How Many Ounces of Silver in a Canadian Silver Dollar?
The Canadian silver dollar, also known as the “Loonie,” has been a staple of Canadian currency since its introduction in 1987. This unique coin, which features a loon on one side and the Canadian maple leaf on the other, was initially struck with 99.9% pure silver. The question that often arises is: how many ounces of silver are contained within a Canadian silver dollar? Understanding the answer to this question requires a look at the coin’s history, composition, and current value.
The original Canadian silver dollar, minted from 1987 to 1988, contained one full ounce of pure silver. This made it one of the largest silver coins in the world at the time. The decision to include such a high silver content was influenced by the popularity of silver bullion coins, particularly the American Silver Eagle. The Canadian government wanted to capitalize on this trend and establish its own silver coin in the market.
However, the high silver content of the original Canadian silver dollar proved to be a short-lived feature. Due to the rising cost of silver and the subsequent impact on the coin’s minting cost, the silver content was reduced in 1989. The new design, known as the “Maple Leaf,” contained only 80% silver. This change resulted in a silver content of 0.5 troy ounces. The Maple Leaf silver dollar continued to be minted with this reduced silver content until 2012.
Since 2013, the Canadian silver dollar has been minted without any silver content at all. This decision was made in response to the decreasing popularity of silver coins as an investment vehicle. The Royal Canadian Mint, which is responsible for the production of the Loonie, has continued to mint the coin for circulation, but it is no longer considered a silver coin.
In summary, the answer to the question “how many ounces of silver in a Canadian silver dollar?” depends on the specific year and design of the coin. The original Loonie contained one full ounce of silver, while the Maple Leaf design contained 0.5 troy ounces. However, as of 2013, the Canadian silver dollar no longer contains any silver. Despite this change, the Canadian silver dollar remains a popular collectible and a symbol of Canada’s commitment to innovation and excellence in coin design.
