In Canada what is a loonie?

Loonie is a colloquial term for the Canadian dollar (CAD), the official currency of Canada, that originated in the forex dealer community and has subsequently gained popularity with foreign exchange (FX) traders.

KEY TAKEAWAYS

Loonie is a colloquial term for the Canadian dollar (CAD), the official currency of Canada, that originated in the forex dealer community and has subsequently gained popularity with foreign exchange (FX) traders.

The loonie refers to the $1 Canadian coin and derives its nickname from the picture of a solitary loon on the reverse side of the coin.

The loonie, introduced in 1987, was a replacement for the paper version of the Canadian dollar (CAD) and became such a popular nickname that the Royal Canadian Mint trademarked it in 2006.

Understanding the Loonie

The loonie refers to the $1 Canadian coin and derives its nickname from the picture of a solitary loon on the reverse side of the coin. The obverse side of the coin features a portrait of Queen Elizabeth II. The loonie became such a popular nickname for the Canadian dollar that the Royal Canadian Mint trademarked the name in 2006.

The loonie, introduced in 1987, was a replacement for the paper version of the Canadian dollar (CAD). This replacement was done both as a cost-saving measure and under pressure from vending machine operators and transit groups. Noted wildlife artist Robert-Ralph Carmichael designed the 11-sided, aureate bronze coin