The 'LOONIE' Is 20 Years Old Today
On June 28, 1987, a new Canadian $1 coin was shipped to financial institutions across the nation to be introduced into circulation on June 30th.
The original design for the $1 coin featured a voyageur canoe, much like the one that graced the old traditional silver dollar coin for years. However, the master dies were lost in transit. Somewhere between Ottawa (where the dies were engraved) and Winnipeg (the production facility) they disappeared and were never found.
The mint feared that counterfeiters, working with the master dies, might be able to flood the country with bogus bucks. Hence a new design was struck and ... we have the 'loonie'.