End of June Marks 20 Years for Canadian 'Loonie'

One day before our neighbors to the north celebrate Canada Day, another special anniversary is on the calendar the 30th of June. According to John Ward, of the Canadian Press, this date marks the 20th birthday of the dollar coin, fondly known as the loonie. The loonie adorned with a picture of the Canadian Loon became the replacement for the Canadian paper dollar bill in 1987.

Although the public was not necessarily thrilled with the idea of a dollar coin, the Canadian government ensured its success by taking away the option of their paper dollar. They removed it from circulation by 1989. The same success has not been met with similar attempts at coining dollars in the United States.

The loonie has become another symbol of Canada. Although the regular coin does carry the coined picture of the loon, special editions have been minted to celebrate special Canadian citizenry and events recognized by the Canadian government and its peoples.

The original design featured a canoe. The dies for that design were lost in transit from Ottawa to the mint in Winnipeg, where they were to be produced. They were searched for but never found. An alternate design had to be created and approved of by the government. The loon, a water bird, with a very distinct haunting call, became the namesake for the new dollar coin.

In 2005 a special edition was minted in honour of Terry Fox. The coin carries an engraved picture of Terry running. Born in Winnipeg, Manitoba, Terry grew up on the west coast of Canada. In 1977 he was diagnosed with bone cancer and had to have his leg amputated six inches above the knee.

While he was in the hospital he decided to run across Canada. Fitted with a prosthetic leg, he began his famous trek in April 1980. It started in St. Johns, Newfoundland ,on the east coast of Canada. After a long preparation for the historic run, and over 3,000 miles into the journey, he had to stop his run in Ontario, near the city of Thunder Bay. The cancer had spread to his lungs. He spent 143 days running and stopped the 1st of September. He died the following June.

He has become a national symbol of pride, determination, courage and generosity of spirit for the Canadian people. His inclusion as one of the special editions of the now permanent part of Canadian life, the one dollar loonie, is very fitting.

The special edition loonies and toonies and quarters are very sought after, each time they are released.

The idea behind the creation of the loonie was to make money that would have a longer shelf life. A typical dollar bill, in circulation, lasts about a year. The coin will last about 20 years. It was a money saving move on the part of the Canadian government. The estimated savings for the government, was $175 to $250 million over that 20 year period.

There was already a silver dollar coin in existence at the time, but they came up with a totally new design to replace the existing dollar coin.

The coin is very distinct. It has 11 sides and is a golden colour made from a combination of bronze, copper and tin. The size is very close to the toonie, its round, two dollar and two toned counterpart. The distinct colour and shape if the loonie, make it easy to find in a pocketful of change.

The Canadian mint has become known for its special designs and unique coins. They topped themselves earlier in 2007, when according to an Associated Content story by Jacques Boulerice, the mint created a 99.999 percent gold coin. It is 20 inches in diameter and has a face value of 1 million Canadian dollars.

Ostentatious and grand, the new attention seeking million dollar coin, does not have the same sentimental and emotional feel the now well ingrained simple loonie does. The loonie has taken on a life of its own, and become a special symbol of good luck.

John Ward, Canadian Press, Topix " The loonie coin, which has become a Canadian touchstone, is turning 20"
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Jacques Boulerice, "World's Biggest Coin Hit's Market", Associated Content
http://www.associatedcontent.com/article/235341/worlds_biggest_coin_hits_market.html