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Coins of the Canadian dollar
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Coins of the Canadian dollar
The coins of Canada are produced by the Royal Canadian Mint and denominated in Canadian dollars ($) and the subunit of dollars, cents (¢). An effigy of the reigning monarch always appears on the obverse of all coins. There are standard images which appear on the reverse, but there are also commemorative and numismatic issues with different images on the reverse.
There are six denominations of Canadian circulation coinage in production: 5¢, 10¢, 25¢, 50¢, $1, and $2. Officially they are each named according to their value (e.g. "10-cent piece"), but in practice only the 50-cent piece is known by that name. The three smallest coins are known by the traditional names "nickel" (5¢), "dime" (10¢), and "quarter" (25¢), and the one-dollar and two-dollar coins are called the "loonie" (a hypocorism of the loon depiction on the reverse) and the "toonie" (a portmanteau of "two" and "loonie") respectively. The production of the Canadian 1-cent piece (known as the "penny") was discontinued in 2012, as inflation had reduced its value significantly below the cost of production.
Canadian coins have medallic orientation, like British or euro coins, and unlike U.S. coins, which have coin orientation.
The 50¢ piece circulates much less than other Canadian coins. Between the years 2000 and 2007 the Royal Canadian Mint struck fewer than 16 million of them; by contrast, during the same period, over 2.25 billion quarters were released. This coin is sometimes called a "half-dollar".
Other than the $2 coin (for which there is no American equivalent), the denominations of Canadian coinage correspond to those of United States coinage. The sizes of the coins other than the 50¢ piece are roughly equal to those of current U.S. coins, though this has not always been true. They have a different metallic composition and most of them are thinner, and thus weigh slightly less, than the analogous U.S. coins. The U.S. penny settled on its current size in 1857, whereas the Canadian penny was much larger (25 mm [1 in]) until 1920. Because they are easily mistaken for each other, U.S. and Canadian coins worth 5 cents, 10 cents, and 25 cents sometimes circulate in the other country. Due to the usually higher value of the U.S. dollar, it is common in Canada to accept U.S. coins at par or face value. Canadian coins are not commonly accepted in the U.S. but sometimes circulate in states that see many Canadian visitors. Their differing physical characteristics prevent them from being accepted interchangeably by most coin-operated machines.
There was formerly some correspondence between the size of Canadian coins and British coins of similar value, leading to them sometimes being mistaken for the other due to the identical portrait of the monarch. For example, the large Canadian penny was identical in size and value to the contemporary British half-penny, which was 25 mm (1 in) in the Edward VII version, and slightly larger during Victoria's reign. Likewise, the Canadian quarter (23.81 mm diameter) was virtually identical in size and value to the British shilling – worth 12 British pence or about 24 Canadian cents, with a 24-millimetre (15⁄16 in) diameter. The Canadian 5¢ coins, until the larger nickel coins of 1922, were 15 mm silver coins quite different from the U.S. "Liberty head" nickels of 1883 to 1913, which were 21.2 mm and copper-nickel alloy, but more like the older U.S. half dimes.
The most significant recent developments in Canadian coinage were the introduction of $1 and $2 coins and the withdrawal of the one cent piece. The $1 coin (the "loonie") was released in 1987. The $1 banknote remained in issue and in circulation alongside the one-dollar coin for the next two years, until it was withdrawn in 1989. The coin was to be the voyageur-design silver (then nickel) dollar coins that had previously been in limited circulation. The dies were lost or stolen in November 1986, requiring a redesign. The new coin is colloquially called the "loonie", for the common loon on its reverse, and the name is frequently applied to the currency unit as well. It is made of nickel plated with aureate bronze. The $2 coin, carrying a polar bear, was introduced in 1996. It is usually called the "toonie" and is bimetallic. The $2 banknote was withdrawn at the same time that the coin was released. Unlike several U.S. attempts to introduce a dollar coin, the new coins were quickly accepted by the public, owing largely to the fact that the Bank of Canada and the government forced the switch by removing the $1 and $2 bills from circulation.
Between 1997 and 2001, the $1 loon coin was not issued for general circulation. Due to the high demand for the $2 polar bear coin (mintages between 1997 and 2001 were as high as 29 million in 2000 alone), the $1 coin was only produced for the standard collector sets that were made available on an annual basis, such as the Uncirculated, O Canada, Specimen and Proof sets.
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Coins of the Canadian dollar
The coins of Canada are produced by the Royal Canadian Mint and denominated in Canadian dollars ($) and the subunit of dollars, cents (¢). An effigy of the reigning monarch always appears on the obverse of all coins. There are standard images which appear on the reverse, but there are also commemorative and numismatic issues with different images on the reverse.
There are six denominations of Canadian circulation coinage in production: 5¢, 10¢, 25¢, 50¢, $1, and $2. Officially they are each named according to their value (e.g. "10-cent piece"), but in practice only the 50-cent piece is known by that name. The three smallest coins are known by the traditional names "nickel" (5¢), "dime" (10¢), and "quarter" (25¢), and the one-dollar and two-dollar coins are called the "loonie" (a hypocorism of the loon depiction on the reverse) and the "toonie" (a portmanteau of "two" and "loonie") respectively. The production of the Canadian 1-cent piece (known as the "penny") was discontinued in 2012, as inflation had reduced its value significantly below the cost of production.
Canadian coins have medallic orientation, like British or euro coins, and unlike U.S. coins, which have coin orientation.
The 50¢ piece circulates much less than other Canadian coins. Between the years 2000 and 2007 the Royal Canadian Mint struck fewer than 16 million of them; by contrast, during the same period, over 2.25 billion quarters were released. This coin is sometimes called a "half-dollar".
Other than the $2 coin (for which there is no American equivalent), the denominations of Canadian coinage correspond to those of United States coinage. The sizes of the coins other than the 50¢ piece are roughly equal to those of current U.S. coins, though this has not always been true. They have a different metallic composition and most of them are thinner, and thus weigh slightly less, than the analogous U.S. coins. The U.S. penny settled on its current size in 1857, whereas the Canadian penny was much larger (25 mm [1 in]) until 1920. Because they are easily mistaken for each other, U.S. and Canadian coins worth 5 cents, 10 cents, and 25 cents sometimes circulate in the other country. Due to the usually higher value of the U.S. dollar, it is common in Canada to accept U.S. coins at par or face value. Canadian coins are not commonly accepted in the U.S. but sometimes circulate in states that see many Canadian visitors. Their differing physical characteristics prevent them from being accepted interchangeably by most coin-operated machines.
There was formerly some correspondence between the size of Canadian coins and British coins of similar value, leading to them sometimes being mistaken for the other due to the identical portrait of the monarch. For example, the large Canadian penny was identical in size and value to the contemporary British half-penny, which was 25 mm (1 in) in the Edward VII version, and slightly larger during Victoria's reign. Likewise, the Canadian quarter (23.81 mm diameter) was virtually identical in size and value to the British shilling – worth 12 British pence or about 24 Canadian cents, with a 24-millimetre (15⁄16 in) diameter. The Canadian 5¢ coins, until the larger nickel coins of 1922, were 15 mm silver coins quite different from the U.S. "Liberty head" nickels of 1883 to 1913, which were 21.2 mm and copper-nickel alloy, but more like the older U.S. half dimes.
The most significant recent developments in Canadian coinage were the introduction of $1 and $2 coins and the withdrawal of the one cent piece. The $1 coin (the "loonie") was released in 1987. The $1 banknote remained in issue and in circulation alongside the one-dollar coin for the next two years, until it was withdrawn in 1989. The coin was to be the voyageur-design silver (then nickel) dollar coins that had previously been in limited circulation. The dies were lost or stolen in November 1986, requiring a redesign. The new coin is colloquially called the "loonie", for the common loon on its reverse, and the name is frequently applied to the currency unit as well. It is made of nickel plated with aureate bronze. The $2 coin, carrying a polar bear, was introduced in 1996. It is usually called the "toonie" and is bimetallic. The $2 banknote was withdrawn at the same time that the coin was released. Unlike several U.S. attempts to introduce a dollar coin, the new coins were quickly accepted by the public, owing largely to the fact that the Bank of Canada and the government forced the switch by removing the $1 and $2 bills from circulation.
Between 1997 and 2001, the $1 loon coin was not issued for general circulation. Due to the high demand for the $2 polar bear coin (mintages between 1997 and 2001 were as high as 29 million in 2000 alone), the $1 coin was only produced for the standard collector sets that were made available on an annual basis, such as the Uncirculated, O Canada, Specimen and Proof sets.