Mint Mark Check: No documented mint marks exist on 1978 Canadian 1-cent circulation strikes or collector coins. No “W” or other distinguishing mark should be visible. This is standard for Canadian cents of this era.
- Finish Identification (The Critical Step): See the detailed breakdown below. This single determination separates a $0.06 coin from a $33.50 coin at similar surface quality.
- Variety Check: Under a 10× loupe, examine the date “1978.” Is the “8” sitting higher than the “7” on a horizontal baseline? Does any digit show a shelf-like secondary edge? These are the diagnostic indicators of the High 8 and Double Date varieties respectively.
Finish Identification — The Critical Step
This is the most important determination for value assignment. A “shiny” coin is not automatically a valuable high-grade Business Strike.
Three 1978 Canadian pennies under controlled lighting illustrating the three finish types: Business Strike MS (left — cartwheel luster, normal bag marks), Proof-Like PL (centre — mirror fields, frosted devices, finger-reflection visible), Specimen SP (right — subtle matte/lined fields, heavily frosted devices, sharp squared rim). (Illustration — not a photo of your exact coins)
- Business Strike (MS) — Circulation Issue: The background field shows a rotating “cartwheel” spoke of light when the coin is tilted. Surfaces are smooth but not mirror-like; small bag marks from contact with other coins in production hoppers are expected and normal at most grades.
- Proof-Like (PL) — Uncirculated Sets: Fields are flashy and reflective — a finger held above the coin casts a visible reflection in the background. Devices (the Queen and maple leaves) are slightly frosted but not as intensely as the Specimen. These coins were sealed in flexible cellophane; a loose “shiny” 1978 penny almost certainly came from a broken PL set.
- Specimen (SP) — Prestige / Double Dollar Sets: Fields show a subtle, controlled surface with faint vertical “lined” or striated texture visible under magnification — a hallmark of the Winnipeg Mint’s specimen process for this era. The relief (Queen and leaves) is heavily frosted, creating a strong cameo contrast against the lined field. Specimen coins were struck twice on a slow-moving press and packaged in rigid plastic book-style cases, which best protected their surfaces.
⚠ PVC Damage Risk
Proof-Like coins stored in original pliofilm (cellophane) packaging may develop green PVC residue over decades. If a green slime or sticky haze is present, professional conservation with pure acetone is required — do not use nail polish remover or household cleaners. Coins with active PVC damage revert to copper melt value.
1978 Canadian Penny Value FAQs
What is a 1978 Canadian penny worth?
In circulated grades (G-4 through AU-50), a standard 1978 Canadian penny is worth approximately its copper melt value of about $0.06 CAD. Numismatic value emerges sharply in uncirculated grades that have preserved Full Red colour: MS-63 Red trades for $0.55, MS-65 Red for $19.30, and MS-66 Red for $59.90. The rare High 8 variety commands approximately 3× the standard price at equivalent grades. Collector finish coins offer an affordable alternative: PL-66 at $15.00 and SP-67 at ~$60.00. All values as of February 2026 in CAD.
Is the 1978 Canadian penny rare?
As a type, no — with a circulation mintage of 911,170,647, the 1978 penny is one of the most common coins in Canadian history and low-grade circulated examples are abundant. What is genuinely rare is a chemically preserved example: a coin that has retained 95%+ of its original red copper bloom after nearly five decades. Finding a certified MS-66 or MS-67 Full Red example is a real challenge. The High 8 and Double Date varieties are scarcer than the standard issue and command meaningful premiums in certified Gem grades.
What is the High 8 variety, and how do I identify it?
The High 8 is a die variety in which the digit “8” in the date is positioned notably higher than the adjacent “7.” To identify it, hold the coin so the date reads horizontally and draw an imaginary baseline across the bottoms of all four date digits. On a standard coin, the bottoms of 1, 9, 7, and 8 are roughly level. On the High 8, the bottom loop of the “8” sits visibly above that baseline. This variety trades for $24.20 at MS-64 Red versus $8.60 for the standard — approximately 3× the base price. Even in circulated grades, the High 8 carries a small but documented premium.
What does “Red” mean for grading a 1978 penny, and why does it matter so much?
For copper coins, certification services assign a colour designation in addition to the numerical grade. Red (RD) means at least 95% of the original mint luster is intact; Red-Brown (RB) means 5–95% original colour; and Brown (BN) means less than 5%. For the 1978 penny, a Brown MS-60 is worth about $0.15, while a Full Red MS-65 is worth $19.30. Copper is chemically reactive, and nearly five decades of atmospheric exposure turns most coins brown. A preserved Red example is exponentially rarer and valued accordingly. Attempting to chemically “restore” redness to a brown coin destroys the surface and results in a “Details — Altered” designation.
Is my 1978 Canadian penny silver, or does it contain any precious metals?
No. The 1978 Canadian 1-cent coin is solid bronze (98% Copper, 1.75% Tin, 0.25% Zinc) and contains no silver, gold, or other precious metals. Its entire intrinsic value comes from its copper content, which amounts to approximately $0.058 CAD per coin at February 2026 copper prices. You can confirm the composition instantly with a magnet: the coin must not attract the magnet. If it sticks, investigate further for a counterfeit or wrong-planchet error.
What is the difference between a Proof-Like (PL) and a Specimen (SP) 1978 penny?
Both are intentional collector finishes, but they differ in production method, appearance, and packaging. Proof-Like (PL) coins are superior business strikes with mirror-like fields; they were included in standard Uncirculated Sets packaged in flexible cellophane, and the packaging method often causes fine “chatter” scratches, making PL-66 and PL-67 examples scarce. Specimen (SP) coins were struck twice on a slow press, producing subtle matte or lined fields with heavily frosted devices and a strong cameo contrast; they came in rigid plastic Prestige (Double Dollar) cases that better protected surfaces. An SP-65 ($12.00) already trades above a PL-65 ($5.00), and the gap widens further at SP-66 ($33.50) versus PL-66 ($15.00).
Should I get my 1978 Canadian penny graded by ICCS or PCGS/NGC?
ICCS (International Coin Certification Service) is the standard grading service within Canada and is widely respected among Canadian dealers and collectors; their grading is regarded as conservative and strict. PCGS and NGC (US-based services) use hard plastic slabs preferred for cross-border trading and registry-set competition. Coins graded by ICCS sometimes receive an equal or slightly higher numerical grade when crossed to PCGS, potentially increasing resale value in the US market. For the 1978 penny, professional grading makes financial sense only at or above MS-65 Red, where certified coins trade for $19.30+. Below that level, grading fees will typically exceed the coin’s entire numismatic value.
Why is a circulated 1978 penny worth more than face value as copper scrap?
The 1978 Canadian penny contains 3.24 grams of metal that is 98% copper. At approximately $8.23 CAD per pound of copper (February 2026), the raw metal value per coin is approximately $0.058 CAD — nearly six times the one-cent face value. This dynamic — where intrinsic metal value exceeds face value — drove copper pennies out of circulation long before the denomination was officially withdrawn in 2013. Note that melting Canadian legal-tender coinage is prohibited under the Currency Act of Canada; the copper premium is realized through bulk weight trading, not individual smelting.
Can I still spend a 1978 Canadian penny?
The Canadian penny was officially withdrawn from circulation on February 4, 2013, but it remains legal tender under the Currency Act. In practice, businesses no longer accept pennies for cash transactions, which are rounded to the nearest five cents. Most 1978 pennies in existence today have been saved as copper hoard material or by numismatists since that withdrawal date. Any 1978 penny you hold is best treated as a collectible — or as a copper-value asset — rather than a spendable coin.
Methodology & Sources
Values in this guide are based on the following authoritative sources, accessed February 2026. All prices reflect typical market values for problem-free, uncleaned coins in CAD. This guide covers standard business-strike issues and documented die varieties; mint errors are explicitly out of scope.
- Coins and Canada — 1 cent 1965 to 2012 Price Guide: Primary source for Business Strike pricing, variety premiums, and collector finish values.
- Charlton Standard Catalogue of Canadian Coins: Variety attribution reference for the High 8 and Double Date varieties.
- Royal Canadian Mint (mint.ca) — 1 Cent: Metallurgical specifications, historical context, and official mintage figures.
- Numista — 1 Cent Elizabeth II (2nd Portrait): Technical specifications and collector set context.
- Saskatoon Coin Club — Canadian 1 Cent Coin Major Varieties: Educational variety identification guide for this series.
- PCGS Auction Records: High-grade MS-67/MS-67+ auction realization data for top-population examples.
- Trading Economics — Copper Price: Copper spot price reference used in the melt value calculation.
Values may shift with copper commodity prices, certified population growth, and registry competition. Professional certification by ICCS, PCGS, or NGC is recommended for any coin expected to trade at or above the MS-65 Red level.
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.