Canadian dollar is the fifth most valuable reserve currency in the world. It has also become popular among the central banks all over, thanks to the country’s strong and stable economic system.
One of the major attractions of the currency is the presence of the imagery of a bird called loon on the one-dollar coin. The Canadian dollar in general, is nicknamed as ‘loonie’ for this reason. The first loonies were circulated on June 30th, 1987. Interestingly, when the two-dollar coin was introduced in 1996, it was called ‘toonie’, referring to ‘two loonies’.
In April 1871, the Canadian Parliament passed the Uniform Currency Act which replaced all the other currencies with the present day one.
Set up in July, 1934, the Bank of Canada acts as the central bank in the country. Under its contract, banknotes are printed by the Canadian Bank Note Company, and coins by the Royal Canadian Mint.