Heritage Auctions is set to auction one of the only 1936 "Dot Cent" Canadian pennies in existence on April 18 in Chicago. After King George V died in 1936, his son took the throne as Edward VIII. Canada, along with the U.K. and rest of the Commonwealth, redesigned their coinage to bear his likeness. But. before the Canadian coins could be struck, Edward abdicated the throne to marry American divorcee Wallis Simpson.
Canada ran short of low denomination coinage before new dies bearing the likeness of the new King George VI could be finished, so resorted to minting "dot" coins in one, five, and twenty-five cents in early 1937. These coins had a dot on reverse, above the date, to distinguish them from proper 1936 coins. The one cent coins were never circulated and were melted down, with the exception of three samples.
This coin, rated "MS63 Red" by PCGS, is the only mint state sample among the three coins, and was previously owned by John Jay Pittman. The coin (among others) was stolen in 1964, but anonymously returned with some small scratches.
Heritage estimates that this coin should sell for $250,000 - $300,000, minus buyer's premium.