The Loonie Turns 30

Financial

Aug 12
Canadian coins

The story of the coin that became loved. It was thirty years ago when the loonie made its first appearance in Canada, unsurprisingly, people were reluctant to accept it initially and had concern regarding its weight, clunky appearance and forgoing the familiarity of one dollar bills.

However today when the loonie turns 30, many of these complaints have disappeared and it has become a beloved symbol of Canada and the term ‘loonie’ has become synonymous with the Canadian dollar. The media often discusses the rate the ‘loonie’ is trading against other currencies.

The reasons given for the loonie being introduced were ‘cost saving purposes’ as the government hoped to save money as coins could last longer than banknotes.

If experts are to be believed, the loonie was never intended to have the image of the common loon. Introduced in 1987, it is a gold coloured coin and bears the image of a common loon, a bird which is common and popular in Canada and of Queen Elizabeth Two on the other side. The coin is produced by the Royal Canadian Mint at its Winnipeg facility.

The classic Canadian loonie is a great coin for beginner coin collectors and is still very popular among them according to experts. Collecting the 18 commemorative versions is also considered prestigious.

There are commemorative versions like one silver loonie which has the original design intended for the coin, the coin has an image of two men in a canoe with paddles in hand. It is a scene that describes Canada and tells its story, experts said.

There are many people who enjoy the lore of the loonie and the story behind it.  However some people say they still aren’t fans of the loonie.  Some said they preferred notes and it was weird to get used to the dollar coins and preferred the dollar notes they could use when they visited the states. Most of those people only have one thing to day. “Don’t bring out the $5 coin, we don’t want it”.