In the 17th century the Hudson Bay Company struck a coin with a value equal to the pelt of one male beaver. A male beaver is called a buck; the coin subsequently created the slang term "Buck" in Canada and the U.S.
In 1987, the one Dollar bill was replaced by a one Dollar coin. The coin featured a common loon on one side, garnering the nickname "Loonie." When the two Dollar coin was introduced in 1996, two was combined with Loonie, and the "Toonie" was born.
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