Canadian dollar

Canada uses the dollar.

It is made of coins and bills.

One coin has a bird on it. This bird is a loon.

People call it a loonie.

The two dollar coin is a toonie. It is a fun name.

A dollar has 100 cents. People use cents to buy things.

Canada used many different coins long ago. Now, they use one system. It helps people trade.

The Canadian dollar is the money used in Canada.

It is divided into 100 cents. One dollar is often called a loonie. This name comes from a bird called a loon. The loon is on the back of the coin.

The two dollar coin is called a toonie.

Long ago, Canada used many different kinds of money. In the 1850s, people debated which system to use. Some wanted to use British money. Others wanted to use a system like the US dollar. By 1858, the Province of Canada chose the decimal system. This made their money match the US dollar.

In 1867, several places joined to form Canada. They merged their money into one Canadian dollar.

The Royal Canadian Mint makes the coins.

They have shops in Winnipeg and Ottawa. Most coins show wildlife on the back. They also show an image of the leader on the front. Canada stopped making the penny in 2013. Now, shops round prices to the nearest five cents.

The Canadian dollar is the money used in Canada. It uses the symbol $ and the code CAD. One dollar is divided into 100 cents. This currency is very important to the whole world. It is the fifth-most held reserve currency on Earth. This means many central banks keep it to stay stable.

Canada is seen as a very strong and stable country. This helps make the Canadian dollar popular for international trade.

Many people use fun nicknames for Canadian coins. English speakers call the one-dollar coin a loonie. They call the two-dollar coin a toonie. These names come from the loon bird. A loon is a common bird in Canada. The bird appears on the back of the loonie coin.

In French, the bird is called un plongeon. French speakers also use the word "huard" for the loon. These names help people tell the coins apart easily.

Money in Canada has a long and changing history. In the 1850s, leaders debated which system to use. Some wanted the British system. Others wanted a decimal system like the US dollar. By 1858, the Province of Canada chose the decimal system. This made their money match the US dollar.

In 1867, different colonies joined to form Canada. They merged their money into one single Canadian dollar. The Uniform Currency Act of 1871 helped make this happen.

Special machines and buildings make the coins today. The Royal Canadian Mint produces the money. They have facilities in Ottawa and Winnipeg.

They make coins like the nickel, dime, and quarter. They also make the loonie and toonie. Most coins show wildlife on the back side. The front side shows an image of a leader. For example, many older coins show Queen Elizabeth II.

Not all coins are used in stores every day. The 50-cent coin is very rare in daily life. People mostly keep those for collecting. Canada also stopped making the penny in 2013. The last penny was made on May 4, 2012.

Now, shops round cash prices to the nearest five cents. This makes paying with coins much simpler. Even though pennies are gone, they are still legal money. You can use them, but you might not get them back as change.

The Canadian dollar is the official currency of Canada. It is represented by the symbol $ and the international code CAD. One dollar is divided into 100 cents. This currency holds a major position in the global economy. It accounts for approximately two percent of all global reserves. This makes it the fifth-most held reserve currency in the world. It follows the US dollar, the euro, the Japanese yen, and the British pound sterling.

Central banks around the world hold Canadian dollars for several reasons. They value the currency because of Canada's relative economic soundness. The Canadian government also maintains a strong sovereign position. Additionally, the country's legal and political systems are considered very stable. This stability makes the Canadian dollar a popular choice for international finance.

The history of Canadian money involves many different systems. During the 1850s, there was a major debate over monetary standards. The British North American provinces wanted a decimal system. This would match the US dollar and help with increasing trade. However, imperial authorities in London preferred the British sterling system. In 1851, the Parliament of the Province of Canada passed an act for a sterling-based unit. This unit used decimal fractional coinage to relate to the US dollar.

In 1853, the Province of Canada introduced the gold standard. This was based on both the British gold sovereign and the American gold eagle. By 1857, the decision was made to adopt decimal coinage. This aligned the colony's currency with the US dollar unit. The British gold sovereign remained legal tender at a specific rate until the 1990s. In 1867, several colonies united to form the federation of Canada. This union merged various local currencies into one singular Canadian dollar. The Uniform Currency Act of 1871 finalized this common system.

Canadian coins have changed in material and value over time. In 1912, Canada produced its first gold dollar coins. These were $5 and $10 coins featuring King George V. Much of the gold used came from the Klondike River valley. World War I caused production of these gold coins to stop. Between 1920 and 1968, the silver content in many coins was reduced. This process is known as debasement. In 1968, the last year of circulating silver coinage occurred in Canada.

Today, the Royal Canadian Mint produces the nation's coins. It operates facilities in Winnipeg, Manitoba, and Ottawa, Ontario.

The Mint makes nickels, dimes, quarters, loonies, and toonies. The one-dollar coin is nicknamed the "loonie" because of the loon bird on its reverse. The two-dollar coin is called a "toonie." In French, the loon is called a "plongeon" or a "huard." These nicknames help people identify the coins quickly.

Some coins are less common in daily life. The 50-cent coin is rarely used for regular transactions. Most people keep these coins for collecting. Canada also changed how it uses the penny. The last penny was minted on May 4, 2012. Distribution of the penny ended on February 4, 2013. Now, cash transactions are rounded to the nearest five cents. While the penny is still legal tender, it is no longer used for change.