Do you have a toonie on you? The new Canadian $2 piece is trending as people are lining up with bills to exchange them for unique edition coins. What is so momentous about these coins? What is the meaning behind these coins? Read along for a detailed explanation of the special toonies.
What Is the New 2 Canadian Dollar?
The $2 Canadian coin was first revealed on 19th February 1996. Diane Marleau, the Minister of Public Works, introduced the bi-metallic coin with an image of a polar bear engraved on the reverse side. The idea was designed by Brent Townsend, a Canadian nature artist.
FUN FACT: The drawing was inspired by the Polar Bear exhibit at the Toronto Zoo.
The Royal Canadian Mint manufactures special coins honoring some of the most influential people in history or depicting a momentous event. It is a Crown corporation (owned by the Canadian Federal and provincial government). The Mint offers an assortment of coins, deemed as one of the most versatile mints globally. The Royal Canadia Mint specializes in premium quality coin production and services on an international level.
What Is the New Queen Elizabeth 2-Dollar Coin?
Canada was mourning the demise of the monarch, Queen Elizabeth II, on 8th September 2022. The Royal Mint paid homage to the former Queen with a special edition $2 piece. Mint’s Research and Development team designed the coin, representing the legacy of the monarch.
Marie Lemay, President and CEO of the Royal Canadian Mint, explains the purpose behind the new Queen Elizabeth 2-Dollar coin–
“Queen Elizabeth II served as Canada’s head of state for seven decades, and for millions of Canadians, she was the only monarch they had ever known.”
“By leveraging yet another Royal Canadian Mint innovation to create this special $2 circulation coin, we were able to offer Canadians an excellent way to remember her.”
The bi-metallic coin looks aesthetically pleasing, with a black nickel plating on the coin’s outer ring, giving it a gothic appearance. However, there lies a sentimental meaning behind the plating that signifies the mourning armband.
The official circulation of the coin began on 7th December 2022. Mint’s Ottawa and Winnipeg boutiques opened a floodgate of footfall as people rushed with bags of loose change for exchange with the symbolic coin remembering the late Queen as a rare collectible.
With the black nickel-plated steel outer ring, the inner core is composed of Three-ply brass finish-plated aluminum bronze. The edges have interrupted serrations but are not quite blunt to touch.
The reverse of the coin is etched with the polar bear designed by Brent Townsend. And the obverse has the effigy of Her Late Majesty, designed by Susanna Blunt. The coin, with a face value of $2, weighs 6.99 grams and is 28mm in diameter.
After the initial launch, around 5 million coins entered the national distribution system. Due to the surging demand, additional volumes have been slated to release in the following months.
And now, in 2023, the bi-metallic $2 circulation coin was acclaimed as the Best New Circulating Coin or Coin Series by the International Association of Currency Affairs (IACA) Excellence in Currency Awards. The Royal Canadian Mint received the award at the 2023 Currency Conference in Mexico City, Mexico.
What Are Toonies and Loonies?
Toonie was the official name given to the $2 coin as a portmanteau of two + loonie.
A loonie is basically a $1 Canadian coin.
What do you think of the new Queen Elizabeth II $2 coins? Did you get your hands on them yet? Which other influential figure would you like to see on the Canadian coin? Let us know your thoughts in the comments section below.
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