Much like American pennies, Canadian cents were considered by most Canadians to be impractical pocket weights. In fact, the Canadian penny was withdrawn from circulation in 2012. While modern small-denomination coins may be worth less than their weight in metal, there are a handful of pennies out there valued at a quarter of a million dollars or more. Continue reading to learn about Canada’s most valuable pennies, one of which sold for $253,000 at a 2013 Heritage Auction.
A Three-Penny Show
Called “dot cents” because of the dot stamped into their design to distinguish them from pennies that were minted under the reign of George V without a dot, only three of these famous 1936 Canadian pennies produced under the brief reign of Edward VIII are known to exist. While some experts suspect many more were minted and simply melted down after George VI took the throne, there is no evidence of this.
Why So Valuable?
Like most valuable coins, the rarity of the dot cents certainly boosts their value. The mystique behind what happened and why only three of these copper pennies exist certainly does not hurt. The mystique surrounding the pennies extends beyond their initial stamping to the hands that have possessed them over the years.
Stolen and Returned
Avid American coin collector John Jay Pittman held possession of all three dot cents for quite some time. In 1964, however, one of the pennies was stolen alongside other rare coins by thieves who broke into his home. It was returned years later, anonymously, alongside other rare coins that were stolen from the collector.
California Numismatic Investments may not be in possession of any of the three Canadian “dot cents” discussed in this article, but we do have some of the rarest and most valuable coins and precious metals in existence. To speak with a coin dealer about our inventory or the processes of buying and selling rare coins with us, call us toll-free at (800) 225-7531 or check out our audio gold page!