The Royal Canadian Mint

Currency Timeline
The following Time Line should be used as a reference tool. It outlines the evolution of coins and coin
production in Canada. Key dates, developments and innovations are noted. A separate set of student
activities accompanies the Time Line. Sources : www.mint.ca/teach / www.currencymuseum.ca

www.mint.ca/teach

Early 16th Century

• Canada was inhabited by First Nations who traded in goods on a

barter basis, no currency was used
Left: copper • special objects like a copper shield had special economic and
shield social value and was used by the Haidas of the west coast as a
Bottom:
Wampum belt
measure of wealth
• wampum was also used to measure wealth and for gift-giving
• the wampum belt was made of small, cylindrical shells strung
together, wampum also had ceremonial uses; marking peace treaties,
summoning nations to war, recording important historical events
and used as marks of friendship and respect
• Aboriginals traded furs for supplies with Europeans and were fond
of silver objects

New France

• early French colonists bartered goods but used metal coins like
1660s the 5-sol French coin circa 1670, but there was never enough hard
currency to go around
• silver coins sent from France were taken out of circulation by
New France, 15 sol, 1670 merchants who used them to pay their taxes and buy
European goods
• although Spanish-American silver coins minted in Mexico
sometimes came in through secret trade, the use of foreign coins
was never legalized

playing card example

1685 • the coin shortage grew so severe that colonial authorities resorted to
Photography: James Zagon, using playing cards
National Currency Collections, • playing cards were marked with the amount on the back. Cards were
Bank of Canada
given to soldiers as their pay
• the practice began in 1685 and continued off and on for many years

RCM Timeline 
 1720 • despite the coin shortage, playing cards were banned from being
used as currency
• colonists had to make do with a 30-deniers coin known as the
“mousquetaire”
• these gold coins were meant for paying troops and civil servants
the “mousquetaire”
but didn’t stay in circulation long

1721 Gold Louis

• La Compagnie des Indes Occidentales held a monopoly over
the fur trade in New France and also issued coins
• these coins were not legal tender in France and local merchants
refused them
Gold Louis • the coin shortage remained a serious problem in the early part
of the 18th century

1729 Card Money

• due to the currency shortage, the King of France authorized a new
issue of card money. Used until the fall of New France in
1760, this card money was printed on white cardboard and the size
varied by denomination
• from 1720-60, other forms of paper money circulated, such as
treasury bills and letters of exchange and surpassed the amount of
card money in circulation

19th Century

1800s • British colonial rule didn’t solve the currency shortage. The economy
still depended on the fur trade and coins from England
1808 “holey dollar”
• trade between the British colony and future colonies of the U.S. gave
Canada additional Spanish-American dollars
• in Prince Edward Island, officials punched out the centres of these
dollars and made two coins: the 5 and 1 shilling

Tokens and Army bills

• it took the public some time to trust paper money. During the War of
1812, the colonies issued army bills to finance the war effort. They
circulated in large numbers and when the war ended in 1815, the
British government redeemed the bills at full value. This restored trust
in paper money, which led to the rise of banks
• tokens, many of which were imported from England, served as coins
during this period
• some tokens were anonymous, that is, they didn’t indicate the name
Photography: James Zagon, of the importing merchant, while others did
National Currency Collections, • tokens offered a discount on future purchases just like Canadian Tire
Bank of Canada
money today
RCM Timeline 
 1821 The Rise of banks
• in 1815, the British government redeemed army bills at full value
• banks issued their own notes which were guaranteed by their
Banque du Peuple, $1 reserves of gold and silver
• one of the first banks to receive a charter was the Montreal Bank
which changed its name to the Bank of Montreal after receiving its
charter in 1822

1823 • other banks opened. The Bank of Upper Canada, opened in 1821,
was for a long time the largest in the province of Canada until its
collapse in 1866

1837 • banks issued more than paper money. In the 1830s they began to
import large numbers of tokens from England
• Bank of Montreal imported tokens, some anonymous and some
stamped with its name
• to impose order on the issuing of tokens and purge the “junk”, three
banks in Montreal and the Quebec Bank issued a new series of
Banque du Peuple, tokens with the image of a habitant on one side and the coat of arms
rebellion sou, 1837
of Montreal and name of the bank on the other. These tokens were
popularly known as Papineaus

1850s • as trade with the United States increased, the colonies wanted to
replace the sterling system, in use since 1760, with the U.S.
decimal system
• between 1853-57, the system changed over and issued coins in the
1, 5, 20, and 50 cent denominations
Province of Canada, • coins were minted in England since there were no minting
Bronze Penny, 1858
facilities in Canada

1858 • first Canadian coinage was authorized and executed

1867 Dominion of Canada

• with the creation of the Dominion of Canada, the central government
assumed responsibility for money and banking and undertook to
legalize its own currency
Province of Canada,
• Ottawa issued a new series of coins in the denominations of 1, 5, 10,
5 cents, 1870 25 and 50 cents
• the coins were legal tender in the four provinces that signed the
Confederation Act—Ontario, Quebec, New Brunswick and
Photography: James Zagon, Nova Scotia
National Currency Collections,
Bank of Canada

RCM Timeline 
 1870 • between 1868-69, the Canadian government took several mission
U.S. silver coins out of circulation and exported them ensuring that
only Canadian coins were used
• waiting for the shipment of 1870 coins to arrive from England, the
government issued 25-cent notes dubbed “shinplasters”, named after
similar U.S. notes that were reportedly used during the American
revolution as boot liners
• the government took over paper money still controlled by the banks
“shinplaster”
and in 1887 Ottawa issued $1, $2, $50, $500 and $1000 notes while
banks could issue notes over $4
• some banks circumvented the agreement by issuing $6 and $7
notes and could carry out transactions without having to use the
government’s $1 and $2 notes. Since the Bank Act of 1871 only
covered one bank, the others were free to issue their own notes in
any denomination. This was changed in 1881 restricting banks to $5
La Banque Nationale, $6, 1870 notes and multiples

20th Century

1908 The First Coin

At the opening ceremonies for the Ottawa branch of the Royal Mint
on January 2, Governor General Earl Grey struck the Dominion’s first
domestically produced coin: a silver fifty-cent piece bearing the effigy
of His Majesty King Edward VII.

1911 A Refinery
The Ottawa Mint’s Refinery is completed in January. By year’s end, a
record number of gold sovereigns – more than 256,000 – were coined
at the new facility.

A New Royal Effigy

The effigy of His Majesty George V, who acceded to the throne in
1910, first appears on all coins minted in Canada.

1920 A Smaller Cent

The large one-cent piece was the second coin struck by the Ottawa
branch of the Royal Mint at the opening ceremonies in 1908. This large
cent was replaced in 1920 by a smaller bronze coin, closer in size to its
American counterpart.

1922 A Nickel of…Nickel

Canada converts to a nickel five-cent piece to replace the more costly
silver coin. Nickel is an excellent metal for coinage, and Canada is the
world’s leading source of nickel ore.
Photography: James Zagon,
National Currency Collections,
Bank of Canada

RCM Timeline 
 1930’s

1931 A Truly Canadian Mint

The Discontinuance Proclamation of December 1, 1931 transforms
the Ottawa branch of the Royal Mint into the Royal Canadian Mint – a
wholly Canadian institution.

1935 The First Silver Dollar

The first silver dollar issued by the Royal Canadian Mint commemo-
rates the silver jubilee of His Majesty King George V. The coin’s reverse
design, by Toronto sculptor Emanuel Hahn, portrays a Voyageur and
an aboriginal paddling a birch-bark canoe. Faint lines in the sky repre-
sent the Northern Lights. This admirable design served for decades, an
enduring reminder of Canada’s early history.

1937 New Coins for Canada

New Canadian coinage is introduced, with the effigy of the newly
enthroned King George VI on the obverse. Original reverse designs for
the fifty-cent, twenty-five-cent, ten-cent, five-cent and one-cent coins
feature Canadian emblems: the Coat of Arms, the caribou, the Blue-
nose fishing schooner, the beaver and the maple leaf.

1939 The Royal Visit

A silver dollar is issued to commemorate the Royal Visit of His Majesty
King George VI and Her Majesty Queen Elizabeth. The reverse de-
sign by Emanuel Hahn depicts the Centre Block and Peace Tower of
the Parliament Buildings in Ottawa. The legend, Fide Suorum Regnat,
means “He reigns by the faith of his people.”

1940s

1943 Tombac Five Cents

During the war years nickel was scarce, owing to its use for munitions.
To conserve valuable supplies, the Royal Canadian Mint adopted tom-
bac, a type of brass, for the five-cent piece. The coin had a twelve-sid-
ed shape to help the public distinguish it from the bronze cent. Instead
of the familiar beaver, the new five-cent coin displayed the patriotic V
for Victory made famous by Churchill (notice that V is also the Roman
numeral for 5) and a burning torch. Designed by Thomas Shingles,
Chief Engraver of the Royal Canadian Mint, the coin’s rim holds a mes-
sage in Morse code: “We win when we work willingly.”

1948 India’s Independence

When India became independent in August of 1947, the legend IND:
Photography: James Zagon, IMP had to be removed from the obverse of Canadian coinage, where
National Currency Collections, it had appeared since 1902. An abbreviation of India Imperator, Latin
Bank of Canada

RCM Timeline 
 for “Emperor of India,” the legend was no longer appropriate. Howev-
er, owing to the time required to produce new dies, the revised inscrip-
tion did not appear until late in 1948.

1949 War Medals

In honour of Canadians’ gallant war service, the Defence Department
commissioned the Royal Canadian Mint to strike the Defence of Britain
Medal and The War Medal 1939-1945. Both medals were struck in 800
fine silver.

1949 Newfoundland Joins the Confederation

Still considered one of Canada’s most beautiful coins, the silver dollar
struck to commemorate Newfoundland’s entry into the Confederation
depicts the “Matthew,” the ship in which John Cabot made his historic
discovery of Newfoundland in 1497.

1950s

1951 200th Anniversary of Nickel Discovery

The bicentennial of the isolation and naming of nickel by Swedish
chemist A.F. Cronstedt is commemorated, aptly enough, with a nickel
coin: the Canadian five-cent piece. At the time of issue, Canada pro-
duced 90% of the world’s nickel supply.

1953 Effigy of a Queen

The first effigy of Her Majesty Queen Elizabeth II to appear on Cana-
da’s coins portrays the young sovereign uncrowned, her hair wreathed
with laurel.

1958 Centennial of British Columbia

This commemorative silver dollar recalls the centenary of the Caribou
Gold Rush and the establishment of British Columbia as a Crown Col-
ony. The bold reverse design by Stephen Trenka features a totem pole
typical of those found among Pacific Coast Native Canadians, poised
against a background of mountains.

1959 Canada’s New Coat of Arms

In 1957, the design of Canada’s Coat of Arms was simplified. In addi-
tion, at the suggestion of the Queen, the crown of Edward the Confes-
sor was substituted for that of the Tudors. The changes are reflected
in this fifty-cent coin minted in 1959, which presents a new reverse
modelled and engraved by Thomas Shingles.

Photography: James Zagon,

National Currency Collections,
Bank of Canada

RCM Timeline 
 1960s

1964 Confederation Conferences

Fifth in the series of commemorative silver dollars, this issue recalls the
centennial of Confederation conferences held in Charlottetown and
Quebec City. The design is by Dinko Vodanovic of Montreal, winner
of a nationwide competition. His drawing features emblems of four
European nations who took part in the founding of Canada: France,
Ireland, Scotland and England. More than 7 million of these popular
coins were struck.

1965 A Maturing Monarch

A new obverse sculpted by Arnold Machin portrays a more mature
Elizabeth II, wearing a jewelled tiara. The legend, too, was revised: the
formal Dei Gratia was reduced to D.G.

1967 Six New Reverses

A set of six designs submitted by Canadian artist and sculptor Alex
Colville were selected for new circulation coinage, minted to com-
memorate the 100th anniversary of the Confederation of 1867.
The coins depict common varieties of Canadian wildlife:
• One-cent coin: A rock dove, symbol of spiritual values and peace
• Five-cent coin: A rabbit, emblematic of fertility and new life
• Ten-cent coin: A mackerel, to represent continuity
• Twenty-five-cent coin: A bobcat, embodiment of intelligence
and decisive action
• Fifty-cent coin: A howling wolf, to evoke the vastness of Canada
• Silver dollar: A Canada goose, for its dynamic serenity.
Canadian coins reverted to their pre-1967 designs in 1968.

1968 Nickel Coinage

As the price of silver rose, the cost of minting silver circulation coins
became prohibitive. In August 1968, the Royal Canadian Mint issues
the first nickel-based fifty-cent and one-dollar pieces. Smaller and dark-
er than their silver predecessors, they are accepted with little resistance
by the general public.

1969 A Crown Corporation

Upon the recommendation of an official advisory board, and with
the approval of the Government, the Royal Canadian Mint becomes
a Crown Corporation on April 1, 1969. The mandate for the Crown
Corporation specifically encouraged the new Board of Directors to
operate the Mint as a profitable business – not simply as the supplier of
a needed commodity.

Photography: James Zagon,

National Currency Collections,
Bank of Canada

RCM Timeline 
 1970s

1973 A Tribute to the Mounties

The 100th anniversary of the Royal Canadian Mounted Police in 1973
is commemorated with a twenty-five-cent circulation coin and a 500
fine silver dollar collector coin that portray an RCMP officer astride his
horse. The design is the work of artist Paul Cedarberg.

1976 A High-speed, High-tech Plant

Although coin production actually started in 1975, the Winnipeg plant
of the Royal Canadian Mint celebrates its official opening in 1976. All
of Canada’s circulation coins and coins for foreign governments are
struck on the high-speed presses of this ultra-modern facility.

1976 Coins and Medals for the 21st Olympiad

To celebrate the XXI Olympic Games in Montreal 1976, the Royal Ca-
nadian Mint launches a series of silver coins in five- and ten-dollar de-
nominations. Seven thematic sets are produced, for a total of 28 com-
memorative coins, minted in both satin and proof finishes. A 100-dollar
gold coin – the first-ever modern Olympic gold coin – is also struck, as
well as the medals awarded to Olympic champions.

1979 The Gold Maple Leaf

In February, 1979 the Government launches the Gold Maple Leaf
programme on a three-year trial basis. Distinguished by the stunning
likeness of a maple leaf on its reverse, Canada’s first bullion coins
contained one troy ounce of twenty-four-karat gold. The Maple Leaf’s
Photography: James Zagon,
success was such that Parliament authorized the coin’s production on a
National Currency Collections, continuing basis in 1981. Today, the Gold Maple Leaf is struck in 9999
Bank of Canada fine gold – it’s the purest gold bullion coin in the world.

1980s

1981 O Canada!
This proof-issue 100-dollar gold coin celebrates the adoption of “O
Canada” as the country’s national anthem on July 1, 1980. The reverse
design is by Roger Savage.

1987 Introducing the “Loonie”

The one-dollar circulation coin is introduced as a cost-saving measure,
to replace one-dollar bank notes. Minted of aureate bronze plated on
pure nickel, the coin has a distinctive eleven-sided shape. The reverse
presents a graceful Canadian Loon at rest on a lake, a design by one of
Photography: Canada’s most well-known wildlife artists, Robert-Ralph Carmichael.
Royal Canadian Mint Since its launch, the coin has become familiarly known to Canadians
as “the Loonie.”

RCM Timeline 
 1988 Calgary Olympics
To help finance the XV Winter Olympic Games held in Calgary, Al-
berta, the Royal Canadian Mint issues a series of ten commemorative
sterling silver coins in proof quality only. The obverse of each coin is
dated with the year of its minting, while the reverse on every coin has
“Calgary 1988.” The reverse designs, by various artists, feature dynamic
images of athletes competing in Olympic winter sports.

1988 Silver Maple Leaf

Encouraged by the success of the Gold Maple Leaf programme,
the Royal Canadian Mint launches the Silver Maple Leaf bullion
coin in 1988. Each hand-crafted coin contains one troy ounce of
9999 fine silver.

1990s

1990 Portrait of a Queen

The crowned effigy of Her Majesty Queen Elizabeth II which appears
on Canada’s coinage in 1990 shows the monarch in her 64th year. The
portrait is the work of Dora de Pedery-Hunt, the first Canadian to de-
sign a royal effigy for Canadian coinage. It remained in use until 2003.

1996 The Patented Bi-metallic Coin

The two-dollar coin is introduced on February 19, 1996 to replace the
two-dollar bank note – as coins last some 20 times longer than notes.
Familiarly known as the “Toonie,” the two-dollar coin features a dis-
tinctive bi-metallic locking mechanism engineered and patented by
the Royal Canadian Mint. The coin’s outer ring is nickel; the inner core
is aluminum bronze (92% copper, 6% aluminum, 2% nickel). In 1996
alone, 375 million “Toonies” are struck at the Royal Canadian Mint’s
Winnipeg plant – an amazing feat.

The reverse depicts an adult polar bear in early summer on an ice floe.
It was designed by Ontario artist Brent Townsend, who specializes in
studies of North American wildlife and landscapes.

1997 A New Round Cent

The familiar one-cent coin contained 98% copper until 1997, when its
composition is modified. The Canadian penny – the workhorse of our
circulation coinage – is now made of copper-plated zinc. The twelve-
sided form proves difficult to plate, resulting in the reintroduction of the
round design.

1999 Coins for the Millennium

To mark the end of the second millennium, the Royal Canadian Mint
Photography: strikes a different twenty-five-cent coin design for each month of 1999
Royal Canadian Mint

RCM Timeline 
 and 2000. The artwork is chosen from more than 66,000 entries
submitted by Canadians from all walks of life, as part of the Mint-spon-
sored “Create a Centsation! coin design contest. The 1999 series looks
back on the preceding thousand years; the 2000 coins look forward
to the future.

The Millennium programme is hugely successful, making coin col-

lectors of millions of Canadians. The Mint produces over 500 million
twenty-five-cent coins during 1999 and 2000 to keep up with demand.

1999 A New Dimension in Design

The Royal Canadian Mint celebrates the 20th anniversary of its sig-
nature Gold Maple Leaf with a high-tech version of the bullion coin,
featuring a beautiful maple leaf hologram. It is a first for the Mint, and
a clear demonstration of technical prowess. The innovation consists in
striking the hologram directly onto the coin’s surface, instead of pro-
ducing and applying it in separate steps.

2000 - Present

2000 First Coloured Collector Coin

“Celebration,” a twenty-five-cent piece designed for the Millennium
programme, is the first Canadian coin ever to be re-issued in a co-
lourized version. Released in July 2000, this special collector version
features a Canadian flag with a red maple leaf and side panels.

2001 Multi-Ply Plating

With the development of a patented multi-ply plating technique, the
Royal Canadian Mint steps once again to the forefront of minting tech-
nologies. In 2001, Canadian circulation coinage converts to this money-
saving production method. The five-, ten-, twenty-five- and fifty-cent
coins are struck on nickel-plated steel blanks; a copper-plated steel
blank is used for the one-cent piece. Multi-ply technology is one of
several major innovations from the Mint. Others include selective plat-
ing and laser enhancement, technologies used for collector coins.

2003 Updated Royal Effigy

Introduced a year after the Golden Jubilee of Her Royal Majesty Queen
Elizabeth II, the latest obverse effigy depicts the Queen without a
crown. The portrait was designed by Suzanna Blount.

2004 Lest We Forget

The Royal Canadian Mint releases the world’s first coloured circulation
coin commemorating the Poppy, Canada’s flower of remembrance. The
Photography: twenty-five-cent piece presents a stylized red poppy on the reverse.
Royal Canadian Mint

RCM Timeline 10
 The coin is dedicated to all of the 117,000 gallant Canadians who gave
their lives while in the nation’s service.
To meet the engineering and design challenges involved in producing
this innovative coin, the Mint perfected a high-speed colouring process
that can generate 30 million coins. The process ensures that the colour
adheres to the metal and resists day-to-day wear.

2005

2005 • In celebration of the Year of the Veteran and the 60th Anniversary
of the Allied victory in the Second World War, four coins and coin
sets were introduced. These were the five-cent sterling silver coin
and medallion set depicting VE Day Celebrations; the five-dollar
silver coin depicting the 60th Anniversary of the end of the Second
World War; the 50-cent sterling silver six coin set also marking the
End of the Second World War; and the Brilliant Uncirculated Coin
Set with a 25-cent sterling silver coin and eight brilliant uncirculated
Euro coins and a commemorative Royal Dutch medallion. The coins
are dedicated to 60 years of liberation highlighting the special rela-
tionship between Canada and the Netherlands
• 25th anniversary of Terry Fox’s Marathon of Hope – a journey to
raise funds for cancer research. A one-dollar coin is issued, featuring
the image of Terry Fox, the first Canadian-born individual to be
highlighted on a circulation coin
• 25-cent coins celebrating the Saskatchewan and Alberta centennials.
For the first time in its history, the Royal Canadian Mint offered the
public an opportunity to vote for a coin design. Designs were created
by artists representing each province.
• Saluting Canada’s Veterans, a commemorative 25-cent coin was
struck. Up to 30 million coins were produced

2006

2006 • The one-dollar “Lucky Loonie” features the Olympic logo. It was
unveiled four years after a Loonie was secretly buried at centre ice
during the 2002 Winter Olympic Games when the Canadian men’s
and women’s hockey teams skated to gold
• the world’s second colour circulation coin was unveiled to
promote breast cancer awareness. The 25-cent coin featured
the distinctive pink ribbon
• the 10th anniversary of the two-dollar coin or “Toonie” featured
a “Name the Bear” contest
• a new Mint mark, symbol of the Royal Canadian Mint’s reputation for
high quality and innovation, was added to all circulation coins on the
obverse (heads) side depicting Queen Elizabeth II.
Photography:
Royal Canadian Mint

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