New Versions of Loonie and Toonie

In an effort to save taxpayers about $16 million annually, new versions of the loonie and toonie will be introduced this spring made of steel, replacing the more expensive nickel found in the current version of the coins.  The Mint has indicated the first release will happen on March 30th.  Around 20 – 30 million coins will be released equating to less than 2% of the total coins in circulation.  In speaking with a representative for The Mint, they indicated they will continue to release more coins and slowly pull out the old version coins.

The current loonie is made from bronze-plated nickel; the toonie has a ring of pure nickel around a copper alloy centre.  The new coins will still use the same multi-ply plated steel technology used in the penny, nickel, dime and quarter.  The coins will be slightly lighter than the current coin.