Last Updated on May 24, 2022
Pennies have always been one of the most popular collectible items. Back in 1962, the Canadian penny was minted in different forms that are still available to this day. If you’re a coin collector or investor, then read on below to find out what the 1962 Canadian penny is worth now.
How Much is a 1962 Canadian Penny Worth?
Although the value of the Canadian 1962 coin depends on a lot of different factors such as the supply and demand for it, the rarity, varieties present, and if it contains any error or not. That being said; generally, the value of this coin is at the price of almost 0.02 dollars.
The mintage of this coin began in 1962 and came in multiple varieties. The circulated 1962 penny, which has no mint mark present, comes at the price of 0.04 dollars in the grades of F-12, VF-20, EF-40, and AU-50. The other type of coins minted included the harp, which in uncirculated condition sells for around 50.80 dollars in the MS-64 grade, 77.50 dollars in MS-65 grade, and approximately 384 dollars when present in the grade of MS-66.
The 1962 coin with a hanging 2 is priced at 15 dollars in a grade of MS-63, 27.40 dollars in an MS-64 grade, 40.30 dollars if the grade is MS-65, and almost 226 dollars in a grade of MS-66.
The 1962-guitar version of the penny is priced at 101 dollars in an uncirculated condition. The double 962-1962 coin has a worth of almost 35 dollars in an uncirculated condition with a grade of MS-64, whereas, in a grade of MS-65, it can sell for a price of 104 dollars.
The 1962 penny with the missing M is at the price of 17 dollars in an uncirculated condition with a grade of MS-63, 31.40 dollars at a grade of MS-64, 81.70 dollars when of the grade MS-65 and around 377 dollars when available in a grade of MS-66. On the other hand, the triple hanging 2 form of the 1962 coin is priced at 18.60 dollars when present in an uncirculated condition with a grade of MS-63.
Specifications of the 1962 Canadian Penny
The 1962 Canadian penny is made up of alloys that include almost 98% copper and small percentages of tin (0.5%) and zinc (1.5%) and has a bronze color. The coin weighs roughly about 3.24 grams and has a diameter of 19.05mm along with a thickness of 1.65mm. On the obverse side, queen Elizabeth is featured with the words “ELIZABETH II DEI GRATIA REGINA” around her portrait.
On the other hand, the maple leaf can be appreciated on the reverse side of the coin with 1 cent written on top of it, while the 1962 and CANADA are engraved below the leaf. The designer for the coin on the obverse side was Mary Gillick, while the reverse side was designed by G.E Kruger-gray. The engraver of the coin was Thomas Shingles.
The Grading System
Since the coins get their value based on the condition they are present in, the grading system plays a special role. When it comes to grading a coin, a lot of different elements are looked at, such as the country it was minted in, the presence of mint marks, errors, conditions, and much more.
When placing a value on the coin, the first thing to look at is to see whether it’s in an uncirculated or circulated condition. The uncirculated or mint-state version of coins means that the coin is free from scratch marks or stains and has a huge resemblance to the original version. They may not be entirely flawless, but the majority of them will still have the clear details present as if they just got minted.
Whereas the coins which have been circulated will contain some amount of wear and tear depending on the length of time they had been in circulation.
Sheldon’s numerical system is used for grading the coins, which Dr. William Sheldon invented. The numbers 1 to 59 were for the circulated coin grading, while the numbers 60-70 were used for the uncirculated coin grading. A few examples include:
- G-4= Good
- AG-3= About Good
- VG-8= Very Good
- VG-10= Very Good Plus
- F-12= Fine
- VF-20= Very Fine
- EF-40= Extremely Fine
- AU-50= About Uncirculated
- AU-55= Choice About Uncirculated
- MS-60= Typical Mint-state
- MS-63= Choice Mint-state
- MS-66= Gem Mint-state
- MS-70= Perfect Mint-state
What is the Rarest Canadian Penny?
The rarest type of Canadian coin available is the “Dot” 1-cent coin which was minted in 1936. Now, there are only three of them present in mint condition, and each can be worth up to almost 400,000 dollars.