The name of Canadian currency coins are as follows:
- Loonie (One dollar)
- Toonie (Two dollars)
- Quarter (25 cents)
- Dime (10 cents)
- Nickel (5 cents)
- Penny (One cent)- Phased out
Canada has a strong banking system with the Bank of Canada (Canada’s national bank) having the power to both print and buy currency in order to help control the value of Canada’s currency. The Canadian Currency is CAD i.e. Canadian Dollar, you might be aware of it. But, here we will be discussing Canadian Currency Coins names and their values, and more details.
Canadian Currency Coins
There are five Canadian coins in use right now. Since some Canadian coins, like the Penny (the One Cent Coin), actually cost more to create than they were worth, they were pulled out of circulation.
The Royal Canadian Mint, which is regarded by coin collectors as one of the opulent and innovative coin-producing organizations in the world, produces Canadian coins.
They produce a wide range of “special edition” coins, including extremely valuable coins made of pure gold, silver, and platinum. They also mint fun and fashionable novelties like a glow-in-the-dark coin and Marvel superhero coins, in addition to standard-use coins for Canada and about 100 other nations worldwide.
List of Canadian Currency Coins
Let’s get an overview of the currency coins in circulation in Canada.
1. Loonie
Canada’s $1 coin, the Loonie, is made of nickel with gold colour. A dollar bill once existed, however, it was phased away in the 1980s. The coin was given the nickname “Loonie” because it has a depiction of the Canadian national bird, the loon, on it.
2. Toonie
This $2 coin, also referred to as the “Twoonie,” is made of two different metal colours. Midway through the 1990s, it took the place of the previous two-dollar bill and featured a polar bear.
3. Quarter
The 25-cent silver-coloured coin known as the “Quarter,” received its name because it has a face value of one-quarter of a dollar. It features a caribou, a popular antlered animal of Canada that is present in many of the country’s provinces.
4. Dime
The 10-cent coin in Canada is referred to as the “Dime.” It is also the thinnest coin in terms of size. The Bluenose, a well-known Canadian sailboat that for almost 20 years held the record for the fastest racing ship in the world, is featured in its design.
Nickel
The 5-cent coin is referred to as the “Nickel” in Canada. Surprisingly, it is bigger than a dime and heavier and thicker as well. It displays a beaver sitting on a rock. This coin got its name as it was once made of nickel. Today, however, they are composed of steel.
Penny
The penny, also known as the one-cent coin, is composed of copper-plated steel and has a maple leaf design that is a well-known representation of Canada. However, the Canadian government discontinued making them in 2013 due to the high expense of production. Cash payments are now rounded to the closest five cents.
Canadian Currency Coin Names
Global commodity prices have a significant impact on Canada’s monetary policy as well as the value of the Canadian currency.
Canada’s economy heavily relies on natural resources, and as a result, its currency frequently changes in line with changes in global commodity prices.
A very basic topic, but you must know about the Canadian Currency Coins names and values especially if you are in Canada.