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The Coming of the Toonie

By: David Bergeron, Graham Iddon


February 19, 2019

From one medium to another

The release of the two-dollar coin and a bit of dark trivia about Canada’s two-dollar bill.

Canadian 2-dollar coins and bills

The very last two-dollar notes ever printed, and the toonie that replaced them.

 

A note with a reputation?

Canadian 2-dollar bill, late 19th century

This note would have been in circulation soon after the Canadian Pacific Railroad opened the West up to mass settlement. The portraits are of the Governor General and his wife, the Marquis and Marchioness of Lansdown. 2 dollars, Dominion of Canada, 1887. NCC 1964.88.875

 

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.

1996 Canadian $2 coin

Gifted nature artist Brent Townsend created the polar bear that has been on our toonie since 1996. 2 dollars, Canada, 1996, NCC 1996.31.40.1

 

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.

 

 

 

 

 

Canadian $2 bill, face, 1986

Note designers hoped this simple design would make any flaws on notes counterfeited using colour copiers obvious. 2 dollars, Canada, 1986, NCC 1986.42.3

 

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.

Canadian $2 bill, showing 2 robins, 1986

The original bird artwork for this note series was provided by renowned nature artist, John Crosby. He is best known for illustrating The Birds of Canada by W. Earl Godfrey. 2 dollars, Canada, 1986, NCC 1986.42.3

Canadian $2 bill, back 1974

If you find this Scenes of Canada series $2 bill in your change, hang on to it. Master engraver C. Gordon Yorke created this image of hunters at Pond Inlet, Nunavut in the early 70s. It is from a photograph by Doug Wilkinson. 2 dollars, Canada, 1974, NCC 1975.185.1

 

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.

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Content type(s): Blog posts

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March 23, 2021

The Last Smokestack

By: Graham Iddon


Bank note engraving, purple, a large, highly detailed factory complex of pipes, tanks and chimneys.
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.
Content type(s): Blog posts
February 26, 2021

Playing with Economy

By: Graham Iddon


A diverse group of 4 young children playing a board game.
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.
Content type(s): Blog posts Subject(s): Economy, Financial literacy, Math, Social studies Grade level(s): Grade 03, Grade 04, Grade 05, Grade 06, Grade 07 / Secondary 1, Grade 08 / Secondary 2, Grade 09 / Secondary 3, Grade 10 / Secondary 4, Grades 11 and 12 / Secondary 5 and CEGEP
January 4, 2021

Economic Opportunity Costs

By: Graham Iddon


Man in a superhero costume crouching in an aisle of a home renovation warehouse.
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.
Content type(s): Blog posts Subject(s): Economy, Financial literacy, Social studies Grade level(s): Grade 08 / Secondary 2, Grade 09 / Secondary 3, Grade 10 / Secondary 4, Grades 11 and 12 / Secondary 5 and CEGEP
November 30, 2020

How Many Groats Are in a Noble?

By: Graham Iddon


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.
Content type(s): Blog posts
November 27, 2020

Understanding Money: Common Questions

By: Nathan Sells


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!
Content type(s): Blog posts Subject(s): Business and careers, Economy, Financial literacy, Health, Social studies Grade level(s): Grade 01, Grade 02, Grade 03, Grade 04, Grade 05, Grade 06, Grade 07 / Secondary 1, Grade 08 / Secondary 2, Grade 09 / Secondary 3, Grade 10 / Secondary 4, Grades 11 and 12 / Secondary 5 and CEGEP
November 2, 2020

Teaching Economics During the COVID-19 Pandemic

By: Adam Young


Authentic, teachable moments show students how the Bank of Canada is helping the economy navigate the COVID-19 pandemic.
Content type(s): Blog posts Subject(s): Business and careers, Economy, Geography, Social studies Grade level(s): Grade 09 / Secondary 3, Grade 10 / Secondary 4, Grades 11 and 12 / Secondary 5 and CEGEP
October 21, 2020

The Story Behind the Engraving

By: Graham Iddon


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.
Content type(s): Blog posts
October 5, 2020

If I Had a Million Dollars…I’d Be Reasonably Well Off

By: Graham Iddon


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…
Content type(s): Blog posts Subject(s): Economy, Math, Social studies Grade level(s): Grade 07 / Secondary 1, Grade 08 / Secondary 2, Grade 09 / Secondary 3, Grade 10 / Secondary 4, Grades 11 and 12 / Secondary 5 and CEGEP
July 16, 2020

Johnson’s Counterfeits

By: David Bergeron


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.
Content type(s): Blog posts
June 29, 2020

The Reluctant Bank Note

By: Graham Iddon


Among 1975 $50 bill’s various design proposals were three images, three thematic colours and even three printing methods.
Content type(s): Blog posts
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