The History and Heritage Behind Canada’s Favourite Annual Coins and Sets
- Dec 12, 2025
- Learn
- 6 minute read
Coin collecting—often said to be one of the world’s oldest hobbies —has roots stretching back to the Renaissance, if not earlier. Today, it remains one of the world’s most enduring passions, shared by millions across the globe. From everyday circulation to exclusive collector editions, modern mints produce coins not only for commerce but also to celebrate culture, commemorate milestones, and preserve history in miniature form.
In this article, we explore Canada’s rich numismatic journey through our annual favourites—from our first commemorative circulation coin to the beloved annual collector sets that continue to captivate enthusiasts year after year.
Coin collecting—often said to be one of the world’s oldest hobbies —has roots stretching back to the Renaissance, if not earlier. Today, it remains one of the world’s most enduring passions, shared by millions across the globe. From everyday circulation to exclusive collector editions, modern mints produce coins not only for commerce but also to celebrate culture, commemorate milestones, and preserve history in miniature form.
In this article, we explore Canada’s rich numismatic journey through our annual favourites—from our first commemorative circulation coin to the beloved annual collector sets that continue to captivate enthusiasts year after year.
A Commemoration That Sparked a Tradition
In 1935, Canada marked the Silver Jubilee of King George V and Queen Mary with a historic release: the nation’s first one-dollar circulation coin. Joining the existing suite of decimal coins (1-, 5-, 10-, 25-, and 50-cent denominations), this silver coin featured the iconic “Voyageur” design—a tribute to Canada’s fur trade era and the adventurous spirit that shaped its early economy.
Struck in 80% silver, the coin was an instant success. Canadians embraced it not only as currency but as a symbol of national pride. Over the next 52 years, more than 116 million Voyageur dollars were minted, alongside special commemorative issues in years such as 1939, 1949, 1958, 1964, and 1967.
The tradition lives on through the modern one-dollar coin—the Loonie—which continues to mark national milestones. In April 2025, a commemorative Loonie was issued to honour the 150th anniversary of the Supreme Court of Canada.
The 1935 one-dollar circulation coin, the 'Voyageur."
The 5-cent coin debuted its first commemorative issue in 1943.
The 1-, 10-, 25-, and 50-cent coins were first reimagined in 1967.
The two-dollar coin joined the commemorative ranks for the first time in 1999.
From Circulation to Collectible Treasures
Beginning in the 1970s, commemorative designs made a more regular appearance with the issue of silver collector coins. Since 1971, a Proof Silver Dollar has been issued annually to celebrate Canada’s heritage, culture, and values. These coins vary in composition and finish*, but each one tells a story. The 2025 Proof Dollar commemorating the 25th anniversary of the completion of the Tomb of the Unknown Soldier at the National War Memorial continues this tradition.
EVOLUTION OF THE PROOF SILVER DOLLAR
Collector Sets: An Annual Showcase of Canada’s Coinage
The Proof Silver Dollar remains one of our most popular annual collectibles, often accompanied by three cornerstone offerings: the Uncirculated Set, Specimen Set and Proof Set. †
For decades, mints around the world have released curated sets of coins from the year they were struck. Historically reserved for ceremonials use or as gifts to dignitaries, these early “specimen sets” were occasionally made available to the public. These coins stood apart from regular circulation pieces thanks to their superior craftsmanship and meticulous production standards.
Alongside these rarer specimen sets, the public could sometimes acquire uncirculated sets. For decades, the Bank of Canada’s Ottawa branch fulfilled these orders, which were shipped in cellophane and made available at face value plus postage.
In 1949, the establishment of a dedicated numismatic division at the Mint marked a turning point—ushering in a new era of coin collecting in Canada. As interest grew, so did the quality and variety of offerings. By 1971, three distinct sets were introduced, each with its own finish and presentation. Today, these sets continue to celebrate Canada’s coinage legacy:
Uncirculated Set
Uncirculated Set
- Includes one of each circulation coin dated for the year.
- Coins are production quality, sealed in plastic, and packaged in an envelope.
- Also referred to as “Proof-like” between 1953 and 1981.
Specimen Set
Specimen Set
- Features superior-quality circulation coins.
- Coins have a brilliant image on a parallel lined background (introduced in 1996).
- Up until the 1970s, these sets were reserved for dignitaries and special occasions.
- Known as “Custom Sets” from 1971 to 1980.
- Since 2004, includes a unique one-dollar coin replacing the classic Loonie.
Proof Set
Proof Set
- Contains all circulation coins plus the commemorative silver dollar.
- Coins have a frosted image on a brilliant background (introduced in 1981).
- Known as “Prestige Sets” from 1971 to 1980.
- In 1996, the 5-, 10-, 25- and 50-cent coins were struck in sterling silver and the core of the $2 was gold plated (all coin were later struck in fine silver).
- Starting in 2005, the commemorative silver dollar has included an element of exclusivity: gold plating (sometimes enamel).
A Legacy Worth Holding
Whether you’re a seasoned numismatist or a curious newcomer, almost every curated collection includes at least one of these timeless pieces. Each Proof Silver Dollar is a chapter in Canada’s story, while our annual collector sets showcase the evolution of Canada’s circulation coins. As you explore this year’s collection (or next year's), remember you’re not just holding a coin—you’re holding a moment in time.
*Over the years, different finishes have been used on coins and/or the definition of a finish was altered. To avoid confusion, the name of the finish listed to describe the evolution of the Proof Dollar reflects how the Mint would describe a finish today.
†Special edition proof silver dollars and/or proof sets were also issued during this period but not featured in this article.
Credit: Many historical references are from the publication, Coins of Canada by J.A. Haxby & R.C. Willey.