Heritage Auctions is selling an example of the rare 1936 dot Canadian cent, this one owned by the founder of Canadian Coin News, Chet Krause. The coin, graded PCGS MS-63 Red, was purchased by Krause in 2004 for $207,000 U.S. at Heritage’s 2004 New York International Numismatic Convention sale. Heritage spokesman Noah Fleisher told Canadian Coin News that the coin is expected to sell for between $200,000 and $300,000 when it goes on the block in April. “This piece is extremely well struck with a very sharp edge,” he said. “It has been lightly lacquered at the Mint, as was the practice at the time. There is some spotting on the obverse and a notable planchet flaw on the reverse at the 3 of the date, as well as some planchet roughness near the right maple leaf. The planchet flaw and planchet roughness lend strong credence to this piece as the only Mint State example of the three known dot cents, and this example does have distinctly different surfaces from the other two dot cents.” The coin has a remarkable history. At one time it was owned by famed collector John Jay Pittman. It was stolen from the Pittman home in 1964 and later returned (with scratches in the right obverse field) in an envelope with other coins. Pittman managed to own all three known 1936 dot cents all at once. Today all three coins remain in the hands of private collectors.
The coins were created after King George V passed away early in 1936, and was succeeded by his son Edward VIII. As was common practice, for the remainder of 1936 the coinage continued to have the effigy of the deceased monarch. Toward the end of the year, models were made and dies produced with the effigy of King Edward VIII, but when Edward abdicated the dies were no longer valid and a shortage of Canadian 1-, 10-, and 25-cent pieces arose in early 1937. Because of the shortage, Canada was forced to continue producing coins dated 1936 with the portrait of King George V. Canadian authorities felt a need to distinguish this 1937 mintage from the 1936 production, and a small dot was placed on the reverse of the 1-, 10-, and 25-cent coins. The dot is below the date of the 1-cent coin, and under the bow on the wreath of the 10- and 25-cent coins. As it was, only the 25-cent piece was placed in circulation and the three dot cents are the only known examples of that denomination.