2 Dollars – Canada
Circulating commemorative coins
Commemoration: National Indigenous Peoples Day
Series: National Indigenous Peoples Day
Canada
Obverse
Description:
Queen Elizabeth II at 77, facing right, wearing necklace and earrings. Dates "1952" and "2022" are separated by four pearls, representing the effigies on Canadian coins during her reign. Legend and date surround the design.
Inscription:
ELIZABETH II D·G·REGINA
2023
1952⁘2022
SB
2023
1952⁘2022
SB
Translation:
Elizabeth II by the Grace of God Queen
2023
1952-2022
SB
2023
1952-2022
SB
Script: Latin
Engraver: Susan Taylor
Designer: Susanna Blunt
Reverse
Description:
Left and right inscriptions; maple leaf security elements above and below. Central design has three parts:
**Right:** Central blossoming red flower with a yellow figure raising a child. Flanked by a red/yellow forget-me-not, a red flower with a yellow sun, and a red berry. Above, two red, yellow, and black butterflies. Border: seven phases of Grandmother Moon.
**Bottom:** Downward-facing white ulu with a Delta braid tip. In front, an inukshuk with black tusks. Behind, a yellow rising sun with ocean waves. Border: Delta braid.
**Left:** White infinity flag over a Métis sash. Below, part of a red river cart wheel. Above, a flower with yellow center, four red petals, one white petal, surrounded by black beads. Border: Métis sash.
Background: green.
**Right:** Central blossoming red flower with a yellow figure raising a child. Flanked by a red/yellow forget-me-not, a red flower with a yellow sun, and a red berry. Above, two red, yellow, and black butterflies. Border: seven phases of Grandmother Moon.
**Bottom:** Downward-facing white ulu with a Delta braid tip. In front, an inukshuk with black tusks. Behind, a yellow rising sun with ocean waves. Border: Delta braid.
**Left:** White infinity flag over a Métis sash. Below, part of a red river cart wheel. Above, a flower with yellow center, four red petals, one white petal, surrounded by black beads. Border: Métis sash.
Background: green.
Inscription:
CANADA
2 DOLLARS
JK MP MC
2 DOLLARS
JK MP MC
Script: Latin
Edge
Interrupted serrations
Legend:
CANADA 2 DOLLARS
Categories
| Plants> Flower |
| Plant> Fruit |
| Art> Sculpture |
| Event> National day |
| Transportation> Watercraft |
| Science> Natural phenomenon |
| Symbol> Moon |
| Symbol> Sun |
| Art> Handicraft |
| Geography> Sea |
Mints
| Name | Mark |
|---|---|
| Royal Canadian Mint of Winnipeg | — |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 2023 | — | 2,000,000 | ||
| 2023 | — | 500,000 | BU |
Historical background
In 2023, Canada's currency situation was defined by a prolonged period of elevated inflation and the Bank of Canada's aggressive monetary policy response. The year began with the Canadian dollar (CAD) under pressure, trading around 73.5 US cents, as markets priced in a potential pause in the U.S. Federal Reserve's rate hikes. However, the dominant narrative was the Bank of Canada's (BoC) ongoing battle to rein in inflation, which had peaked at 8.1% in mid-2022 but remained stubbornly above the 2% target. The central bank implemented a series of interest rate increases, bringing its key policy rate to a 22-year high of 5.0% by July 2023, creating a tight monetary environment.
This high-interest-rate policy had a dual impact on the loonie. On one hand, it provided fundamental support by attracting foreign capital seeking yield, helping the CAD recover to trade in a range of roughly 72 to 76 US cents for much of the year. On the other hand, the strength was capped by broader global factors, including a stronger U.S. dollar driven by robust American economic data and persistent geopolitical uncertainty. Domestically, concerns about slowing economic growth and a cooling housing market, both consequences of the high-rate environment, created headwinds that prevented a more dramatic appreciation.
By the end of 2023, the currency landscape was in a holding pattern. Inflation showed signs of moderating, dropping to 3.1% in November, which led the BoC to hold rates steady in its final meetings of the year. The market's focus shifted from rate hikes to the timing of future rate cuts, with expectations building for 2024. Consequently, the Canadian dollar closed the year relatively flat against the U.S. dollar, reflecting a balance between domestic economic resilience, cautious optimism on inflation, and a wait-and-see approach from the central bank as it navigated the path toward a soft economic landing.
This high-interest-rate policy had a dual impact on the loonie. On one hand, it provided fundamental support by attracting foreign capital seeking yield, helping the CAD recover to trade in a range of roughly 72 to 76 US cents for much of the year. On the other hand, the strength was capped by broader global factors, including a stronger U.S. dollar driven by robust American economic data and persistent geopolitical uncertainty. Domestically, concerns about slowing economic growth and a cooling housing market, both consequences of the high-rate environment, created headwinds that prevented a more dramatic appreciation.
By the end of 2023, the currency landscape was in a holding pattern. Inflation showed signs of moderating, dropping to 3.1% in November, which led the BoC to hold rates steady in its final meetings of the year. The market's focus shifted from rate hikes to the timing of future rate cuts, with expectations building for 2024. Consequently, the Canadian dollar closed the year relatively flat against the U.S. dollar, reflecting a balance between domestic economic resilience, cautious optimism on inflation, and a wait-and-see approach from the central bank as it navigated the path toward a soft economic landing.
🌱 Common