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Loonie
The loonie (French: huard), formally the Canadian one-dollar coin, is a gold-coloured Canadian coin that was introduced in 1987 and is produced by the Royal Canadian Mint at its facility in Winnipeg. The most prevalent versions of the coin show a common loon, a bird found throughout Canada, on the reverse and Queen Elizabeth II, the nation's head of state at the time of the coin's issue, on the obverse. Various commemorative and specimen-set editions of the coin with special designs replacing the loon on the reverse have been minted over the years. Beginning in December 2023, a new version featuring King Charles III entered circulation, to replace the version featuring Elizabeth II.
The coin's outline is an 11-sided Reuleaux polygon. Its diameter of 26.5 mm (1.04 in) and its 11-sidedness match that of the already-circulating Susan B. Anthony dollar in the United States, and its thickness of 1.95 mm (0.077 in) is a close match to the latter's 2.0 mm (0.079 in). Its gold colour differs from the silver-coloured Anthony dollar; however, the succeeding Sacagawea and presidential dollars match the loonie's overall hue. Other coins using a non-circular curve of constant width include the 7-sided British twenty pence and fifty pence coins (the latter of which has similar size and value to the loonie but is silver in colour).
After its introduction, the coin became a metonym for the Canadian dollar: media often discuss the rate at which the loonie is trading against other currencies. The nickname loonie became so widely recognized that in 2006, the Royal Canadian Mint secured the rights to it. When the Canadian two-dollar coin was introduced in 1996, it was in turn nicknamed the "toonie" (a portmanteau of "two" and "loonie").
Canada first minted a silver dollar coin in 1935 to celebrate the 25th anniversary of George V's reign as king. The voyageur dollar, so named because it featured an Indigenous person and a French voyageur paddling a canoe on the reverse, was minted in silver until 1967, after which it was composed primarily of nickel. The coins did not see wide circulation, mainly due to their size and weight; the nickel version weighed 15.6 grams (0.55 oz) and was 32.1 millimetres (1.26 in) in diameter, and was itself smaller than the silver version. By 1978, Canadian businesses, namely vending machine operators, and transit authorities were advocating for a one-dollar coin that circulated more easily.
By 1982, the Royal Canadian Mint had begun work on a new composition for the dollar coin that it hoped would lead to increased circulation. At the same time, vending machine operators and transit systems were lobbying the Government of Canada to replace the dollar banknotes with more widely circulating coins. A Commons committee recommended in 1985 that the dollar bill be eliminated despite a lack of evidence that Canadians would support the move. The government argued that it would save between $175 million and $250 million over 20 years by switching from bills that had a lifespan of less than a year to coins that would last two decades.
The government announced on March 25, 1986, that the new dollar coin would be launched the following year as a replacement for the dollar bill, which would be phased out. Two proposals for the coin were considered, one by INCO for the Nigold coin, and one by Sheritt Gordon Mines for an aureate bronze plated on pure nickel (aureate nickel) coin. The government selected the Sherritt Gordon Mines proposal as it was less costly and the innovative technology behind the coin could serve to demonstrate the Royal Canadian Mint's capabilities in the international coinage market.
It was expected to cost $31.8 million to produce the first 300 million coins but, through seigniorage (the difference between the cost of production and the coin's value), expected to make up to $40 million a year on the coins. From the proceeds, a total of $60 million over five years was dedicated toward funding the 1988 Winter Olympics in Calgary.
The failure of the Susan B. Anthony dollar coin in the United States had been considered and it was believed Americans refused to support the coin due to its similarity to their quarter coin and its lack of aesthetic appeal. In announcing the new Canadian dollar coin, the government stated it would be the same overall size as the Susan B. Anthony coin – slightly larger than a quarter – to allow for compatibility with American manufactured vending machines but would be eleven-sided and gold-coloured. The sample Canadian dollar was well received in test groups, with 80% of participants feeling its size, shape and colour made it more easily discernible from other coins.
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Loonie
The loonie (French: huard), formally the Canadian one-dollar coin, is a gold-coloured Canadian coin that was introduced in 1987 and is produced by the Royal Canadian Mint at its facility in Winnipeg. The most prevalent versions of the coin show a common loon, a bird found throughout Canada, on the reverse and Queen Elizabeth II, the nation's head of state at the time of the coin's issue, on the obverse. Various commemorative and specimen-set editions of the coin with special designs replacing the loon on the reverse have been minted over the years. Beginning in December 2023, a new version featuring King Charles III entered circulation, to replace the version featuring Elizabeth II.
The coin's outline is an 11-sided Reuleaux polygon. Its diameter of 26.5 mm (1.04 in) and its 11-sidedness match that of the already-circulating Susan B. Anthony dollar in the United States, and its thickness of 1.95 mm (0.077 in) is a close match to the latter's 2.0 mm (0.079 in). Its gold colour differs from the silver-coloured Anthony dollar; however, the succeeding Sacagawea and presidential dollars match the loonie's overall hue. Other coins using a non-circular curve of constant width include the 7-sided British twenty pence and fifty pence coins (the latter of which has similar size and value to the loonie but is silver in colour).
After its introduction, the coin became a metonym for the Canadian dollar: media often discuss the rate at which the loonie is trading against other currencies. The nickname loonie became so widely recognized that in 2006, the Royal Canadian Mint secured the rights to it. When the Canadian two-dollar coin was introduced in 1996, it was in turn nicknamed the "toonie" (a portmanteau of "two" and "loonie").
Canada first minted a silver dollar coin in 1935 to celebrate the 25th anniversary of George V's reign as king. The voyageur dollar, so named because it featured an Indigenous person and a French voyageur paddling a canoe on the reverse, was minted in silver until 1967, after which it was composed primarily of nickel. The coins did not see wide circulation, mainly due to their size and weight; the nickel version weighed 15.6 grams (0.55 oz) and was 32.1 millimetres (1.26 in) in diameter, and was itself smaller than the silver version. By 1978, Canadian businesses, namely vending machine operators, and transit authorities were advocating for a one-dollar coin that circulated more easily.
By 1982, the Royal Canadian Mint had begun work on a new composition for the dollar coin that it hoped would lead to increased circulation. At the same time, vending machine operators and transit systems were lobbying the Government of Canada to replace the dollar banknotes with more widely circulating coins. A Commons committee recommended in 1985 that the dollar bill be eliminated despite a lack of evidence that Canadians would support the move. The government argued that it would save between $175 million and $250 million over 20 years by switching from bills that had a lifespan of less than a year to coins that would last two decades.
The government announced on March 25, 1986, that the new dollar coin would be launched the following year as a replacement for the dollar bill, which would be phased out. Two proposals for the coin were considered, one by INCO for the Nigold coin, and one by Sheritt Gordon Mines for an aureate bronze plated on pure nickel (aureate nickel) coin. The government selected the Sherritt Gordon Mines proposal as it was less costly and the innovative technology behind the coin could serve to demonstrate the Royal Canadian Mint's capabilities in the international coinage market.
It was expected to cost $31.8 million to produce the first 300 million coins but, through seigniorage (the difference between the cost of production and the coin's value), expected to make up to $40 million a year on the coins. From the proceeds, a total of $60 million over five years was dedicated toward funding the 1988 Winter Olympics in Calgary.
The failure of the Susan B. Anthony dollar coin in the United States had been considered and it was believed Americans refused to support the coin due to its similarity to their quarter coin and its lack of aesthetic appeal. In announcing the new Canadian dollar coin, the government stated it would be the same overall size as the Susan B. Anthony coin – slightly larger than a quarter – to allow for compatibility with American manufactured vending machines but would be eleven-sided and gold-coloured. The sample Canadian dollar was well received in test groups, with 80% of participants feeling its size, shape and colour made it more easily discernible from other coins.