1987 Canadian 25-Cent (Quarter) Value Guide
Find out what your 1987 Canadian quarter is worth. Complete price guide by grade and finish — Business Strike, Proof-Like, Specimen, and Proof — with CAD market values, mintages, and expert grading tips.
Most 1987 Canadian quarters found in circulation are worth $0.25 (face value). Gem Uncirculated business strikes (MS65) reach $15–$20, and rare Superb Gem survivors (MS67) command $300–$500+.
- Circulated (G4–AU50): Face value — $0.25 (no numismatic premium)
- Business Strike MS63 (Select Unc):$1.25
- Business Strike MS65 (Gem Unc):$15–$20
- Business Strike MS67 (Superb Gem):$300–$500+
- Proof-Like PL66:$5.00
- Specimen SP67:$15.00
- Proof PF69:$40.00
Is it silver? No — the 1987 Canadian quarter is 99.9% pure nickel with negligible melt value (~$0.06–$0.08 CAD). Is your coin mirror-like or from a set? A flashy, brilliant 1987 quarter is almost certainly a Proof-Like (PL) worth $2–$5, not a rare high-grade business strike. All values in CAD as of February 2026. See full value chart →
1987 Canadian 25-cent piece — obverse (Arnold Machin portrait of Queen Elizabeth II wearing the Girls of Great Britain and Ireland tiara) and reverse (Emanuel Hahn's Caribou design, in continuous use since 1937). By 1987 the Machin portrait was nearing the end of its run, replaced by the Dora de Pédery-Hunt effigy in 1990.
The 1987 Canadian quarter pairs the mature Arnold Machin portrait of Queen Elizabeth II — in its penultimate decade on Canadian coinage — with Emanuel Hahn's enduring Caribou reverse, a design first issued in 1937. Struck in 99.9% pure nickel across four distinct finishes, this coin's value is determined entirely by grade, finish, and surface preservation. The year was significant for Canadian currency more broadly: 1987 marked the introduction of the aureate-bronze one-dollar Loonie, fundamentally reshaping the nation's circulating coinage. For all years of the 25-cent denomination, see our Canadian Quarter Value Guide.
Note: Errors such as off-center strikes, wrong-planchet coins, and brockages exist for the 1987 quarter but are outside the scope of this standard value guide.
1987 Canadian Quarter Composition & Melt Value
Composition Breakdown
By 1987, the Canadian quarter had been struck in pure nickel since 1968, having fully abandoned silver content. The 1987 issue — across every finish (Business Strike, Proof-Like, Specimen, and Proof) — is 99.9% pure nickel, a solid homogeneous alloy. This differs from the cupronickel clad used by the United States Mint, giving the Canadian coin a distinctly cooler steely-grey colour and a crisper acoustic ring when dropped.
Key metallurgical implications for collectors:
- No silver, gold, or platinum content: This is a base-metal coin in every finish. Unlike Proof quarters issued from 1996 onward, the 1987 Proof quarter is also struck in pure nickel — not sterling silver.
- Hardness: Pure nickel is significantly harder than silver or copper. This makes it difficult to achieve a fully struck, bag-mark-free coin from bulk production, but once struck, nickel is highly durable and resists wear well. The hardness also means planchet flaws — minor imperfections inherent to the metal — are common disqualifiers for high grades.
- Colour and toning: The steely-grey surface can develop attractive golden or amber toning naturally over time. This is considered desirable by collectors. Dipping nickel coins to remove toning typically produces a flat, lifeless grey appearance and destroys all numismatic premium.
Melt Value
The intrinsic metal value of the 1987 quarter is negligible in any numismatic context. Even at historic highs for nickel spot prices, the melt value of a 1987 quarter rarely exceeds 25–30% of its face value — approximately $0.06–$0.08 CAD. There is no economic rationale for hoarding 1987 Canadian quarters for their metal content. Every dollar of value assigned to this coin is numismatic, driven by collector demand for grade, finish, and eye appeal.
Magnetic Properties — Authentication Diagnostic
The 1987 quarter is strongly magnetic due to its 99.9% nickel content. A 1987 Canadian quarter must jump to a magnet. A coin that does not respond to a magnet is almost certainly a counterfeit or an exceedingly rare wrong-planchet anomaly (for example, a quarter accidentally struck on foreign silver planchet stock). The magnet test is the fastest first-line authentication step and also instantly distinguishes the 1987 quarter from any silver-era issue.
Weight Verification
The standard weight is 5.05 grams with a tolerance of ±0.15 grams. A coin weighing significantly below 4.90 g or above 5.20 g warrants closer examination for planchet errors or counterfeiting. Because nickel is a hard and durable metal, normal circulation wear minimizes weight loss compared to silver coins of equivalent size.
1987 Canadian Quarter Value Chart by Grade & Finish
Grade progression for the 1987 Canadian quarter business strike: MS63 (Select — noticeable bag marks on the Queen's cheek), MS65 (Gem — minimal marks, strong eye appeal), MS67 (Superb Gem — near-flawless). The exponential value jump between these grades is the defining characteristic of this coin's market. (Illustration — not a photo of your exact coin)
1987 Canadian Quarter — Business Strike (Circulation)
All grades from Good (G4) through About Uncirculated (AU50) carry face value ($0.25) only — there is no numismatic premium for circulated examples. The table below begins at MS60, representing coins that have never entered commerce. The value cliff at MS65 is the single most important feature of this market: supply exceeds demand through MS64, but at MS65 and above, certified examples become genuinely liquid collectibles commanding a meaningful premium. Carbon spots (black flecks common on nickel surfaces) and bag marks on the Queen's cheek or the Caribou's shoulder are the primary disqualifiers preventing coins from reaching gem status.
| Type / Design | Mintage | MS60 | MS62 | MS63 | MS64 | MS65 | Notes |
|---|---|---|---|---|---|---|---|
| 1987 Caribou — Machin obverse | 53,408,000 | $0.50 | $0.75 | $1.25 | $5.00 | $15–$20 | MS66–MS67 trophy values: see Variants section. A single carbon spot drops a coin from MS65 to MS62–63, eliminating the premium entirely. |
The production volume of 53,408,000 is substantial but notably lower than earlier 1980s peaks (e.g., ~171 million in 1982 and ~158 million in 1985). Fewer fresh rolls hoarded at the time of issue means that surviving MS65+ examples may be proportionally scarcer than those high-volume years.
⚠️ Never Clean Your Coins
Cleaning a 1987 quarter — even lightly wiping it with a cloth — leaves microscopic hairline scratches visible under magnification. A cleaned coin is designated "Details" (damaged) by ICCS, PCGS, and NGC, stripping all numismatic premium regardless of the underlying detail. Natural golden or amber toning on nickel is considered desirable; do not attempt to remove it.
1987 Canadian Quarter — Proof-Like (PL)
Proof-Like coins were included in the RCM's annual pliofilm (cellophane-strip) Uncirculated Coin Sets. With a mintage of 212,136, PL examples are plentiful, and grades of PL65 or higher are the statistical norm — not the exception. This is the critical pricing distinction: a PL65 is typically worth less than an MS65 Business Strike, because nearly every PL coin survives in gem condition thanks to its protective packaging, while an MS65 Business Strike is a genuine rarity that survived bulk handling intact.
| Finish | Mintage | PL65 | PL66 | Cameo Note |
|---|---|---|---|---|
| Proof-Like (PL) | 212,136 | $2.00 | $5.00 | Brilliant relief against brilliant mirror fields; no frosting or cameo contrast on standard PL issues. |
⚠️ PVC Damage Risk
1987 Proof-Like coins stored in their original pliofilm packaging are notoriously susceptible to PVC (polyvinyl chloride) haze over decades of storage. If you observe a greenish tinge, stickiness, or cloudy film on the coin surface, professional conservation with pure acetone is required — do not use nail polish remover or abrasive cleaners. PVC-damaged coins revert to face value regardless of their underlying grade.
1987 Canadian Quarter — Specimen (SP)
Specimen coins were struck for the RCM's "Double Dollar" or rigid prestige-case sets. With a mintage of just 74,441 — the lowest of the three collector finishes — the 1987 Specimen is also the hardest to source in top grades. The delicate semi-matte or lined background texture is easily marred by the slightest contact, making truly pristine SP68 examples genuinely uncommon. The lined-field appearance, which diffuses light rather than reflecting it, makes the Specimen visually distinct from both the PL and PF finishes under any light source.
| Finish | Mintage | SP65 | SP67 | Cameo Note |
|---|---|---|---|---|
| Specimen (SP) | 74,441 | $3.00 | $15.00 | Semi-matte / lined fields diffuse light; sharply struck devices with squared, crisp rims. Distinct from both PL and PF under direct light. |
1987 Canadian Quarter — Proof (PF)
Proof coins were struck for the black leatherette Prestige Set with a mintage of 175,686. The 1987 Proof is the only 1987 quarter finish to feature true cameo contrast — deep mirror (black) fields against heavily frosted white devices. "Heavy Cameo" contrast is standard for this issue. A critical note for buyers: unlike Proof quarters from 1996 onward, which are struck in sterling silver, the 1987 Proof quarter is pure nickel. Do not pay a silver-content premium for a 1987 Proof quarter. At PF69, examples are worth $40.00; a PF70 Ultra Heavy Cameo trophy specimen can reach $100–$150.
| Finish | Mintage | PF65 | PF67 | PF69 | Cameo Note |
|---|---|---|---|---|---|
| Proof (PF) — Pure Nickel | 175,686 | $4.00 | $12.00 | $40.00 | Heavy Cameo (black mirror fields / white frosted devices) is the standard for this issue. PF70 UHC trophy: $100–$150. A "brilliant" Proof (no frost) is a late die-state coin and carries a negative premium. |
ℹ️ CLT vs. NCLT Pricing — A Critical Distinction
A Business Strike MS65 is worth significantly more than a PL65 from a set, even though both appear uncirculated. Almost every PL coin survives in PL65 or better condition because it was packaged at production — finding a circulation coin that survived the banking system in MS65 condition is the genuine challenge. Never apply business-strike (MS) prices to coins broken out of PL, SP, or PF sets.
Values in CAD, as of February 2026. Source aggregation: Calgary Coin Gallery — Canadian Quarters, Canadian Coin & Currency (ICCS MS-65 listing), and Numista — 1987 Canadian 25 Cents catalogue entry. For all 25-cent years, see our Canadian Quarter Value Guide.
Most Valuable 1987 Canadian Quarter Varieties
Close-up of a 1987 Canadian quarter surface showing the two most common grade detractors: a carbon spot (small black fleck on the nickel surface) and a bag mark (shallow impact scratch on the Queen's cheek). A single carbon spot can drop a coin from MS65 to MS62–63, eliminating its entire premium. (Illustration — not a photo of your exact coin)
A) Trophy-Level Examples (Not Typical)
The 1987 quarter has no major named varieties in the Charlton Standard Catalogue of Canadian Coins — there is no recognized Large Date, Small Bust, or hub doubling variety for this specific date. However, condition rarity drives the trophy end of the market. The following represent the top fraction of surviving examples, encapsulated by top-tier grading services:
| What | Why It Commands a Premium | Requirement | Estimated High-End Value |
|---|---|---|---|
| Top-Pop Business Strike | Population scarcity: the extremely low survival rate of bag-mark-free nickel coins from this era makes MS67 examples legitimately rare. Collectors competing for Registry Set dominance drive prices exponentially above MS65. | MS67 — ICCS or PCGS | $300–$500+ |
| Ultra Heavy Cameo Proof | Registry perfection: PF70 grades with full black-and-white Ultra Heavy Cameo contrast are scarce even among the 175,686 Proof coins struck, as Proof dies lose their frost with use. | PF70 UHC — NGC or PCGS | $100–$150 |
| Gem Specimen | Surface preservation: the delicate semi-matte lined finish is easily marred. The low mintage of 74,441 makes top-grade SP68 examples genuinely hard to source. | SP68 — ICCS | $60–$100 |
The spread between an MS65 ($15–$20) and an MS67 ($300–$500+) illustrates the "Classic-First" principle: for modern base-metal Canadian coinage, grade is the overwhelmingly dominant value driver. Registry Set collectors seeking finest-known examples sustain these top-pop prices. Comparable auction evidence can be found in PCGS auction price archives for similar-era quarters, and in Geoffrey Bell Auctions historical results for high-grade Canadian issues. Population data for certified survivors can be tracked via the PCGS Canadian Coins Population Report.
B) Findable Varieties Worth Checking
The following anomalies may appear in collections or rolls. None carries a meaningful collector premium in the established Canadian market for this date, but they are worth understanding to avoid being misled by inflated claims:
| Variant / Variety | How to Identify | Market Status | Typical Premium |
|---|---|---|---|
| Rotated Die | Flip the coin on its vertical axis — the reverse design should align with the obverse at medal alignment (↑↑). A rotation exceeding 15° constitutes a die alignment error. | Die alignment errors are less frequent in the automated 1980s minting process. A significant rotation (e.g., 90° or 180°) is a genuine anomaly with collector interest. Minor rotations carry little or no premium. | $20–$100 depending on the degree of rotation |
| Missing Chroming / Brilliant Proof (Die State) | A Proof coin with brilliant (un-frosted) devices — the die has lost its frost through extended use in the press. | Collectors strongly prefer the standard Heavy Cameo contrast. A brilliant Proof is a late die state coin — it is a rarity of a kind, but carries a negative premium in practice. | Below standard PF value |
| Machine Doubling (Mechanical) | Flat, shelf-like secondary image on the date or lettering — the die shifted or bounced slightly during striking, creating a displaced ghost image with no depth. | A common mechanical production anomaly, not a hub doubling. Frequently misidentified as a valuable DDO or DDR on secondary market listings. No numismatic premium in the established market. | None |
⚠️ Beware of "Rare DDO" Listings for This Date
Verified hub doubling (DDO/DDR) is not a recognized market factor for 1987 Canadian quarters. Listings claiming a "Rare Doubled Die" for this date almost invariably show machine doubling — identifiable by its flat, shelf-like appearance with no added depth or separation. Do not pay a premium for claimed hub doubling on a 1987 quarter without an attribution from ICCS, PCGS, or NGC on a certified holder.
1987 Canadian Quarter Identification Guide
The four finishes of the 1987 Canadian quarter side by side. Left to right: Business Strike (rotating cartwheel luster), Proof-Like (brilliant mirror fields, no frost), Specimen (semi-matte/lined fields, frosted devices, squared rims), Proof (deep black mirror fields, heavy white frosted devices). Identifying your finish correctly is the single most important step in valuing a 1987 quarter. (Illustration — not a photo of your exact coin)
The 30-Second Identification Checklist
Monarch Check: The obverse must show Queen Elizabeth II facing right wearing the "Girls of Great Britain and Ireland" tiara — the Arnold Machin Second Portrait, used on Canadian coinage from 1965 through 1989. If the portrait shows a Diamond Diadem crown (Dora de Pédery-Hunt, 1990–2003) or a bare head (Susanna Blunt, 2003–2022), the coin is not a 1987 issue.
Reverse Check: Confirm the Caribou head facing left with "25 CENTS" positioned between the antlers, "CANADA" to the left, and the date "1987" to the right. No commemorative circulation designs were issued for the quarter in 1987.
Edge Check: The 1987 quarter has a reeded (milled) edge. Run a fingernail around the rim — the uniform grooves should be immediately apparent.
Magnet Test — Composition Verification: Apply a magnet. The coin must respond strongly. The 1987 quarter is 99.9% pure nickel and is strongly ferromagnetic. A coin that does not respond to a magnet is a red flag for counterfeiting or a wrong-planchet anomaly and should be examined by a professional numismatist.
Mint Marks: No documented mint marks appear on the 1987 quarter in any finish. Both the Ottawa and Winnipeg facilities struck this coin, but individual pieces cannot be distinguished by mark. There is no "W" mint mark variant for this year.
Finish Identification — THE Critical Step: The finish determines 90% of the value differential between coins of otherwise similar appearance. Use the table below under direct light, ideally a single-point incandescent or LED source tilted at a shallow angle.
| Finish | Field (Background) Appearance | Device Appearance | Origin / Packaging | Typical Value Range |
|---|---|---|---|---|
| Business Strike (MS) | "Cartwheel" luster — a rotating spoke of light sweeps across the coin when tilted. May show microscopic radial flow lines. | Same luster as fields. Likely shows bag marks, contact scratches, or "chatter" on the high points. | Bank rolls, bulk circulation bags | Face value to $15–$20 at MS65+ |
| Proof-Like (PL) | Flashy, brilliant mirror surface. Low contrast — fields and devices are both equally brilliant with no distinction between them. | Brilliant — indistinguishable from fields without magnification. No frosting. | Flat pliofilm (cellophane) strip sets | $2–$5 |
| Specimen (SP) | Semi-matte or lined texture — under magnification the background shows fine parallel lines that diffuse (scatter) light rather than reflecting it. Clearly distinct from a mirror finish. | Frosted or sharply brilliant; visually distinct from the matte fields. Rims are noticeably squared and crisp. | Rigid prestige cases ("Double Dollar" sets) | $3–$15 |
| Proof (PF) | Deep mirror — so reflective the fields appear black when tilted to face a dark surface. The most reflective finish produced. | Heavy white frost (cameo effect) — the Queen's portrait and the Caribou appear powdery white against the black fields. Black-and-white contrast is stark. | Black leatherette Prestige Sets | $4–$40 |
ℹ️ PL Contamination — The "Shiny Coin" Problem
With 212,136 PL sets produced in 1987, many have been broken open over the decades. A visually "shiny" 1987 quarter discovered loose in a collection or old coin folder is statistically very likely to be a PL coin, not a high-grade business strike. Dealers routinely discount raw "uncirculated" coins from this era precisely because they assume PL origin. Only third-party grading by ICCS, PCGS, or NGC can definitively assign an MS versus PL designation.
Magnet test on a 1987 Canadian quarter: the coin is strongly attracted to the magnet, confirming 99.9% pure nickel composition. A coin that does not respond is a red flag for a counterfeit or a wrong-planchet anomaly.
1987 Canadian Quarter Value FAQs
What is a 1987 Canadian quarter worth?
In circulated grades (G4 through AU50), a 1987 Canadian quarter is worth its face value of $0.25 — no numismatic premium exists for worn examples. Uncirculated business strikes begin to command a premium at MS63 ($1.25), reach investment-grade territory at MS65 ($15–$20), and escalate sharply to $300–$500+ for trophy-grade MS67 survivors. Collector-finish coins from annual sets are worth $2–$40 depending on finish type (PL, SP, or PF) and grade. All values are in CAD as of February 2026.
Is a 1987 Canadian quarter rare?
In circulated grades, no — 53,408,000 were struck for circulation, making it a common-date coin with no scarcity in worn condition. However, gem-quality examples are genuinely scarce. The hard nickel planchets accumulate bag marks during bulk handling almost immediately, and a fully preserved MS65+ business strike represents a small fraction of the original mintage. MS67 Superb Gem examples are legitimately rare and command significant premiums among registry set collectors.
What makes a 1987 Canadian quarter valuable?
Three factors drive value: (1) Grade — the value cliff at MS65 is steep and the curve is exponential toward MS67; an MS64 and an MS65 may look similar to the naked eye but are separated by a substantial price gap. (2) Finish — a Business Strike MS65 is worth significantly more than a PL65 because the circulated survivor is the genuine rarity, not the protected set coin. (3) Surface preservation — carbon spots (black flecks common on nickel) and bag marks on the Queen's cheek or Caribou's shoulder are the primary disqualifiers; a single carbon spot can drop a coin from MS65 to MS62, eliminating the premium entirely.
Is a 1987 Canadian quarter silver?
No. The 1987 Canadian quarter is 99.9% pure nickel with zero precious metal content. Canadian quarters transitioned fully from silver to nickel in 1968; there is no silver in any 1987 issue, including the Proof finish. The Proof quarter was also struck in pure nickel — unlike later Proof quarters from 1996 onward, which were issued in sterling silver. The fastest confirmation: apply a magnet. The 1987 quarter is strongly magnetic. A silver coin of this size would not be.
What is the difference between Proof-Like, Specimen, and Proof?
These are three distinct intentional production finishes, not grades: Proof-Like (PL) coins are struck under higher pressure on standard planchets, producing brilliant mirror fields with no contrast between fields and devices — they came in flat pliofilm strip sets. Specimen (SP) coins are struck on specially prepared planchets producing a semi-matte or lined background that diffuses light — they came in rigid prestige cases and have squared, sharp rims. Proof (PF) coins are struck multiple times on polished planchets, producing deep black mirror fields with heavily frosted cameo devices — they came in black leatherette Prestige Sets. The PF is the highest tier of production quality in 1987, and the only finish with true cameo contrast.
Should I get my 1987 Canadian quarter graded?
Only if the coin appears to be a strong MS65 candidate or better (business strike), an SP67+, or a PF69/70. For coins in the MS60–MS64 range — worth $0.50 to $5.00 — grading service fees will exceed the coin's numismatic value. At MS65 ($15–$20) the economics begin to make sense, and grading is strongly recommended for any coin that appears to reach MS66 or above. For domestic Canadian sales, ICCS certification is the market standard. For high-end registry competition and international buyers, PCGS and NGC are preferred.
What is ICCS, and how does it compare to PCGS and NGC for Canadian coins?
ICCS (International Coin Certification Service) is the primary Canadian grading standard and the most recognized service within the domestic market — ICCS-graded examples are the norm at Canadian coin shows and major auction houses. PCGS and NGC are the dominant US-based services preferred for high-end registry set competition and international transactions. ICCS is generally considered strict on surface preservation for Canadian nickel circulation coins; a coin graded MS65 by ICCS may sometimes cross-grade to MS66 at PCGS. The NGC World Coin Price Guide for Canada 25 Cents KM-74 provides a useful cross-reference for graded values.
Why does my 1987 quarter have a golden or amber colour?
Natural toning on pure nickel often produces attractive golden, amber, or even subtle violet hues over time. This is a normal and desirable characteristic that does not harm a coin's numismatic grade — in fact, original skin or attractive toning is viewed positively by graders and collectors alike. Do not attempt to clean, dip, or polish the coin to restore a bright silver-grey appearance. Nickel dipping typically produces a flat, lifeless result and permanently removes the coin's numismatic premium.
Methodology & Sources
Values in this guide reflect an aggregation of Canadian market data as of February 2026 from the following primary references:
- Charlton Standard Catalogue of Canadian Coins (Volume 1, Numismatic Issues) — mintage figures, variety listing confirmation, and base pricing structures.
- Coins and Canada (coinsandcanada.com) — recent pricing trends and visual diagnostics.
- NGC World Coin Price Guide — Canada 25 Cents KM-74 (1979–1989) — graded population reference and pricing cross-check.
- PCGS Population Report — Canadian Coins — high-grade population data for registry-level specimens.
- PCGS Auction Prices Archive — realized prices for comparable-era high-grade quarter specimens.
- Heritage Auctions — historical realized prices for MS67 and trophy-grade examples of late-1980s Canadian quarters.
- Calgary Coin Gallery — Canadian Quarters for Sale — retail market availability and pricing reference.
- Canadian Coin & Currency — ICCS MS-65 listing — retail reference for certified examples.
- Numista — 1987 Canadian 25 Cents catalogue entry — technical specifications and collector reference.
- Royal Canadian Mint — 25 Cents — official technical specifications and finish definitions.
All values are estimates reflecting market conditions as of February 2026 and are subject to change. Numismatic grading is inherently subjective; individual coin values may vary based on eye appeal, surface preservation, strike quality, and prevailing market demand at time of sale.
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.