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.
Circulation denominations
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, but in practice only the 50-cent piece is known by that name. The three smallest coins are known by the traditional names "nickel", "dime", and "quarter", and the one-dollar and two-dollar coins are called the "loonie" and the "toonie" respectively. The production of the Canadian 1-cent piece 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, 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 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 in the Edward VII version, and slightly larger during Victoria's reign. Likewise, the Canadian quarter was virtually identical in size and value to the British shilling – worth 12 British pence or about 24 Canadian cents, with a 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.
Developments in coinage
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 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 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, 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.
On March 29, 2012, the Canadian government announced that the 1¢ coin would be retired. The Royal Canadian Mint stopped producing 1¢ coins in May 2012, and in February 2013 the Bank of Canada stopped distributing them, but the coins remain legal tender. Cash transactions are rounded to the nearest 5¢, while non-cash transactions will continue to be rounded to the nearest 1¢.
Production
Canadian coins are issued by the Royal Canadian Mint and struck at their facilities in Winnipeg. All special wording on commemorative coins appears in both of Canada's languages, English and French. All of the standard wording on the reverse sides of non-commemorative coins is identical in both languages. On the obverse sides, the name and title of the Canadian Monarch appear in an abbreviated-Latin circumscription. On coins struck since November 2023, this reads "Charles III D. G. Rex", but coins reading "Elizabeth II D. G. Regina" continue to circulate. The initials stand for "Dei Gratia Rex"; the entire phrases mean 'Charles III, by the grace of God, King' and 'Elizabeth II, by the grace of God, Queen'.The Vancouver 2010 Winter Olympics commemorative quarters do not have the inscription "D.G. Regina", and they read "Canada Elizabeth II", along with the date of issue and Ilanaaq, the emblem of the games.
History
Coins of the Colonies
Beginning in 1858, various colonies of British North America started issuing their own coins denominated in cents, featuring the likeness of Queen Victoria on the obverse. These replaced the sterling coins previously in circulation. The Province of Canada was the first to issue decimal coins. They were based on the value of the American dollar, due to an influx of American silver. Denominations issued were 1¢, 5¢, 10¢, and 20¢. The 1¢ coin was issued again in 1859, but it was very unpopular due to its extremely light weight. The coins had to be discounted by around 20% to get them into circulation. Other colonies that issued decimal coinage were New Brunswick and Nova Scotia both starting in 1861, Newfoundland in 1865, and Prince Edward Island in 1871. Many examples can be seen online via the Canadian Currency Museum.Queen Victoria coinage
In 1867, the British parliament passed The British North America Act, 1867, uniting the Province of Canada, Nova Scotia, and New Brunswick into a single country. Coins of the three former colonies continued to circulate until 1870, with all being legal tender throughout the country. As other colonies subsequently joined Canada, they dropped their colonial coinage and adopted the national Canadian currency.In 1870, the first national coinage of the Dominion of Canada was issued in denominations of 5¢, 10¢, 25¢, and 50¢. A 1¢ coin was not issued until 1876. The designs were standardized with the head of Queen Victoria on the obverse, value and date with a crowned maple wreath reverse, except for the 1¢ coin, which had on its reverse a maple vine circlet.
King Edward VII coinage
In 1902, the first coins of King Edward VII's coinage were issued. The 1902 5¢ coin is of interest to collectors, as its design includes the outmoded St. Edward's Crown instead of the Imperial State Crown. These coins were hoarded upon being issued, as the public believed that an error had been made. In 1903, the design of the 5¢ was modified accordingly.In 1907, Heaton's Mint struck its last issue of Canadian coinsthe 1907H 1¢, which is quite scarce. In 1908, the Royal Canadian Mint at Ottawa was opened. At that time the Ottawa mint was known as the Royal Mint, Ottawa branch. The name "Royal Canadian Mint" was first used in 1931.
The reverse design on the 10¢ coins include several varieties in relation to the leaves.
King George V coinage
Edward VII died in 1910 and was succeeded by his son, King George V. His effigy appeared on all coins minted in Canada afterwards, as soon as new dies were obtained.The initial issue of George V coinage is known as the "Godless" coinage, because the abbreviation "Dei gra:",, was omitted from the king's titles. When the public noticed this, there was a huge outcry at this breach of tradition, and the phrase was later restored. All the coins from the 1¢ to 50¢ were issued. The 50¢ is the scarcest of all the coins minted in 1911, with a mintage of 209,972. The Canadian Coin News publication printed an article showing a well-worn 1911 50¢ example that did have the "Dei gra:" abbreviation. This coin has not yet been certified as genuine, having been rejected by ICCS, the popular Canadian grading company. The 1911 pattern dollar coin was produced with the "Dei gra:" abbreviation on the two known silver examples and the one known example in lead.
In 1920, the fineness of the silver coins was changed from.925 fine silver to.800 fine silver, and the size of the cent was reduced. In 1921, the last silver 5¢ coins were struck. These are extremely rare, numbering less than 400. These were replaced in 1922 by a larger nickel coin, copying an earlier change in the United States, and building on the fact that Canada was the world's leading source of nickel ore.
There are a few scarce dates, especially the 1925 and the 1926. There are two types of the 1926: the "near 6" type, which has the tail of the 6 lower down and near to the maple leaf, and the rarer "far 6" type. The 1921 50¢ is also an extremely rare coin. It is the rarest of the King George V series.
The first Canadian silver $1 coin was issued as a commemorative coin in 1935 to commemorate King George V's Silver Jubilee. The portrait of the King on this coin was the same as that of the coins of several other countries. This coin also bears the famous coureur des bois design, which was designed by Emanuel Hahn. This coin, and others issued since with this reverse design, have the nickname of "voyageur dollars".