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A Coin for a Modern World: Exploring the Story Behind Canada’s Toonie

  • May 09, 2023
  • Learn
  • 6 minute read

The news came in February, 1995. A new two-dollar circulation coin was to replace banknotes of the same value in a drive to increase cost-savings.

Compared to the banknotes, which had to be withdrawn from circulation after one year of use, the new two-dollar coin had a lifespan of at least twenty years. Much like the one-dollar bills that were replaced in 1987, the Bank of Canada would stop producing two-dollar notes, though they would still remain legal tender.

Before making any final decision, the Government of Canada consulted with members of the coining industry and commissioned a national survey to explore the attitude of Canadians towards a possible theme. Sixty-five per cent chose wildlife as their preferred theme.

The chosen design was unveiled a few months later on September 21, during a ceremony at the Toronto Zoo. The event was broadcasted live to Montreal and Baffin Island, and gave Canadians a glimpse of the design that was destined to appear on one of the world’s most innovative circulation coins —Canada’s two-dollar circulation coin.

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Canada's two-dollar coin was introduced in 1996.

The news came in February, 1995. A new two-dollar circulation coin was to replace banknotes of the same value in a drive to increase cost-savings.

Compared to the banknotes, which had to be withdrawn from circulation after one year of use, the new two-dollar coin had a lifespan of at least twenty years. Much like the one-dollar bills that were replaced in 1987, the Bank of Canada would stop producing two-dollar notes, though they would still remain legal tender.

Before making any final decision, the Government of Canada consulted with members of the coining industry and commissioned a national survey to explore the attitude of Canadians towards a possible theme. Sixty-five per cent chose wildlife as their preferred theme.

The chosen design was unveiled a few months later on September 21, during a ceremony at the Toronto Zoo. The event was broadcasted live to Montreal and Baffin Island, and gave Canadians a glimpse of the design that was destined to appear on one of the world’s most innovative circulation coins —Canada’s two-dollar circulation coin.

Brent Townsend

“There is not a lot of relief to show the characteristics that you want. When I sketched [the bear], I did it like it was wet so that the fur structure would show up. I exaggerated these details so they would make it into the engraving.”

Brent Townsend
Since 2012, the reverse of Canada’s two-dollar coin features a laser mark micro-engraving, a virtual image and edge-lettering.
$2 reverse design images
$2 Reverse Design Images
$2 Reverse Design Images
$2 Reverse Design Images
The $2 Honouring Queen Elizabeth II circulation coin
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