Canadian and US pennies look almost the same. As a result, they can easily get mixed up.
The question is: How much is a Canadian penny worth? Does it hold more or less value than the US dollar? Are some Canadian pennies worth a lot?
Let’s answer all these questions and learn more about the Canadian penny value.
How Much Is a Canadian Penny Worth In America?
A Canadian penny is worth nothing in America. There are two reasons for that. First, pennies are no longer used in Canada; they were removed from circulation a few years ago. Second, Canadian money is not legal tender in the USA.
However, you could easily calculate how much a Canadian penny would be worth in the US dollars if it was still in circulation. Namely, one Canadian dollar is worth 0.79733965 US dollars at this moment. Therefore, a Canadian penny would be worth 0.797 US cents.
As you can see, the US dollar holds more value than the Canadian dollar. One US dollar is worth 1,25 Canadian dollars. It is a piece of helpful information for everyone who plans to travel to Canada soon (or vice versa) and will need to exchange these two currencies.
Can You Use a Canadian Penny In America?
As we have already established, Canadian pennies cannot be used in America. A Canadian penny is not legal tender in the USA.
The same goes for all Canadian coins and bills. Therefore, if you plan to spend Canadian dollars in the USA, we have to disappoint you – it is not possible! Canadian dollars are not legal to use in the US.
The same goes the other way around, too – the US dollars cannot be used in Canada. You have to exchange money to purchase any goods or pay for any services. The currencies can be exchanged in most banks.
Since Canadian dollars are worth less than US dollars, it is no wonder US businesses don’t accept them as payment. However, it might surprise you to know that US currency is seldom accepted by Canadian retailers too, even though the US dollar is worth more than the Canadian dollar. It is because Canadian banks charge to convert foreign currencies.
What Canadian Pennies Are Worth Money?
Not all Canadian pennies are worthless. Quite the opposite, some rare Canadian pennies are worth serious money.
Rare Canadian pennies that are worth the most money
| A Canadian penny that is worth money | How much is it worth? | Defect |
| 1923 Canadian penny | Up to $3300 | Small 1-Cent |
| 1925 Canadian penny | Up to $3300 | Small 1-Cent |
| 1936 Canadian penny | More than $400,000 | Canadian “Dot” Penny |
| 1953 Canadian penny | Up to $2300 | Shoulder Fold Penny |
| 1955 Canadian penny | Up to $5,500 | No Shoulder Fold Penny |
| 1964 Canadian penny | Up to $ 3000 | Canadian “Dot” penny |
| 1965 Canadian penny | Up to $1750 | Small Beads (Pointed 5) Penny |
| 1980 Canadian penny | Up to $1000 | Multiple Strikes Penny |
| 1981 Canadian penny | More than $700 | Struck Off-center Penny |
| 2006 Canadian penny | More than $2700 | P- Non-Magnetic Penny |
As you can see, the rarest Canadian pennies are worth thousands of dollars. They are mostly sold at auctions, and their value can reach a whopping $400,000. Many of them have made worldwide headlines for their fascinating worth.
Why Are Some Canadian Pennies Worth a Fortune?
The rarer the Canadian penny is, the more it is worth. The one sold for $400,000 is so rare that there are only three such coins in existence.
The thing that makes these rare Canadian dollars so special is some sort of defect. The most expensive one I keep referring to has a small dot underneath the date that indicates it was made in 1937 rather than 1936.
Most pricey Canadian pennies have an entrancing history, too. For example, in 1936, Canadian 1 Cent was designed to celebrate a special occasion – the coronation of Queen Elizabeth.
The original design of a 1953 Canadian penny had a picture of the Queen in her gown on the backside. The gown had a shoulder fold that was too complicated for the minting. It had to be redesigned before it was released, and as a result, the original design remained exceptionally rare. For this reason, this 1953 Canadian dollar called a Shoulder Fold Penny is now worth more than $2000.
It does not mean that No Shoulder Fold Pennies are worth less, though. Quite the opposite, 1955 No Shoulder Fold Pennies that were struck with the older design dies by mistake, now sell for more than $5000.
A Canadian penny does not necessarily have to be old to be worth big money. A woman recently sold a jar of rare 2006 Canadian pennies for $300,000.
The last pennies that have been produced to commemorate a 2012 Farewell to 1-cent coins now sell for about $1200. I assume their value will increase with time, though.
The very last Canadian dollar issued for circulation is housed at the Currency Museum of the Bank of Canada in Ottawa. I am sure it would make quite a few headlines if they were to offer it for sale. Auctioneers live for such items!
Final Words
A Canadian penny is not worth much (if anything) unless it is rare. If you are lucky enough to own a Canadian penny with a rare defect, you might be able to sell it for thousands of dollars. So, it would be wise to check your coin jar!
I hope you now have a clear understanding of how much a Canadian penny is worth in America. If you have any commentaries or further questions, please feel free to share them in the comment section below.
