Many Canadian currency coins are composed of nickel, which makes them magnetic. Like many countries, Canada initially issued its currency in pure silver. Over time, as the price of silver increased, it became too costly to use in currency as the country grew. Since Canada is the leading source of nickel ore, it started using nickel instead of silver for its five-cent pieces beginning in 1922. By 2001, most of its coins were composed of nickel, steel, or a mixture of nickel and other metals.
When Did Canadian Coins Become Magnetic?
The history of the Canadian currency is long and complicated. The types of currency, composition, and value changed frequently over the years due to metal shortages, global economic turmoil, and local laws. Here’s a brief timeline specifically about the magnetic currency and when the Royal Canadian Mint started using nickel and steel in their coins:
- 1922: The Royal Canadian Mint switched from silver to nickel for its five-cent pieces due to the high cost of silver.
- 1943: Nickel was in such high demand due to the war effort that it became too expensive to use for their nickel coins. The Royal Canadian Mint used a type of brass called tombac for their five-cent pieces.
- 1968: The mint decided to adopt nickel instead of silver as the base metal for its fifty-cent and one-dollar pieces due to the once again high cost of silver.
- 1987: One-dollar coins were introduced as a replacement for their one-dollar bank notes. Canadians affectionately call these bronze-plated nickel coins the Loonie.
- 1996: The two-dollar banknote was replaced with a two-dollar coin called the Toonie. This new coin is bi-metallic with an outer ring of nickel and an inner core of aluminum bronze.
- 2001: From here on, the five, ten, twenty-five, and fifty-cent pieces are struck on nickel-plated blanks using a new patented multi-ply plating technique.
The one-cent coins have gone back and forth from being magnetic to non-magnetic. The mint began using steel cores in 2006 but didn’t always issue the pennies in steel cores from then on.
The coins bolded in the chart are rare varieties. The “P” referenced here stands for the mint mark on the obverse and indicates the coin’s composition of being plated rather than the typical indicator of where it was minted, as most countries do with their mint marks.
Only a few of the 2006 “P” zinc core varieties exist, making them highly sought-after by collectors.
The 2006 no “P” magnetic issue is unique because it has a steel core but doesn’t bear the mint mark. Usually, it is below the portrait of the Queen, but it is missing from this variety.
The 2007 is rare as it is one of few coins made with copper-plated zinc instead of copper-plated steel in that year.
In 2012, Canada stopped minting pennies entirely. They are still legal tender, but new ones are no longer being made due to rising production costs and the low value of a one-cent coin.
Where to Find Magnetic Canadian Coins
Since these coins are circulated, tracking down sets or bulk quantities of magnetic varieties can be tricky.
The most commonly available magnetic Canadian coins are the ten-cent pieces dated 1968 or later. They are typically sold in $5 rolls.
The rare magnetic Canadian pennies mentioned earlier are available on many reseller websites such as Etsy and eBay.
You can also purchase sets of magnetic coins directly from the Royal Canadian Mint, including the more valuable uncirculated versions.
