It is heavy. If you drop it on a hardwood floor, it makes a distinct, metallic "clink" that sounds like real money, not the tinny rattle of a quarter. Most people just call it the Loonie. It’s been a staple of Canadian pockets since 1987, but honestly, the Canadian one dollar coin wasn't even supposed to look like this. The original plan involved a voyageur in a canoe. That design had been on the silver dollars for decades, and the Royal Canadian Mint intended to keep the tradition alive. Then the master dies vanished. They were being shipped from Ottawa to the production facility in Winnipeg, and they just... disappeared. Fearing that counterfeiters had intercepted the shipment, the government scrambled. They needed a new design, and they needed it fast. They settled on a solitary loon floating on water, a design by artist Robert-Ralph Carmichael.
It changed everything.
What started as a frantic security measure became the most iconic piece of currency in the country. You’ve probably seen them in tip jars or used them to unlock a grocery cart, but there is a weirdly deep history here that most people ignore. It isn't just a gold-colored disc. It’s a piece of engineering that saved the Canadian government hundreds of millions of dollars while simultaneously becoming a cultural touchstone that once sat hidden under the ice at the Winter Olympics.
The Secret History of the Canadian One Dollar Coin
When the coin launched on June 30, 1987, the public was skeptical. Replacing a green $1 bill with a heavy coin felt like a step backward to some. It was bulky. People complained about their wallets getting heavier. However, the math was undeniable. A paper bill lasted maybe nine to twelve months before it became a raggedy mess that vending machines rejected. A coin? That thing can circulate for 20 years or more.
The "gold" color is actually a bit of a lie. There is no gold in a Loonie. Originally, it was composed of bronze-plated nickel. That changed in 2012 when the Mint switched to multi-ply brass-plated steel to save on production costs. If you hold an old 1980s Loonie next to one minted last year, the weight feels slightly different. The newer ones are lighter. They also have new security features, like a laser-engraved maple leaf inside a circle, which you can see if you tilt the coin just right.
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Why it has eleven sides
Take a look at the edge. It isn't round. The Canadian one dollar coin is a hendecagon.
Why? Because of the visually impaired. When the government was designing the coin, they consulted with groups like the Canadian National Institute for the Blind (CNIB). They needed a shape that was immediately identifiable by touch alone, so it wouldn't be confused with a quarter or the then-circulating large nickel dollars. The eleven-sided curve-sided shape (technically a Reuleaux polygon) allows it to have a constant diameter, which means it still works perfectly in vending machines that roll coins to measure them. It's a clever bit of geometry that solves a human accessibility problem and a mechanical one at the same time.
The Lucky Loonie Legend
You can't talk about this coin without talking about Salt Lake City in 2002. This is arguably the peak of Loonie lore. Before the ice was laid for the Olympic hockey tournament, a dynamic ice maker named Trent Evans secretly placed a Canadian one dollar coin at center ice. He buried it right under the surface. Both the Canadian men’s and women’s teams went on to win gold, breaking a 50-year drought for the men.
When the secret came out, the Loonie became a symbol of good luck. Now, the Royal Canadian Mint actually produces a "Lucky Loonie" edition for every Olympic Games. It’s one of those rare moments where a piece of government-issued metal turns into a national talisman.
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Collecting and Value: What Is Actually Worth Money?
Most Loonies are worth exactly one dollar. You aren't going to get rich off the one you found in your couch cushions. But there are exceptions that collectors obsess over.
- The 1987 Original: Not particularly rare, but high-grade "Specimen" sets from the first year are always in demand.
- The 2012 Security Test Coins: When the Mint was transitioning to the steel core, they produced a small number of test tokens and coins with different finishes. These are incredibly hard to find in the wild.
- The 1992 Parliamentary 125th Anniversary: These feature the Parliament buildings instead of the loon. They aren't "rare" in terms of mintage numbers, but they’ve become harder to find in circulation as people tuck them away.
- The 110th Anniversary of the Titanic: Yes, there is a colored version. The Mint has become very aggressive with commemorative designs lately.
The real value usually lies in "mules." In numismatics, a mule is a coin minted with dies that weren't intended to be used together. For example, if a loon design was accidentally stamped onto a blank intended for a different coin. These errors can fetch thousands at auction houses like Heritage Auctions or Geoffrey Bell Auctions.
The Global Influence
Canada was a pioneer here. The success of the Canadian one dollar coin paved the way for the two-dollar coin (the Toonie) in 1996 and influenced how other countries approached high-value coinage. When the United States tried to introduce the Sacagawea dollar or the Presidential dollars, they looked closely at the Canadian model. The problem in the States was that they never stopped printing the $1 bill. Canada was bolder. They stopped printing the $1 note in 1989. They forced the transition.
If you don't remove the paper alternative, the coin usually fails. People are creatures of habit. Canada’s "all-in" approach is why the Loonie is a success and the American silver dollar is something people mostly keep in jars at home.
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Technical Specs for the Geeks
If you’re into the nitty-gritty, here is what you’re carrying in your pocket. The current steel-based coin weighs 6.27 grams. It has a diameter of 26.5 mm and a thickness of 1.95 mm. The older nickel-based versions were heavier, coming in at 7 grams flat. That 0.73-gram difference sounds like nothing, but if you have a bag of a thousand coins, you’ll definitely feel the difference in your lower back.
The transition to steel wasn't just about cost. It allowed for "Digital Non-Destructive Identification." Basically, the electromagnetic signature of the steel core is unique. Vending machines can be programmed to recognize the specific "heartbeat" of a genuine Canadian one dollar coin, making it nearly impossible to trick modern machines with slugs or foreign coins of similar size.
Spotting a Counterfeit
Believe it or not, people do counterfeit one-dollar coins. It seems like a lot of work for a buck, but when done at scale, it’s profitable. The "Camel" Loonie is a famous example from several years ago where the loon's neck looked slightly deformed, resembling a camel.
Check the maple leaf. On all coins minted after 2012, that micro-engraved maple leaf is the gold standard for authenticity. If the lines look blurry or the leaf is missing, you might be holding a fake. Also, check the rim. The eleven sides should be crisp, not rounded off or sloppy.
Actionable Tips for Handling Your Loonies
If you have a jar of old Canadian one dollar coins, don't just dump them into a Coinstar machine. Coinstar takes a percentage. Most banks in Canada will give you coin rollers for free.
- Check for the 1987 "Green" Patina: Some early Loonies developed a weird, slightly green oxidation depending on what they were stored in. Collectors sometimes pay a premium for unique "toning," though it’s subjective.
- Look for the 150th Anniversary coins: In 2017, the Mint released a "Glow in the Dark" two-dollar coin, but the one-dollar coins from that year also had beautiful, unique designs that are becoming harder to find in pocket change.
- Check the "Old" Queen vs. the "New" King: With the passing of Queen Elizabeth II, coins featuring King Charles III are entering circulation. The transition period is a great time to set aside "Uncirculated" rolls of the final Queen Elizabeth II Loonies.
- Use a magnet: If you’re curious about which metal your coin is made of, use a strong magnet. The 2012-present steel coins will stick firmly. The 1987-2011 nickel-bronze coins will have a much weaker magnetic pull or none at all.
The Canadian one dollar coin is a survivor. It survived the loss of its original dies, it survived the skepticism of a nation, and it survived the rise of digital payments. Even in a world of Apple Pay and tap-to-pay credit cards, there is something deeply Canadian about having a few Loonies jangling in your pocket. It’s more than just currency; it’s a tiny, eleven-sided piece of national identity that literally changed the way a country handles its money.