As a coin collector and numismatic expert, I‘ve always been fascinated by commemorative issues that celebrate a nation‘s history. One of my favorite modern coins in this category is the 1992 Canadian penny honoring the 125th anniversary of Canada‘s Confederation. This unique one-year type coin is not only a cherished piece of Canada‘s heritage, but also offers some real challenges and thrills for us penny collectors.
Whether you‘re a seasoned Canadian coin aficionado or just starting to build a set of coppers from the Great White North, you won‘t want to overlook the ‘92 Confederation penny. In this in-depth guide, I‘ll share some key facts, figures and collecting tips to help you understand and appreciate this special issue.
Background and History
Canada‘s transition from a province of the British Empire to its own autonomous Dominion happened on July 1, 1867 with the enactment of the British North America Act. This legislation united the provinces of Ontario, Quebec, New Brunswick, and Nova Scotia into a single federated colony. While still remaining under the British crown, this unification marked a major milestone towards Canada‘s independence.
July 1st is thus celebrated annually as Canada Day, much like July 4th in the US. In 1992, the 125th anniversary of this pivotal event was cause for major celebrations across the country. The Royal Canadian Mint joined the festivities by issuing a commemorative $125 gold coin along with special editions of the circulating 1 cent, 5 cent, 10 cent, 25 cent and $1 coins all featuring the dual "1867-1992" date.
For the penny, 1992 also represented the 72nd year of the small cent series and final year of the 12-sided coin introduced in 1982. The RCM would change the shape and composition of the cent the following year. So the ‘92 issue is notable as both an anniversary commemorative and the last of its type.
Coin Specifications and Details
The 1992 Canada 1 cent retains the same shape, size and composition as the circulating bronze cents used since 1982:
- Denomination: 1 cent
- Composition: 98% copper, 1.5% zinc, 0.5% tin
- Weight: 2.5 grams
- Diameter: 19.1 mm
- Thickness: 1.45 mm
- Edge: Plain
- Shape: 12-sided dodecagon
- Magnetic: No
In 1992, the RCM struck a total of 673,500,000 pennies for circulation at its Winnipeg facility. This actually represents the second lowest yearly cent mintage for the 1990s decade after 1996. An additional 147,100 specimen examples were minted for collector sets.
Obverse Design
The obverse features the famous crowned effigy of Queen Elizabeth II designed by British sculptor Arnold Machin. In use on all Canadian coins from 1965-1989, this was actually the final year for the Machin portrait on the penny before the switch to the updated Dora de Pédery-Hunt design in 1990.
Encircling the elegant bust of the Queen is the legend "ELIZABETH II D • G • REGINA" an abbreviation of the Latin phrase "Dei Gratia Regina" meaning "By the Grace of God, Queen." On the 1992 issue, the usual beaded border is omitted.
Reverse Design
The reverse carries the classic Alex Colville design of two maple leaves that the RCM had been using since 1937 with only minor modifications. The 1992 version, however, makes a notable change with the dual date "1867-1992" to the left of the leaves commemorating Canada‘s 125th birthday.
"1 CENT" appears above the leaves and "CANADA" below, while the designer‘s initials "KG" (for George Kruger Gray) sit to the right. The reverse also lacks its normal beaded border and denticles, giving it a clean, simple look.
Value and Price Guide
So what‘s a 1992 Canadian penny worth today? Because of the large mintages, circulated examples up to Brilliant Uncirculated can be acquired for less than $1. In fact, rolls of 50 Uncirculated pennies still in bank wrappers can often be found for under $25.
However, the value jumps up drastically for pristine, high-grade examples. In the top tiers of Mint State, the coins take on a whole new level of rarity and desirability. Here is a full rundown of typical values for each grade:
- Good (G-4): $0.01
- Very Good (VG-10): $0.01
- Fine (F-12): $0.01
- Very Fine (VF-20): $0.01
- Extremely Fine (EF-40) $0.02
- About Uncirculated (AU-50): $0.05
- AU-55: $0.10
- Mint State 60 (MS-60): $0.25
- MS-63: $0.50
- MS-64: $1
- MS-65: $6
- MS-66: $25
- MS-67: $50
- MS-68: $150
- MS-69: $500
- Perfect MS-70: $750+
As you can see, the jump from a typical Uncirculated example to a "Gem" of MS-65 or better is exponential. This underscores the conditional rarity of the issue in superb grades.
Proof-like and specimen examples are also highly coveted by collectors. The top price for a 1992 penny is $190.88 for an MS-67 Red specimen by PCGS. In 2017, a 6-coin specimen set including the ‘92 cent sold for $2,200, with most of that value driven by the near-flawless penny.
Grading Canadian Pennies
To determine where your 1992 penny falls on this value chart, you‘ll need to accurately assess its grade. Grading is both an art and science, with many nuanced factors to consider like wear, luster, toning, contact marks, and overall eye appeal.
For starters, grab a 5-10X loupe or magnifier and give your coin a close look. The first factor to judge is the level of wear on the high points of the designs. For this issue, you‘ll want to check the Queen‘s hair, cheek and shoulder as well as the high veins and edges of the maple leaves.
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If the coin shows heavy wear on those spots, it grades Good (G-4) to Very Good (VG-10).
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If the high points show moderate wear but all details are still visible, the grade is Fine (F-12) to Very Fine (VF-20).
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At Extremely Fine (XF-40), only the very highest points show light friction.
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About Uncirculated (AU-50/58) coins may show slight rubbing but no wear on the devices.
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Uncirculated (MS-60+) examples have absolutely no wear, even on the most vulnerable spots.
Within the Mint State grades, you‘ll also need to assess factors like strike sharpness, luster, toning and the number/severity of contact marks. Here‘s a quick cheat sheet:
- MS-60: Dull or weak luster, large/heavy marks, visible reduction in eye appeal
- MS-63: Average to moderate luster, several notable marks, slightly impaired eye appeal
- MS-64: Better than average luster and few marks, positive eye appeal
- MS-65: Full original luster, minuscule marks, very pleasing eye appeal
- MS-66+: Extraordinary luster, virtually no perceptible imperfections, stunning eye appeal
As you can see, the difference between these Uncirculated grades comes down to tiny imperfections only visible under a loupe. It takes years of experience to consistently differentiate, say, an MS-66 from an MS-67. That‘s why most serious collectors and dealers rely on third party grading services to provide an objective assessment of a coin‘s grade and condition.
Collecting Canadian Small Cents
Of course, the 1992 penny is just one key issue in the larger challenge of collecting Canada‘s small cent series. Spanning from 1920-2012, these coins depict a maple wreath and leaf reverse with portraits of four different British monarchs.
Some of the most sought after dates, varieties and errors include:
- 1922 No D below bust
- 1923 Closed 3
- 1925 and 1926 Near 6
- 1936 Dot
- 1942 Tombac
- 1953 NSF (No Shoulder Fold)
- 1954 NSF
- 1955 No Shoulder Fold
- 2006 P logo magnetic and non-magnetic
The fun of collecting Canadian cents is that most dates are readily available in low grades for minimal cost. So it‘s easy to get started on a basic date set even with a small budget.
As you gain experience and upgrade your collection, you can begin to focus in on higher grade examples, premium varieties, or errors. With the exception of a few rare dates like the 1922 No D or the 1936 Dot, most issues are very affordable up to MS-60 or even MS-63. This makes Canadian small cents an ideal series to cut your teeth on as you learn to grade coppers.
Tips for Buying and Selling
Whether you‘re looking to acquire a ‘92 penny for your collection or cash in a roll of pristine examples, I always give collectors the same advice for maximizing value: buy the best grade you can afford and only purchase problem-free, attractive coins.
This means taking your time to shop around for pieces with good eye appeal and minimal marks or imperfections. Avoid coins with unsightly carbon spots, stains, discoloration, corrosion or damage. Hold out for examples with attractive, original toning and full luster if possible.
Of course, you‘ll also want to pay a fair price relative to market values. Check out recent sold listings on eBay for the specific date and grade you‘re looking for. You can also reference wholesale dealer price guides like Coin World Trends and the Coin Dealer Newsletter for an idea of what dealers are charging.
When it comes time to sell, be sure to set a competitive asking price, take lots of high resolution photos, and give an honest, complete description of the coin‘s condition and grade. For higher value coins, like a ‘92 penny in a top grade, I always advise having the coin professionally graded and encapsulated by PCGS, NGC, ANACS or ICG. While you‘ll pay a fee, a certified coin will always bring a premium and easier sale compared to a raw example.
Final Thoughts
I hope this guide has given you a new appreciation for this overlooked modern commemorative. The 1992 Canada penny is the perfect combination of history, scarcity and affordability that draws us collectors like moths to a flame. It‘s got that special "cool factor" as the last 12-sided cent and is a must-have for any Canada collection.
Best of all, the issue offers lots of room for personal exploration and specialization. You can focus in on quality strikes, color varieties, errors or ultra-high grade examples. Or you can collect the cent as part of the larger 1992 commemorative set along with the 5 cent, 10 cent, 25 cent, and $1 coins.
No matter your approach, I think you‘ll find the 1867-1992 Canadian penny a welcome challenge and an exciting modern issue full of numismatic intrigue. And who knows? Maybe the 2017 specimen set record of $2,200 will continue to push the top end of the market for this tough copper. Happy collecting!
