1987 Canadian 1-Cent (Penny) Value Guide — 12-Sided Bronze Cent
What is your 1987 Canadian penny worth? Complete price guide by grade (G4–MS67 Red) and finish (Business Strike, Proof-Like, Specimen, Proof). Copper melt value, carbon spot risks, and top certified values in CAD — as of February 2026.
Most 1987 Canadian pennies are worth approximately $0.04–$0.05 CAD — the coin's copper melt value. In top certified grades, a spotless Full Red example reaches $150.00–$180.00 at MS-66 and an estimated $500–$1,000+ at MS-67. All values in Canadian Dollars (CAD) as of February 2026.
- Circulated (G4–AU50):$0.04–$0.05 — copper melt value only
- Uncirculated MS-63 (Full Red):$1.00–$1.50
- Gem MS-65 (Full Red):$25.00–$35.00
- Superb Gem MS-66 (Full Red):$150.00–$180.00
- Proof-Like PL-65:$1.00–$3.00
- Specimen SP-67:$15.00–$25.00
- Proof PR-67 Deep Cameo:$3.00–$8.00
Found in a jar or coin roll? The Canadian penny was withdrawn from circulation on February 4, 2013, but all years remain legal tender. Circulated 1987 cents trade at copper melt value (~$0.04–$0.05 CAD). Shiny or mirror-like? A gleaming 1987 penny almost certainly came from a collector set (Proof-Like, Specimen, or Proof) — its original packaging tells you which finish table applies. Does it stick to a magnet? A genuine 1987 cent is solid bronze and will not stick to a magnet; magnetism signals a wrong-planchet anomaly or a non-genuine coin. See full value chart →
The 1987 Canadian 1-cent coin is a 12-sided (dodecagonal) bronze penny struck during the Arnold Machin portrait era, a design in use from 1965 through 1989. With over 774 million pieces struck for circulation, the coin is anything but scarce in absolute terms — yet numismatists classify it as a condition rarity: the reactive 98% copper alloy makes spotless, Full Red certified examples genuinely difficult to source after nearly four decades of chemical aging. Unlike certain other 1980s cents, the 1987 issue carries no major catalogue die varieties, meaning grade and finish are the sole drivers of collector value. The Canadian penny was withdrawn from distribution on February 4, 2013, though all years remain legal tender. For pricing across the entire penny series, see the Canadian Penny Value Guide.
Note: Errors such as off-center strikes, broadstrikes, and double strikes exist for 1987 but are outside the scope of this standard value guide.
1987 Canadian Penny Composition & Melt Value
The 1987 cent belongs to the solid bronze era of Canadian coinage — a period that ended in 1997 when the Royal Canadian Mint transitioned to copper-plated zinc planchets. Understanding the metallurgy is essential for both authentication and for appreciating why high-grade survivors are so elusive.
Metallurgical Breakdown
The 1987 cent was struck on planchets conforming to a strict bronze standard:
- Copper (Cu): 98.0%
- Tin (Sn): 0.5%
- Zinc (Zn): 1.5%
The 12-sided (dodecagonal) shape — introduced in 1982 to help visually impaired Canadians distinguish the penny from the round dime — was standard practice by 1987. All 1987 cents carry a plain (smooth) edge and the same 12-sided profile regardless of finish.
Intrinsic (Melt) Value
The 98% copper content directly links the 1987 penny's floor value to the global copper spot price. Based on market data for February 2026:
- Copper spot price (Feb 2026): approximately USD $5.80–$6.00 per pound, translating to roughly CAD $8.00–$8.50 per pound
- Coins per pound: approximately 181 coins (453.6 g ÷ 2.5 g per coin)
- Melt calculation: ($8.25 CAD ÷ 181 coins) × 0.98 purity ≈ $0.045 CAD per coin
This 4.5-cent intrinsic value — 450% of face value — means even a worn, brown, circulated 1987 penny has real metal worth and has driven large-scale public hoarding of pre-1997 copper cents. Certified specimens at MS-63 Red and above command far greater numismatic premiums, making melting a graded coin economically irrational.
⚠️ Legal Note on Melting
Canada's Currency Act prohibits the melting of Canadian coins of the realm. The melt value figure here is provided for educational context — to understand the coin's metal content — not as guidance to smelt pennies.
Magnetic Properties: The First Authentication Test
The solid bronze composition makes the 1987 cent non-magnetic. A simple magnet test is the fastest front-line authentication step:
- Does NOT stick to magnet: Genuine 1987 bronze. Proceed to grade and finish assessment.
- Sticks to magnet: Not a genuine 1987 cent. Could be a counterfeit or a rare wrong-planchet error struck on a steel blank intended for later plated-steel issues.
Colour Preservation: The Primary Value Driver
For bronze and copper coins, colour designation is the most important grade modifier applied by ICCS, PCGS, and NGC:
The three copper colour stages for the 1987 Canadian penny — Full Red (RD), Red-Brown (RB), and Brown (BN). Only Full Red coins command significant numismatic premiums at MS-63 and above. (Illustration — colour stages shown for educational comparison)
- Red (RD): 95%+ original salmon-pink copper lustre. Required for top-grade premiums.
- Red-Brown (RB): 5–95% original colour remaining. Significant discount versus RD at all Uncirculated grades.
- Brown (BN): Fewer than 5% original colour; fully oxidized to chocolate brown. Value approaches copper melt regardless of Sheldon grade.
The 1987 alloy is also notorious for developing carbon spots — tiny permanent black "flyspecks" caused by chemical reaction with atmospheric sulfur and moisture. A single carbon spot visible at 5× magnification can drop a coin's grade by two or more points: a difference of more than $140 CAD between MS-66 and MS-64.
1987 Canadian Penny Value Chart by Grade & Finish
The 1987 cent was produced in four distinct finishes, each valued on a completely separate scale. All values are in Canadian Dollars (CAD) as of February 2026. Prices assume Full Red (RD) colour at MS-63 and above for Business Strike coins unless otherwise noted. Brown (BN) or Red-Brown (RB) examples trade at a significant discount at all Uncirculated grades.
The four distinct 1987 Canadian penny finishes — Business Strike (cartwheel lustre), Proof-Like (mirror fields, brilliant devices), Specimen (satin fields, squared rims), and Proof (deep black mirror fields, frosted cameo portrait). Each is valued on its own separate scale. (Illustration — not photos of specific coins)
Grade spectrum for the 1987 Canadian penny Business Strike: circulated brown (~$0.05), MS-63 Red-Brown (~$1.25), and Gem MS-65 Full Red (~$30). The dramatic value cliff between grades reflects this coin's condition-rarity nature — freedom from carbon spots is the defining factor. (Illustration — not photos of specific coins)
1987 Canadian Penny — Business Strike (Circulation)
Standard coins struck for commerce at both the Ottawa and Winnipeg facilities. No mint marks distinguish the two facilities on any circulation strike. Circulation mintage: 774,549,000.
| Type | Circ. (G4–AU50) | MS-60 | MS-62 | MS-63 | MS-64 | MS-65 | MS-66 | Notes |
|---|---|---|---|---|---|---|---|---|
| 1987 Business Strike (Bronze) | $0.04–$0.05 | $0.10–$0.20 | $0.25–$0.50 | $1.00–$1.50 | $8.00–$12.00 | $25.00–$35.00 | $150.00–$180.00 | MS-67 Red: ~$500–$1,000+. MS-68 Red: ~$2,000–$3,000+. Prices assume Full Red (RD) at MS-63 and above. Brown (BN) and Red-Brown (RB) trade at a significant discount at all Uncirculated grades. |
The value curve is sharply non-linear. From G-4 through MS-62, coins trade essentially at copper melt value with only a small dealer markup. The Gem Cliff begins at MS-64 (~$10) and becomes dramatic at MS-65 (~$30) and MS-66 (~$165) — a ceiling determined entirely by Full Red preservation and freedom from carbon spots. A single black flyspeck can erase well over $100 CAD in value.
⚠️ Never Clean Your 1987 Penny
The original bronze lustre of a 1987 cent is irreplaceable. Cleaning, dipping, polishing, or rubbing the surface strips the "cartwheel" flow lines and imparts an unnatural flat or purple tint visible under magnification. A cleaned coin is graded "Details" (damaged) and retains only copper melt value, regardless of how sharp the underlying design is.
1987 Canadian Penny — Collector Finishes (Proof-Like & Specimen)
Proof-Like (PL) coins were issued in Red Card or Blue Card cellophane sets (approximate mintage: 212,136 sets). Specimen (SP) coins came from Black Leatherette or Booklet sets (approximate mintage: 74,441 sets). Neither finish was intended for circulation.
| Finish | Grade-65 | Grade-66/67 | Notes |
|---|---|---|---|
| Proof-Like (PL) | $1.00–$3.00 | $10.00–$15.00 (PL-66/67) | Mirror fields, brilliant devices throughout. Sourced from Red or Blue Card pliofilm sets. PVC damage risk from original cellophane packaging. High-grade examples are difficult to achieve due to cellophane scratches transferring to the coin surface. |
| Specimen (SP) | $1.50–$4.00 | $15.00–$25.00 (SP-67) | Satin or lined fields; sharp, squared rims; brilliant devices. Double struck. Sourced from Black Leatherette or Booklet sets, which generally offered better physical protection than cellophane. Sharper overall detail than PL. |
⚠️ PVC Damage Risk — PL Coins
Proof-Like coins stored in original pliofilm (cellophane) packaging may develop green PVC residue over decades. Green slime or spotting on a PL coin requires professional conservation — do not attempt home cleaning. PVC-damaged coins revert to face or melt value.
ℹ️ PL Set Contamination
With approximately 212,136 PL sets produced in 1987, many have since been broken open. A "shiny" 1987 penny found loose in a dealer box or estate lot 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 the standard assumption.
1987 Canadian Penny — Proof Finish
Proof coins were struck for Prestige clamshell sets (Proof Set Sales: approx. 175,686 sets). All 1987 Proof cents carry the Deep Cameo (DCAM) designation — a frosted Queen's portrait against deep black mirror fields. Hard plastic capsules provide superior protection versus cellophane, contributing to a relatively high survival rate in top grades.
| Finish | PR-67 DCAM | PR-69 DCAM | PR-70 DCAM | Notes |
|---|---|---|---|---|
| Proof (PR) — Deep Cameo | $3.00–$8.00 | $10.00–$20.00 | $50.00–$75.00 | PR-70 is a registry trophy. PR-69 is relatively common due to protective hard plastic capsules. Ultra Heavy Cameo (UHC) — earliest strikes from freshly frosted dies — commands a 20–30% premium above standard Proof values at the same grade. Frost on dies weakens progressively with each strike. |
Values in CAD represent typical market prices as of February 2026. For the complete denomination price guide, see the Canadian Penny Value Guide.
Most Valuable 1987 Canadian Penny Varieties
The 1987 production run was remarkably consistent compared with other 1980s cents. Unlike 1983 (Near vs. Far Beads) or 1985 (Blunt vs. Pointed 5), no major die varieties are documented in the standard Charlton Catalogue for 1987. Rarity for this year is defined almost entirely by condition and finish quality.
Trophy-Level: Highest Documented Values
| Coin | Why It Commands a Premium | Estimated Market Value (CAD) |
|---|---|---|
| 1987 MS-67 Red — Business Strike | Condition rarity. Finding a ~39-year-old copper coin with zero carbon spots and perfect Full Red lustre is statistically improbable given the reactive 98% copper alloy and decades of storage exposure. | ~$500–$1,000+ CAD |
| 1987 MS-68 Red — Business Strike | Virtually non-existent. Grading standards for MS-68 copper are unforgiving — even a microscopic imperfection prevents the designation. Value is driven entirely by Registry Set competition. | ~$2,000–$3,000+ CAD |
| 1987 PR-70 Deep Cameo — Proof | Theoretical maximum grade. Hard capsule protection helps, but a PR-70 requires a flawless strike with no contact marks whatsoever — a combination of mint quality and storage luck. | ~$50–$75 CAD |
The MS-67 and MS-68 premiums are driven by Registry Set collectors who compete on PCGS and NGC platforms to assemble the highest-graded complete set of Canadian pennies. A 1987 cent in MS-67 Red is a potential "Top Population" (Top Pop) coin, justifying exponential premiums above standard catalogue values.
Findable Die States Worth Noting
While no catalogue varieties exist, experienced collectors document specific die states and manufacturing quirks that carry modest premiums or collector interest:
| Variant / Die State | How to Identify It | Typical Premium |
|---|---|---|
| "Spinning Die" / Die Polish Lines | Heavy concentric circular lines (a "whirlpool" effect) in the coin's fields around the Queen's portrait. Caused by aggressive die polishing at the Mint to remove clash marks or surface damage from the die itself. | $2–$5 novelty value |
| Ultra Heavy Cameo (UHC) — Proof only | On Proof coins: exceptionally thick, brilliant white frost on the Queen's portrait against near-black mirror fields. Occurs on the earliest strikes pulled from freshly frosted dies — cameo contrast diminishes progressively with each subsequent strike. | 20–30% above standard Proof values at the same grade |
| Die Clash | A faint ghost image of the Maple Leaf twig visible on the Queen's face (or vice versa) — caused when the obverse and reverse dies strike each other without a planchet between them during high-speed production. Common on 1980s 12-sided cents. | $5–$10 if clash is strong and clear |
ℹ️ "Phantom" Varieties to Avoid
Listings occasionally appear for a "1987 Canadian Doubled Die" or "1987 RPM" (Repunched Mintmark). Neither exists as a documented variety: Canadian circulation cents carried no mintmarks in 1987 (making RPM impossible), and no major true doubled die is listed in standard references for this year. Minor machine doubling — mechanical doubling from die bounce — is common in mass production and adds no collector value.
1987 Canadian Penny Identification Guide
Use this 30-second checklist to confirm exactly what you have and whether your coin belongs in a spending jar or a protective numismatic holder.
Obverse (left): Queen Elizabeth II — Arnold Machin Second Portrait (Tiara Head, 1965–1989) — facing right, with ELIZABETH II D.G. REGINA and date 1987. Reverse (right): Maple Leaf Twig by G.E. Kruger-Gray with 1 CENT and CANADA. Note the 12-sided dodecagonal edge, unique to Canadian cents of the 1982–1996 era.
30-Second Identification Checklist
Step 1 — Magnet Test (Composition & Authenticity): Hold a refrigerator magnet to the coin.
- Does NOT stick: Genuine 1987 solid bronze (98% Copper). Proceed to Step 2.
- Sticks to magnet: Not a standard 1987 cent. This indicates either a counterfeit or a rare wrong-planchet error struck on a steel blank intended for later plated-steel issues — not a standard bronze cent.
Step 2 — Shape Check:
- 12-Sided (Dodecagonal): Correct for 1987. The flat sides are clearly visible on the edge.
- Perfectly round: If the date reads 1987 and the coin is circular, this is a significant anomaly — possibly a wrong-planchet error or an alteration. It is not a standard 1987 cent.
Step 3 — Portrait & Reverse Verification:
- Obverse: Queen Elizabeth II facing right, wearing a tiara. Inscription: ELIZABETH II D.G. REGINA. Date 1987 below the bust. This is the Arnold Machin Second Portrait, used on Canadian coinage from 1965 through 1989.
- Reverse: Maple Leaf Twig by G.E. Kruger-Gray. Inscriptions: CANADA and 1 CENT.
Step 4 — Mint Mark Check: No mint marks appear on any standard 1987 circulation cent or collector-finish coin. Both the Ottawa and Winnipeg facilities struck 1987 cents, but the coins are visually indistinguishable. If you see a mint mark letter on the obverse, the coin is not a standard 1987 Canadian cent.
Step 5 — Finish Identification (Critical for Value):
- Cartwheel lustre (light radiates in a spinning pattern as you tilt the coin): Business Strike (MS) — the circulation type.
- Mirror-like fields + brilliant (non-frosted) devices: Proof-Like (PL) — from Red or Blue Card cellophane sets.
- Satin or lined fields + sharp squared rims + brilliant devices: Specimen (SP) — from Black Leatherette or Booklet sets. Rims appear crisper and more angular than PL.
- Deep black mirror fields + heavily frosted white Queen (strong cameo contrast): Proof (PR) — unmistakable. From Prestige clamshell sets.
Step 6 — The Carbon Spot / Flyspeck Test:
10× magnification showing carbon spots ("flyspecks") on a 1987 penny's surface. Even a single black spot visible to the naked eye can reduce the grade by two full points — a difference of more than $140 CAD between MS-66 ($165) and MS-64 ($10). The 1987 bronze alloy is particularly vulnerable to this issue.
- Use a 5× or 10× loupe in good light. Scan the entire field and the high points of the portrait.
- One or more visible spots = likely MS-64 or below.
- No spots under magnification + Full Red lustre + no distracting marks = potentially MS-65 or higher. Consider professional certification — the value cliff at MS-65 and MS-66 justifies submission costs.
The magnet test: a genuine 1987 Canadian penny (solid bronze, non-magnetic) will fall away from a magnet. If your coin sticks, it is not a standard 1987 bronze cent — this could indicate a wrong-planchet error or a non-genuine piece.
ℹ️ ICCS vs. PCGS vs. NGC for Canadian Coins
ICCS (International Coin Certification Service) is the domestic Canadian standard — grading is conservative and technically focused, and ICCS-certified coins (in soft flips) are the most liquid instrument in the Canadian market. PCGS and NGC are US-based services with hard plastic slabs preferred by Registry Set competitors, and they often command higher prices in the US market. For a 1987 penny at MS-66 Red or above, third-party certification by any of these three services is recommended — the value cliff at those grades more than justifies the cost of submission.
1987 Canadian Penny Value FAQs
What is a 1987 Canadian penny worth?
Most 1987 Canadian pennies are worth approximately $0.04–$0.05 CAD — their copper melt value. Circulated examples show no numismatic premium above metal content. Value climbs sharply only in certified high grades: MS-63 Red fetches $1.00–$1.50, MS-65 Red commands $25.00–$35.00, and MS-66 Red reaches $150.00–$180.00. Collector-finish coins (PL, SP, Proof) from mint sets range from $1.00 to $75.00 depending on finish and grade. All values in CAD as of February 2026.
Is the 1987 Canadian penny rare?
In absolute terms, no — 774,549,000 were struck for general circulation. However, the 1987 cent is a condition rarity: the reactive 98% copper alloy means that spotless, Full Red examples are increasingly difficult to source after decades of chemical aging. Certified MS-66 Red examples are scarce; MS-67 Red coins are genuinely rare and command significant premiums among Registry Set collectors. If you have a coin with blazing red lustre and no black spots under magnification, it may be substantially more valuable than a typical example.
What makes a 1987 Canadian penny valuable?
Three factors drive value: colour preservation (Full Red = highest premium; Brown = melt value only), surface quality (zero carbon spots, minimal bag marks), and finish (Business Strike vs. Proof-Like vs. Specimen vs. Proof). Unlike certain other 1980s cents, there are no major catalogue die varieties for 1987 — grade and colour are everything. A single carbon spot visible to the naked eye can represent a loss of more than $140 CAD in value.
Is my 1987 Canadian penny silver?
No. The 1987 cent is solid bronze — 98% Copper, 0.5% Tin, 1.5% Zinc — and contains no silver whatsoever. Its intrinsic value is tied entirely to the copper spot price, producing an approximate melt value of ~$0.045 CAD as of February 2026. If someone suggests your 1987 penny is silver, apply the magnet test: genuine bronze is non-magnetic, while a silver coin would also be non-magnetic but have a distinctly different weight and colour.
Should I get my 1987 Canadian penny professionally graded?
Professional grading is worth pursuing only if your coin appears to be MS-65 Red or higher — or a Proof at PR-69 or above. The grading economics are straightforward: at MS-64 (~$10), certification costs exceed any potential premium. At MS-65 (~$30) and especially MS-66 (~$165), certified slabs justify submission costs. If your coin is Full Red with no spots visible under a loupe and clean fields, submit to ICCS for Canadian market liquidity or to PCGS for Registry Set appeal.
What is the difference between Proof-Like (PL) and Specimen (SP) finishes?
Both are collector-only finishes not intended for circulation, but they differ in surface character: a Proof-Like (PL) coin has mirror-like, fully reflective fields and brilliant (non-frosted) devices — it resembles an extremely shiny business strike and came in Red or Blue Card cellophane sets. A Specimen (SP) coin has satin or lined fields with sharper, more controlled relief, distinct squared rims produced by double-striking, and came in Black Leatherette or Booklet sets. The Proof (PR) is unmistakable: deep black mirror fields with heavily frosted white devices and striking cameo contrast, from Prestige clamshell sets. PL coins face a higher preservation risk from PVC buildup in original cellophane packaging.
Why does my 1987 Canadian penny have tiny black spots?
Those are carbon spots, commonly called "flyspecks" by collectors. They form when the 98% copper alloy chemically reacts with atmospheric sulfur and moisture, creating permanent dark blemishes on the coin's surface. The 1987 alloy is particularly prone to this issue. Carbon spots cannot be safely removed without further damage to the coin's surfaces — even a single spot visible to the naked eye will push a coin below MS-65 at grading. A spotted coin should be stored properly to prevent further degradation, but its numismatic grade is likely fixed.
What happened to the Canadian penny — can I still spend a 1987 cent?
The Royal Canadian Mint ceased distributing 1-cent coins on February 4, 2013, following a government decision that the penny cost more to produce than its face value. All pre-2013 Canadian pennies — including the 1987 cent — remain legal tender, meaning retailers are legally obligated to accept them (rounding to the nearest 5 cents applies for cash transactions). They are simply no longer produced or put into distribution. This withdrawal has modestly boosted collector interest, as high-grade examples become harder to source from circulation rolls.
Methodology & Sources
Values in this guide reflect typical CAD market prices as of February 2026, compiled from the following primary sources:
- Charlton Standard Catalogue of Canadian Coins — primary reference for variety attribution, structural data, and grade definitions
- Coins and Canada — 1 Cent (1965–2012) Price Guide — pricing trends, mintage statistics, and grade-level values
- NGC World Coin Price Guide — Canada Cent KM 132 (1982–1989) — certified grade valuations
- Royal Canadian Mint — 1 Cent Denomination Page — official mintage and specification confirmations
- Numista — Canada 1 Cent, Elizabeth II (12-Sided) — specifications and cross-reference data
- The Toronto Coin Shop — ICCS MS-66 Red (sold listing) — dealer retail reference for MS-66 market pricing
- Colonial Acres Coins — 1987 ICCS MS-66 Red — additional dealer reference for MS-66 market
- NumisBids — Colonial Acres Holiday Premier Auction, Lot 699 — auction record reference
- NumisBids — Colonial Acres Spring Premier Auction (April 2024) — auction archive for realized prices
- Calgary Coin — Canadian Cent Reference — market context and variety notes
- Saskatoon Coin Club — Canadian 1 Cent Major Varieties — educational variety reference for the cent series
- GreatCollections Auction Archive — high-grade certified realized prices
Copper spot price data sourced from February 2026 commodity market reports. All prices are expressed in Canadian Dollars (CAD). Market values represent typical retail or auction-realized prices and may vary based on individual coin eye appeal, holder brand, and current collector demand. This guide covers standard (non-error) varieties only; mint errors are outside its scope.
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.