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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The $1 banknote remained in issue and in circulation alongside the one-dollar coin for the next two years, until it was withdrawn in 1989.
After a 21-month period in which the loonie and $1 note were produced concurrently with each other, the Bank of Canada ceased production of the dollar banknote. The final dollar bills were printed on June 30, 1989. [17] Initial support for the coin was mixed, [18] but withdrawing the banknote forced acceptance of the coin. [19]
The Royal Canadian Mint refers to the coin as the "1-cent coin", but in practice the terms penny and cent predominate. [6] Penny was likely readily adopted because the previous coinage in Canada (up to 1858) was the British monetary system, where Canada used British pounds, shillings, and pence as coinage alongside U.S. decimal coins.
In 1987, the Mint introduced a new one dollar coin. It normally features a loon on the reverse. Nicknamed the loonie, it replaced both the one dollar note issued by the Bank of Canada [18] and the Voyageur dollar. For the list of commemorative one dollar coins issued by the Mint since 1987, see: Loonie.
the last one-dollar note was issued in the Scenes of Canada series, starting in 1969–70 and continuing until the Birds of Canada series began in 1986. There was no one-dollar note in the Birds of Canada series because of the introduction of the one-dollar coin in 1987, which entirely replaced the one-dollar note. [107]
The final print run for the banknote was on 20 April 1989, two years after the $1 coin had been introduced. The run was circulated by the end of June 1989, after which banks were required to refrain from circulating the banknotes and to send collected $1 banknotes to the Bank of Canada for destruction. [15]
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These coins fulfilled demand for coins until new coinage tools with the effigy of King George VI were ready. While the 10- and 25-cent coins are more common, the 1-cent coins are rare, with about a half-dozen known to exist. H; Used to identify coins that were struck for Canada by the Birmingham Mint, also known as the Heaton Mint, until 1907 ...
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