The toonie replaces the two-dollar bank note. The government tried introducing the nickname “beary” because the reverse showed a polar bear.
Other early nicknames included bearly, deuce, doozie, doubloon, bear back, bear buck, moonie. In the end, “toonie” won.
The Government of Canada announces it will be phasing out the penny because of its high production cost and adopting a rounding guideline for cash transactions.
On February 4, 2013, the Royal Canadian Mint stopped distributing the one-cent coin, saving taxpayers about $11 million per year.