Loonie with a Robert-Ralph Carmichael design of a common loon floating in water. The coin was immediately nicknamed the "loonie" across English Canada, and became known as a "huard", French for "loon", in Quebec. The loonie entered circulation on June 30, 1987, as 40 million coins were introduced into major cities across the country. Over 800 million loonies had been struck by the coin's 20th anniversary. Two years after the loonie's introduction, the Bank of Canada ceased production of the dollar banknote. The final dollar bills were printed on June 30, 1989. Initial support for the coin was mixed, but withdrawing
Trade dollar (United States coin) decline and the intrinsic value of the coins fell below one dollar, bullion depositors began having their silver struck as trade dollars and selling them wholesale to be distributed throughout the country. Bullion producers opted to coin their silver into trade dollars because the Coinage Act of 1873 specified that silver brought to the Mint could only be struck as such or cast into bars. Congress considered raising the five-dollar legal tender limit on trade dollars, but instead passed a bill that officially demonetized the trade dollar on July 22, 1876; the Secretary of the Treasury was directed by the