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In Canada, a dime is a coin worth ten cents. It has been the physically smallest Canadian coin since 1922; it is smaller even than the penny, despite its higher face value. According to the Royal Canadian Mint, the official national term of the coin is the 10-cent piece, but in practice, the term dime predominates in English-speaking Canada. It is nearly identical in size to the American dime. Unlike its American counterpart, the Canadian dime is magnetic due to a distinct metal composition. From 1968 to 1999, it was composed entirely of nickel, and since 2000, it has consisted of a steel core with plating composed of layers of nickel and copper.
The Canadian fifty-cent coin is a Canadian coin worth 50 cents. The coin's reverse depicts the coat of arms of Canada. At the opening ceremonies for the Ottawa branch of the Royal Mint, held on January 2, 1908, Governor General Earl Grey struck the Dominion of Canada's first domestically produced coin. It was a silver fifty-cent coin bearing the effigy of King Edward VII.
In Canada, a penny is an out-of-production coin worth one cent, or 1⁄100 of a dollar. According to the Royal Canadian Mint, the official term for the coin is the one-cent piece, but in practice the terms penny and cent predominate. Penny was likely readily adopted because the previous coinage in Canada was the British monetary system, where Canada used British pounds, shillings, and pence as coinage alongside U.S. decimal coins and Spanish milled dollars.
Newfoundland, as a separate British colony, produced its own decimal currency between 1865 and 1947. The coins of Newfoundland are of historical importance as Newfoundland was a British colony until 1907, and a Dominion until 1949, when Newfoundland and Labrador became the tenth province of Canada.
Canada has an extensive history with regard to its currencies. Prior to European contact, indigenous peoples in Canada used items such as wampum and furs for trading purposes, which continued when trade with Europeans began. During the period of French colonization, coins were introduced, as well as one of the first examples of paper currency by a western government. During the period of British colonization, additional coinage was introduced, as well as banknotes. The Canadian colonies gradually moved away from the British pound and adopted currencies linked to the United States dollar. With Confederation in 1867, the Canadian dollar was established. By the mid-20th century, the Bank of Canada was the sole issuer of paper currency, and banks ceased to issue banknotes.
The coins of Canada are produced by the Royal Canadian Mint and denominated in Canadian dollars ($) and the subunit of dollars, cents (¢). An effigy of the reigning monarch always appears on the obverse of all coins. There are standard images which appear on the reverse, but there are also commemorative and numismatic issues with different images on the reverse.
One of the most profitable aspects of the Royal Canadian Mint (RCM) is its numismatic product line. The first numismatic coin from the RCM was arguably the 1935 dollar commemorating the Silver Jubilee of His Majesty King George V. Though intended for circulation, it was the first Canadian coin commemorating an event. The decision to issue this coin was made in October 1934 by then-Prime Minister R.B. Bennett. There were economic and patriotic motivations for the release of a silver dollar, including a hope to boost the silver mining industry. In future years, the silver dollar would have a more emotional meaning for many Canadians because it was also the first coin to have the Voyageur motif on its reverse.
Since the 1976 Summer Olympics in Montreal, the Royal Canadian Mint has struck Summer and Winter Olympic coins to mark Games held in Canada.
As Newfoundland did not join Canada until 1949, it had its own currency for many decades. It adopted its own decimal currency in 1863. Compared to other pre-Confederation British colonies, it had a wide selection of decimal coinage. The most important coin in Newfoundland was the Spanish American dollar, therefore, the Newfoundland government set its dollar equal in value to this coin. The new decimal cent was equal to the British halfpenny and $4.80 was equal to one pound sterling.
By 1954, a new trend was beginning to emerge for the Royal Canadian Numismatic Association as annual meetings evolved into annual conventions. Working with the Toronto Coin Club as host, the first such convention was held in Toronto in 1954. The conventions offered an agenda of educational forums, bourse activity, competitive exhibits with awards to the winners, and a closing banquet, with the highlight being a special guest speaker.. It was also in 1954 that the association issued its first ever medal to commemorate the event. The tradition of an annual convention and a convention medal continues to this very day.
The Canadian silver dollar was first issued by the Royal Canadian Mint in 1935 to commemorate the Silver Jubilee of King George V. The coin's reverse design was sculpted by Emanuel Hahn and portrays a voyageur and a person of Indigenous descent paddling a birch-bark canoe. The faint lines in the background represent the Northern Lights. The voyageur design was used on the dollar until 1986. It was then replaced with the 1987 Canadian 1-dollar coin. 1967 marked the end of the silver dollar as a business strike, or a coin issued for circulation. After 1967, the dollar coin was made of nickel, except for non-circulating commemorative issues for the collector market, which continue to contain silver.
One of the most highly profitable aspects of the Royal Canadian Mint's enterprise is in its Numismatic product line. The euphoria surrounding the year 2000 led to the birth of the Millennium 25-cent coin program. The numismatic line included proof quality coins sold individually or as a complete set. This level of excess would come to signify the coming decade. The number of numismatic releases would increase on an annual basis starting in 2003. Numismatic three cents, five cents, and ten cents would be introduced, along with numismatic three dollars and eight dollars. Luxury coins would not be immune to the dramatic increases that ensued. Coins with face values of 250, 300 and 350 dollars would be introduced by 2006.
The Royal Canadian Mint has made coins with various themes. Most recently, ice hockey has been used for many numismatic releases. The first known ice hockey coin was for the 1988 Winter Olympics. Issued on February 25, 1986, the coin featured a goalie on the coin. Edge lettering was also used for the coin, the first time that it was used on silver coins.
Starting in 1997, the Royal Canadian Mint started to sell hockey medallions to the public. To commemorate the induction of Mario Lemieux in the Hockey Hall of Fame, a set was issued honouring all three inductees. One set was issued in Sterling Silver while another was issued in Nickel. The success of the release led to future issues.
Dora de Pédery-Hunt, LL.D. was a Hungarian-Canadian sculptor who designed medals and coins. She was the first Canadian citizen to design an effigy for Queen Elizabeth II.
The Newfoundland 2-dollar coin was issued in intermittent years between 1865 and 1888. It was the only circulation gold coin issued by a British colony. Although few coins were issued, it was broadly used in Newfoundland and eastern Canada. The coin became scarce in 1894 because of hoarding following the collapse of Newfoundland's banks and monetary system.
The five-dollar gold piece was a gold Canadian coin that was struck for circulation from 1912 to 1914, consisting of 90% gold and 10% copper.
The ten-dollar piece was a gold Canadian coin that was struck for circulation from 1912 to 1914, consisting of 90% gold and 10% copper.
References
- 1 2 3 4 Charlton Standard Catalogue of Canadian Coins, W.K. Cross, p. 182, The Charlton Press, Toronto, Ontario, ISBN 0-88968-297-6
- ↑ Canada Gazette , 9-10 Edward VII, Chapter 14, page 27, June 4, 1910
- 1 2 3 Charlton Standard Catalogue of Canadian Coins, W.K. Cross, p. 183, The Charlton Press, Toronto, Ontario, ISBN 0-88968-297-6