Hidden Treasures: 6 Rare Canadian Dollar Coins Worth $500k

Canada’s dollar coins have a fascinating history, with many designs that go beyond their face value. While today’s Loonie is a staple of Canadian currency, older coins—especially those crafted in silver—have become valuable collector’s items. Some rare coins even fetch thousands of dollars at auction, making it well worth your time to examine your collection before spending them.

Let’s dive into six of the most valuable Canadian dollar coins, the stories behind them, and tips to identify if you have a treasure hidden in plain sight.

1. The 1911 George V Canadian Pattern Silver Dollar

• Value: $552,000 (sold in 2019)
• Why It’s Special:
  Known as the “Holy Grail” of Canadian coins, the 1911 pattern silver dollar is one of the rarest coins in existence. Only two examples of this coin are known to survive, making it virtually impossible to find.
  • Design: Features King George V and the date “1911.”
  • Historical Significance: This was the first silver dollar authorized under the 1910 Canadian Currency Act, but it never entered production.

2. The 1947 George VI Canadian Silver Dollar

• Value: $46,000 (sold in 2006)
• Why It’s Special:
  This coin is a prized collectible due to its rarity, particularly in mint condition.
  • Design: Depicts King George VI and includes the date “1947.”
  • Condition Matters: A well-preserved example saved by a mint employee fetched a significant sum at auction.

3. The 1935 George V Specimen Canadian Dollar

• Value: $29,900 (sold in 2010)
• Why It’s Special:
  This was Canada’s first circulating silver dollar and marked an important milestone in the nation’s coinage history.
  • Design: Features King George V, whose reign ended in 1936.
  • Specimen Coin: These high-relief coins were specially struck and are rare, adding to their allure.

4. The 1945 Canadian Dollar Coin

• Value: $26,400 (sold in 2019)
• Why It’s Special:
  With only about 38,000 coins minted, this dollar is scarce, especially in uncirculated condition.
  • Design: Depicts King George VI.
  • Rarity in Mint State: Coins with no signs of circulation command the highest prices.

5. The 1938 George V Specimen Canadian Dollar

• Value: $22,325 (sold in 2014)
• Why It’s Special:
  As a specimen coin, the 1938 George V dollar is rare even among other high-relief coins.
  • Design: Features King George V with intricate detailing.
  • Collector Appeal: Its scarcity keeps it in high demand among numismatists.

6. The 1948 George VI Specimen Canadian Dollar

• Value: $17,625 (sold in 2014)
• Why It’s Special:
  This specimen dollar is one of the hardest to find in pristine condition due to limited mintage and handling wear.
  • Design: Depicts King George VI.
  • Scarcity: Few were produced, and those that exist often show wear, making high-quality examples incredibly valuable.

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What About the Loonie?

While modern Loonies are typically worth their face value, some exceptions exist:

• The 1987 first-issue Loonie can be worth up to $30 if it’s in mint condition.

How to Spot Valuable Canadian Dollar Coins

1. Look for Silver Content:
   • Coins minted between 1935 and 1967 contain silver and are worth more than face value for their metal content alone.
2. Check for Specimens:
   • Specimen coins are struck with a high-relief finish and are often more valuable. Use a magnifying glass to spot fine details.
3. Examine Condition:
   • Uncirculated or mint-state coins are significantly more valuable than those showing wear.
4. Pay Attention to the Monarch:
   • Coins marking the first or last year of a monarch’s reign, such as those featuring George V or George VI, are often sought after.
5. Review Rarity:
   • Coins with low mintages or unique histories are always in high demand.

Turn Your Loose Change Into a Fortune

Whether you’ve inherited a coin collection or stumbled upon a box of old currency, Canadian dollar coins can be worth more than their weight in silver—or gold. Take the time to inspect your coins carefully, and consider consulting a professional numismatist to evaluate any potential treasures.

You never know: that dusty old coin could be worth thousands!