From one medium to another
The release of the two-dollar coin and a bit of dark trivia about Canada’s two-dollar bill.
The very last two-dollar notes ever printed, and the toonie that replaced them.
A note with a reputation?
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.
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.
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.
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
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.
We want to hear from you! Do you have an idea for a blog post you’d like to see?
Content type(s):
Blog posts
The Museum Blog
October 18, 2022
Positive notes
By: Krista Broeckx
The imagery on the Bank of Canada’s 1935 note series depicts the country’s rich industrial history.
Content type(s):
Blog posts
June 16, 2022
Army bills: Funding the War of 1812
In 1812, British North America had no banks and little currency. With the prospect of war drying up supplies of coins, the government of Lower Canada decided to issue legal tender notes called “army bills” to pay for troops and supplies.
Content type(s):
Blog posts
Subject(s):
Economics,
History
May 5, 2022
Between tradition and technology
By: Graham Iddon
What was proposed was a complete about-face from the philosophy behind recent security printing. If photocopiers could easily deal with the colours and designs of the current series, then the next series should be bold and simple.
Content type(s):
Blog posts
April 21, 2022
Teaching the green economy
By: Adam Young
From windmills and solar panels to electric cars, signs of the green economy are all around us. Check out our resources for how to teach about the green economy.
Content type(s):
Blog posts
Subject(s):
Business,
Economics,
Geography,
Science,
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
April 4, 2022
Talk to your kids about money
Introduce important financial skills to your children, and help them plan for their futures with free resources from the Bank of Canada Museum and others.
Content type(s):
Blog posts
Subject(s):
Financial literacy
Grade level(s):
Early childhood / Kindergarten,
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
March 3, 2022
Teaching inflation during the COVID-19 pandemic
COVID-19 has had an unprecedented effect on the economy: closing businesses, driving down demand and interrupting supplies. With news stories and popular culture addressing inflation and supply chain issues, now is the perfect time to explain this key economic concept to your high school students.
Content type(s):
Blog posts
Subject(s):
Economics
Grade level(s):
Grade 09 / Secondary 3,
Grade 10 / Secondary 4,
Grades 11 and 12 / Secondary 5
February 3, 2022
Queen of the bank notes
By: Graham Iddon
Few of us have ever met her, and it’s likely none of us are even remotely related to her. Yet, Canadians have carried her picture in their wallets for generations now. She’s Queen Elizabeth II and has been our monarch for over 70 years.
Content type(s):
Blog posts
December 22, 2021
New acquisitions–2021 edition
By: David Bergeron
The Bank of Canada Museum is responsible for the National Currency Collection, and part of its mandate is to foster and develop that collection. Despite the challenges of collecting during a pandemic, curators at the Bank of Canada Museum have acquired some unique artifacts—including some that document the pandemic itself.
Content type(s):
Blog posts
December 2, 2021
The true value of money
By: Graham Iddon
What is money—when you really stop to think about it? To understand how money works, and what it ultimately represents, we need to strip it down to its very basic function.
Content type(s):
Blog posts
Subject(s):
Economics
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
November 16, 2021
The 1911 silver dollar
By: David Bergeron
The 1911 silver dollar has a history to match its prestige, and it now has a permanent home in the National Currency Collection of the Bank of Canada Museum.
Content type(s):
Blog posts
