Rare Canadian 1858 Penny Fetches $21,000 at Auction—Here’s What Makes It So Valuable

In the world of coin collecting, size, history, and rarity matter. And one rare Canadian penny—the 1858 Large Cent—checks all the boxes.

Known for its oversized diameter and significance in Canadian monetary history, this coin has caught the attention of collectors and investors alike, sometimes selling for tens of thousands of dollars at auction.

A Glimpse into History: Canada’s First Homegrown Penny

The 1858 Canadian Large Cent was the first official penny minted specifically for the Province of Canada, following the Currency Act of 1857. Prior to this, Canadian commerce heavily relied on foreign currency, especially British and American coins. The introduction of this penny marked a pivotal shift toward a standardized and unified national currency.

This one-cent coin symbolized more than monetary value—it represented Canadian economic independence during the pre-Confederation era.

Size That Makes It Stand Out

One of the most notable features of the 1858 penny is its impressive size:

• Diameter: 25.4 mm (about 1 inch), roughly 25% larger than modern Canadian pennies
• Weight: 5.67 grams (similar to a U.S. quarter)
• Metal Composition: 95% copper, with 5% tin and zinc
• Obverse Design: Portrait of Queen Victoria, created by Leonard Charles Wyon
• Reverse Design: A wreath of maple leaves encircling the denomination

Its large size and bronze composition make it immediately distinguishable from later Canadian pennies.

Rarity and Market Value

Approximately 421,000 coins were minted in 1858, and not all have survived the test of time. The coin’s rarity and its historical importance have boosted its desirability among collectors.

• Circulated coins in average condition may fetch between $20 to $100, depending on wear and clarity.
• Uncirculated or high-grade specimens are far more valuable—one nearly perfect 1858 penny sold for over $21,000 at auction in 2019, according to Money Digest.

Other rare Canadian coins, like the 1936 Dot Cent, have been known to sell for hundreds of thousands of dollars. However, the 1858 Large Cent holds a unique position due to its foundational role in Canada’s coinage history.

How to Spot and Authenticate One

If you suspect you may have an 1858 Large Cent—or come across one—proper authentication is essential. Due to the potential value, counterfeits are a known issue in the market.

Authentication Tips:

• Use trusted grading services like PCGS or NGC
• Look for signs of genuine aging and mint markings
• Avoid cleaned or heavily polished coins, as these lose collector value

How to Preserve This Historic Coin

Proper care can maintain or even increase the value of an 1858 Large Cent:

• Do not clean the coin, as this can decrease its value.
• Use cotton gloves to handle the coin.
• Store in archival-quality holders, avoiding humidity and extreme temperatures.
• Keep the environment stable—humidity between 30%-40% and temperature under 22°C (71°F).

Other Canadian Pennies Worth Watching

Canada has produced other highly collectible pennies:

• 1936 Dot Cent: With only three known examples, this is among the rarest.
• 1923 and 1925 Cents: Known for their low mintages.
• 1955 “No Shoulder Fold” Penny: A valuable variety where Queen Elizabeth II’s shoulder fold is missing.

These rare coins continue to fuel interest in Canadian numismatics and encourage collectors to keep their eyes peeled for old change.

Where to Learn More

For those looking to dive deeper into Canadian coin history or start their own collection, the following resources are trusted and reliable:

• Royal Canadian Mint – Official source of Canada’s coin production
• Bank of Canada Museum – Educational materials on currency history
• Coins and Canada – Database of Canadian coins, values, and varieties

This article has been carefully fact-checked by our editorial team to ensure accuracy and eliminate any misleading information. We are committed to maintaining the highest standards of integrity in our content.