From one medium to another
The release of the two-dollar coin and a bit of dark trivia about Canada’s two-dollar bill.
A note with a reputation?
The Canadian two-dollar note had been around since before Confederation. But to a Western Canadian, a two-dollar bill was a relatively unfamiliar thing. As the story goes, this note became associated with the shadier dealings of the frontier era—specifically prostitution. Though this association is purely hearsay, the two-dollar bill was never popular out west.
In 1996, the paper note was replaced by a coin. Of course, that decision had nothing to do with any sordid associations Westerners might have had for these innocent notes. It was an economic decision—a cost-saving measure.
Paper bills simply don’t hold up to daily wear and tear nearly as well as coins do. The life expectancy of a two-dollar note was about a year. But coins can last more than 10 years. Even a polymer bank note, such as those Canada now produces, can’t match that sort of longevity. Although minting a coin costs far more than printing a note, the coin option is definitely more affordable when you consider the cost of printing 10 notes for every coin. And the history of the toonie bears that out.
Bank notes and parking meters don’t mix
Although some Canadians were happy to see the old two-dollar notes disappear, the new coin initially met with some resistance. There were even rumours that the centre sections might fall out. These reports proved untrue and Canadians soon adapted to the new coin. After all, it is convenient for vending machines and parking meters.
In fact, the new coin ended up being so well received that the Royal Canadian Mint had to ramp up production. Some 325 million two-dollar coins were struck in the first year alone. If you periodically check your change, it’s very possible you’ll still find toonies from the first minting of 1996. Since then, annual production has varied between 10 and 30 million.
A coin becomes a toonie
As its popularity grew, Canadians gave the two-dollar coin its affectionate nickname. For those of you unfamiliar with why, here’s a quick bit of social history. The Canadian one-dollar coin, featuring an illustration of a loon, quickly picked up the name “loonie.” Instead of some sort of polar bear reference, the new coin became known as a “toonie,” as in two loonies. In fact, the “bearie” was put forward, but a nickname has a life of its own and “toonie” appears to be here to stay.
In 2006, the Mint opened a competition to name the bear on the toonie. Churchill was the winning name—a reference to the Manitoba town famous for polar bear watching. The runners up were Wilbert and Plouf.
Putting an industrial facility on a bank note is not a casual decision. At the end of the 1960s, such places were earning a bad reputation for pollution. There was actually a good reason for this choice, but it wasn’t obvious to many Canadians.
There might be only a handful of basic game formats, but there is an infinity of variations—a surprising number of which require the skills we need to manage our daily economic lives.
With his superpowers, Peter Parker would no doubt do a fabulous job of tiling his kitchen backsplash. But as Spider-Man, he has more valuable things to do with his time.
For daily users of modern money, getting an understanding of the old British system of currency can be an act of confusion and wonder. But it’s also a peep into 13 centuries of European numismatic history.
Ever wondered who decides what goes on Canadian coins or bank notes? Or why our coins have certain names and our notes are different colours? Use this guide to help answer some of your money-related questions!
Authentic, teachable moments show students how the Bank of Canada is helping the economy navigate the COVID-19 pandemic.
The men on the back of this bill were part of a small community of families, a summer hunting camp called Aulatsiivik on Baffin Island.
When the Barenaked Ladies released “If I Had a $1,000,000,” they could have considered themselves reasonably rich. And today? Well, there’s this inflation thing…
Johnson’s entire family, two girls and five boys, was involved in the counterfeiting operation: dad made the plates, the daughters forged the signatures and the boys were learning to be engravers.
Among 1975 $50 bill’s various design proposals were three images, three thematic colours and even three printing methods.