Canada Has A New $1 Coin & The Loonie Is Made Up Of Pure Silver (PHOTOS)

The Royal Canadian Mint has unveiled a brand new one-dollar coin and this time around, the loonie is completely silver.

The iconic loonie, which features a Canadian loon on the reverse of the original gold coin, first began circulating across Canada in 1987, after replacing the Canadian one-dollar bill. While the $1 coin is still very much in circulation, the Royal Canadian Mint released a new $1 coin made up of 99.99% pure silver.

The new $1 coin is part of the Tribute: W Mint Mark series, which celebrates Canada's circulation coins, which began with the silver $2 coin featuring a polar bear.

The new silver loonie features a solitary loon, designed by Robert-Ralph Carmichael and is "synonymous with the Canadian dollar, and it is the reason why Canada’s unit of currency is affectionately known as the loonie," the Royal Canadian Mint said on its website.

The new $1 silver loonie. The Royal Canadian Mint.

The re-created silver loonie has a tailored specimen finish and bears the "W" mint mark representing the Winnipeg Mint. The satin sheen finish and angled lines were inspired by the Winnipeg Mint's pyramid-shaped building.

The new silver loonie weighs 31.39 grams and has a diameter of 38 millimetres. With a mintage of 7,500 coins, the face value may be $1, but it'll certainly cost you slightly more to get your hands on this new Canadian coin. Canadian coin collectors and coin enthusiasts can purchase the new $1 coin on the Royal Canadian Mint's website for $109.95.

When purchased, you will receive the new coin encapsulated and presented in a black Royal Canadian Mint-branded clamshell with a black beauty box.

The new $1 silver loonie. The Royal Canadian Mint.

The obverse of the coin features the effigy of the late Queen Elizabeth II, which was designed by Susanna Blunt. The obverse also bears a special marking that includes four pearls symbolizing the four effigies that have graced Canadian coins and the double date of her reign.

The silver toonie and loonie are both part of the Pure Silver Six-Coin and while the Royal Canadian Mint has revealed the polar bear and loon, the designs of the remaining four coins are a mystery. Luckily, the Mint said that the other four coins, which will feature the coat of arms, a caribou, a bluenose and a beaver, are "coming soon."

Canadian coin collectors have already taken to the Royal Canadian Mint's website to share their thoughts on the new loonie.

"Goes great with the Olympic lucky loonies I have, but bigger and better!" one satisfied customer wrote. "This finish and quality is so high! I have collected for years and have not seen anything like this. Great deal for a beautiful coin series!" another reviewer said.

This article's cover image was used for illustrative purposes only.