Money, Money, Money: Loonies and Minting Money in Canada

Money in Canada

Canadians call their currency 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.