"I think the entire Canadian coin market is going through a huge revival of interest," says Michael Walsh, one of the country's top coin experts. That's largely because of the designer quarters that the Royal Canadian Mint is issuing this year.

But they will not appreciate much. "There is no way that anybody can manufacture a collectible," says Mr. Walsh, who derisively refers the Mint's new quarters as "giftware."

Collectors know that the rarest coins, which generally accrue in value from 5% to 10% a year, are the most precious.

In the past, Canadian coins were recycled as scrap silver to make new ducats. Few survived, and fewer are in good condition. How much can a tiny piece of silver fetch? Mr. Walsh recently sold two 1862 New Brunswick pieces for $100,000.

The pieces that have appreciated the most dramatically in the past five years are large Queen Victoria 1-cent pieces, which tarnish easily because they were made of a bronze alloy that was predominantly copper. "Any of them that have managed to survive in 'red,' unimpaired condition are worth twice as much now as they were five years ago," says Mr. Walsh. Other value investments include 1858 Province of Canada coins and 1865 Newfoundland coins.

Judging a coin's worth is like determining the quality of a precious gem. All of the finest known Canadian coins have been certified by an independent agency. We suggest you check with one before you buy or you'll wind up feeling like a real chump.