Know your Canadian currency

Do you know your loonies from your toonies?

Although you will probably use your debit cards or credit cards more, knowing your Canadian coins and bills is basic knowledge you can’t do without.

Canadian coins

Did you know that all Canadian coins are made in Manitoba? The Royal Canadian Mint produces over one billion circulation coins every year at the Winnipeg plant. It also makes coins for central banks, monetary authorities, and other mints all over the world.

From left: Toonie $2, Loonie $1, Quarter 25¢, Dime 10¢, Nickel 5¢, Penny 1¢

Take a closer look at a Canadian coin: on one face is the monarch’s effigy, which is a permanent fixture. Flip it over, and you’ll find ever-changing designs, often featuring Canadian wildlife, reflecting the rich evolution of Canada’s culture through the years (the history of Canada’s coins).

The one-dollar coin is known as a “loonie,” thanks to the image of a common loon on one side. Naturally, the two-dollar coin is called a “toonie.” Other coins in current circulation include the 5¢ (nickel), 10¢ (dime), 25 ¢ (quarter), 50¢ (50¢ piece – limited circulation), and the 1¢ (penny) which ceased to be distributed in 2013. The penny is being phased out but is still considered legal tender.

Canadian bills

Canada has five bills or banknotes that are produced by the Bank of Canada. The denominations are five (blue), ten (purple), 20 (green), 50 (red) and 100 (brown) dollars. In November 2018, a new $10 bill was launched into circulation featuring Viola Desmond. You can see the new bill here.

Images shown with permission from the Bank of Canada

Canada’s newest batch of bank notes are made out of polymer, a material that is much more durable than cotton paper. This is good for the environment as the bills last longer and can even be recycled. The new polymer notes are hard to counterfeit as well because of the “detailed metallic imagery carried in the transparent area of the notes” (Bank of Canada). The bills’ design also features various Canadian achievements at home, around the world, and in space.

Canadian money is generally called Canadian Dollars (symbol: CAD). You will usually see it abbreviated as CAD, C$ (to distinguish it from other dollar-denominated currencies) or CDN. The Canadian Dollar is considered as one of the most traded and accepted currencies in the world because of the country’s stable economy.