Canada's one-dollar coin has gone through many different designs over the years, from the silver dollars of the mid-20th century to today's Canadian dollar coin (Loonie). Many of these coins are quite valuable, sometimes fetching thousands of dollars at auction. It just goes to show that it's well worth giving your dollar coins a second glance before slipping them into the vending machine.
Most Valuable Canadian Dollar Coins
Every Canadian dollar coin is worth at least one dollar (aka its face value). However, silver dollars can be worth more for their precious metal content as well. The melt value of a Canadian silver dollar is just under $20, but it varies based on the current price of silver. Some Canadian 1-dollar coins are worth much more if they are rare or prized by collectors.
1911 George V Canadian Pattern Silver Dollar
One of the very most collectible Canadian coins of all time, the 1911 pattern silver dollar is so rare that it's almost impossible to find. Only two are known to exist! The 1910 Canadian Currency Act got the ball rolling on this coin's fascinating story with a pattern for the first silver dollar ever authorized.
Featuring a portrait of George V and the date 1911, this coin never entered production as a business strike. Instead, those few patterns were the only examples of this coin ever minted for that year. One sold for $552,000 in 2019.
1947 George VI Canadian Dollar Coin
Condition matters a lot to the value of a coin, especially those that are rare to find in mint state. The 1947 George VI silver dollar is a really good example. This coin is a hot item for collectors, especially in good condition and with a nice, strong strike. One example, saved from circulation by a mint employee, fetched $46,000 in 2006.
1935 George V Specimen Canadian Dollar Coin
The first circulating silver dollar coin in Canada, the 1935 George V is an important collectible. George V's reign ended the following year, so there are very few dollar coins bearing his image. These used to be considered extremely rare, but more have been discovered in recent years. Even so, examples in excellent condition or specimen coins are worth a lot. One sold for $29,900 in 2010.
A specimen dollar is similar to a proof in that it's not meant for circulation. This type of coin has an extra high relief. Specimens are not easy to find, so they tend to be valuable.
1945 Canadian Dollar Coin
With only just over 38,000 coins minted, the 1945 Canadian 1-dollar coin is fairly rare. It's even harder to find in pristine condition, so those with minimal wear can be worth quite a bit. One example that did not show any sign of circulation and was in mint state sold for $26,400 in 2019.
1938 George V Specimen Canadian Dollar Coin
Although specimen coins are rare in general, some specimen coins are harder to find than others. One example is the 1938 George V, which still captivates collectors of Canadian coins to this day. One of these sold for $22,325 in 2014.
1948 George V Specimen Canadian Dollar Coin
Another great example of a specimen coin being super valuable is the 1948 George V specimen dollar coin. This Canadian dollar coin is one of the hardest ones to find in good condition. There weren't many of these made, and those that exist can show some wear from storage or handling. One sold in 2014 for $17,625.
What about the Loonie? The current Canadian 1-dollar coin, called the "Loonie" is usually only worth about a dollar. However, some rarer Loonies, such as the first issue from 1987, can be worth up to $30 in mint state.
Tips for Spotting Valuable Canadian Dollar Coins
If you've got some Canadian dollars lying around or you've inherited a coin collection with some of these coins, it's good to know what makes them valuable. Keep these tips in mind as you look them over:
- Watch for silver. Canadian silver dollars are worth money for their metal content alone. Look for dollars minted between 1935 and 1967.
- Look for specimens. Specimen coins show greater relief than business strikes or even proof-like coins. Use a magnifying glass to check the details and see if it's possible you have one.
- Keep condition in mind. Any coin that hasn't seen circulation will be worth more than the same coin that shows wear from changing hands. Even with modern Loonies, mint state or uncirculated coins can be worth more than face value.
- Check the monarch. Canadian coins feature the current British monarch, but those that are the first or last to show a monarch during their reign can sometimes be worth more.
Related: Rare & Valuable Canadian Coins That Are Worth Money
Take the Time to Look Closely at Your Dollar Coins
A lot of valuable Canadian 1-dollar coins are worth so much more than a dollar. It's all about knowing what makes the coin special and how to spot this type of treasure. Take some time to look at your coins closely if you suspect you might have something great.
