25 Cents - Elizabeth II Confederation- 80%

Canada's 1967 coinage was issued to mark the centennial of Confederation, with each denomination receiving a unique wildlife design commissioned through a national competition won by sculptor Alex Colville. The quarter was one of the last circulating Canadian coins struck in 80% silver before the RCM abandoned silver in circulation coinage entirely — the 50-cent and dollar were switched to nickel partway through 1967 itself, and by 1968 the quarter followed.

Hoarding was immediate and widespread. Silver spot prices made the bullion value competitive with face value almost from the outset, pulling most examples from circulation quickly.