Which Canadian Coins Are Silver? Here’s How to Tell

Many people often wonder about the presence of silver in Canadian circulating coins. Understanding which coins contain silver and how to identify them can be a valuable insight for collectors and numismatists.

Canadian Coins with Silver Content

Historically, several denominations of Canadian coins contained silver, with their metallic composition changing over time. Coins minted between 1858 and 1919, including the five-cent piece, dime, quarter, and half dollar, were made of 92.5% silver. This high purity was a standard for early coinage.

A significant shift occurred from 1920 to 1967 when the silver content in these denominations was reduced to 80%. This period also saw the introduction of the silver dollar in 1935, which also contained 80% silver until 1967. For a brief period in 1967 and early 1968, some dimes and quarters had their silver content lowered to 50%. Dollars and half dollars issued in 1967, however, maintained an 80% silver composition.

The Royal Canadian Mint ceased producing circulating silver coins by August 1968. After this date, all denominations that previously contained silver were switched to base metal alloys. Any circulating Canadian coin minted from 1968 onward does not contain silver.

Identifying Silver Canadian Coins

Determining whether a Canadian coin contains silver involves checking its mint date. Any circulating coin dated 1968 or later will not contain silver. For coins minted earlier, particularly those from 1967 and 1968, a magnetic test provides clarity.

Silver is a non-magnetic metal. If a coin from 1968 sticks to a magnet, it indicates the absence of silver. Conversely, if a 1968 dime or quarter does not attract a magnet, it contains 50% silver. Examining the coin’s edge can also be helpful; non-silver coins might display a distinct color on their edge, unlike the uniform appearance of silver coins.

The Transition from Silver Coinage

The removal of silver from Canadian circulating coinage was driven by economic factors. As the market price of silver rose, the intrinsic metal value of coins began to exceed their face value. This made it unsustainable for the Royal Canadian Mint to produce coins with high precious metal content.

The transition away from silver began gradually, with the five-cent coin switching from silver to nickel as early as 1922 due to rising silver prices. The trend accelerated through the 1960s as silver became even more expensive, leading to the reduction in silver content and ultimately its complete removal from circulating coinage in 1968. This shift allowed the mint to use more cost-effective alloys, ensuring the continued viability of coin production for everyday transactions.