Money, Money, Money: Loonies and Minting Money in Canada
Money in Canada
Canadians call their dollar The Loonie. This has less to do with insanity than the picture of the common loon – a Canadian bird – on the back of the $1 coin. The coin on the left was cast in 1987, the year in which the Loonie was minted for the very first time. The $1 coin is composed of 91.5% nickel, 8.5% bronze plating.
The picture of Queen Elizabeth on the front of the $1 coin has not yet inspired the nickname of The Queenie or the Lizzie.
The Royal Canadian Mint is located in Winnipeg, Manitoba. At full production, 15 million coins can be produced there each day. Over 1 billion coins are minted each year in Winnipeg for use in cash transactions.
Canadian bank notes are produced by the Canadian Bank Note Company in Ottawa and are 100 percent cotton.
How Long Do Bank Notes Last in Canada?
According to the Bank of Canada, an average $5 or $10 bank note has a lifespan of 1 to 2 years. Higher value notes last longer. $20s last 2 to 4 years, $50s last 4 to 6 years and $100s last 7 to 9 years
Canadian currency is refered to as “Dollars.” The loonie is just a one dollar coin. The nickle is a five cent coin, the quarter is a 25cent coin, the dime is a ten cent coin and the penny is a one cent coin. 100 cents makes up one dollar.
@tiffany
You’re right… the currency is officially called the Canadian Dollar. BUT its also called the Loonie. Look at the Globe and Mail currency-financial pages. You’ll see our currencies called the Loonie plenty of times there.
You’re both right in a way. To save ambiguity though, I’ve changed the wording of the original post. I’ve replaced, “Canadians call their currency The Loonie” with “Canadians call their dollar The Loonie”.
And lets not forget the 2 dollar paper note was replace by a 2 dollars coin, called the Toonie, on one side Queen Elizabeth, on the other side a Polar Bear on an ice floe.
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