The year 1987 marked a significant turning point in Canadian numismatic history with the introduction of a new one-dollar coin, affectionately known as the “Loonie.” This iconic coin, featuring a common loon on its reverse side, quickly became a staple of Canadian currency. For collectors and enthusiasts alike, understanding the Canada 1987 dollar coin value is a fascinating endeavor, as its worth can vary significantly based on a multitude of factors, including its condition, type of strike, and any unique characteristics it might possess.
The Birth of the Loonie: A Brief History
Before delving into the specifics of the Canada 1987 dollar coin value, it’s important to appreciate its historical context. Prior to 1987, Canada’s one-dollar denomination was exclusively a paper banknote. The decision to replace the dollar bill with a coin was driven by economic considerations, primarily the longer lifespan and lower production costs of coinage compared to paper currency.
The initial design for the new dollar coin was intended to feature the Voyageur canoe, a motif that had graced previous Canadian dollar coins. However, due to the mysterious disappearance of the master dies during transit, the Royal Canadian Mint was forced to create an entirely new design. The chosen motif, a solitary loon floating on water, was designed by Robert-Ralph Carmichael and quickly captured the public’s imagination, giving the coin its enduring nickname, the “Loonie.” This introduction forever changed the landscape of Canadian currency and laid the groundwork for future coin designs.
Understanding the Two Main Types: Circulation vs. Proof Strikes
When assessing the Canada 1987 dollar coin value, it’s crucial to differentiate between the two primary types of strikes produced in that year: circulation strikes and proof strikes. Each type serves a different purpose and, consequently, holds a distinct value in the collector’s market.
Circulation Strikes: The Everyday Loonie
Circulation strike coins are those intended for everyday commerce. They are produced in vast quantities and are designed to withstand the rigors of daily use. For the Canada 1987 dollar coin value of circulation strikes, several factors come into play:
- Condition is Paramount: Like any collectible, the condition of a circulation strike Loonie is the most significant determinant of its value beyond face value. Coins that have seen extensive use will exhibit wear and tear, such as scratches, nicks, and diminished luster. These imperfections significantly reduce their appeal and, therefore, their value to collectors.
Uncirculated (Mint State)*: A coin that has never been used in commerce and retains its original mint luster is considered uncirculated or in “mint state.” These coins are highly sought after by collectors.
About Uncirculated (AU)*: Coins with only a trace of wear on the highest points of the design.
Extremely Fine (EF)*: Coins with light wear on the high points, but all major details are clear.
Very Fine (VF)*: Coins with moderate wear, but still well-defined details.
Fine (F)*: Coins with significant wear, but the main design elements are still discernible.
Very Good (VG), Good (G), Fair (F), Poor (P)*: These grades indicate increasingly severe wear, often reducing the coin’s value to little more than face value.
- Value Above Face Value: While the vast majority of 1987 circulation Loonies encountered today are worth their face value ($1 CAD), pristine examples can command a premium. For instance, a 1987 Loonie in truly uncirculated, mint state condition can fetch prices significantly higher than face value. Some sources indicate that such specimens can trade for up to $30 CAD, particularly if they exhibit exceptional eye appeal and strong strike quality. The key here is “mint state” – a coin that looks as if it just left the mint. These are challenging to find in circulation after more than three decades.
Proof Strikes: The Collector’s Gem
In contrast to circulation strikes, proof coins are not intended for general use. They are specially minted with a higher quality strike and finish, specifically for collectors. The Royal Canadian Mint produces proof coins with meticulous attention to detail, often featuring polished fields and frosted devices to create a stunning contrast. For the Canada 1987 dollar coin value of proof strikes, the landscape is different:
- Superior Quality and Finish: Proof coins are characterized by their mirror-like fields and often frosted, sculpted design elements. This superior aesthetic quality makes them highly desirable to collectors. They are typically sold in protective cases or sets from the mint, minimizing the chances of damage.
- Lower Mintage: The Royal Canadian Mint produced a significantly smaller number of proof 1987 Loonies compared to circulation strikes. A precise mintage figure of 178,120 proof coins was recorded for 1987. This limited availability contributes directly to their higher value. The lower mintage makes them scarcer in the market, driving up demand among collectors.
- Price Range: The Canada 1987 dollar coin value for proof strikes can vary considerably. Based on market observations, such as those on platforms like eBay, prices for 1987 proof Loonies can range from approximately $14 USD to $84.99 USD. This wide range is influenced by several factors:
Specific Condition*: Even within proof coins, slight imperfections can affect value. A truly “perfect” proof coin (often graded as PR70 by professional grading services) will command the highest prices.
Seller Reputation*: Reputable sellers with strong feedback often achieve higher prices.
Certification*: Proof coins that have been professionally graded and certified by third-party services (e.g., PCGS, NGC) tend to sell for more, as the grading provides an objective assessment of their condition and authenticity.
Original Packaging*: Proof coins sold in their original Royal Canadian Mint packaging, often with certificates of authenticity, are generally more valuable.
Key Factors Influencing Canada 1987 Dollar Coin Value
Beyond the distinction between circulation and proof strikes, several other critical factors profoundly impact the Canada 1987 dollar coin value:
1. Condition (Grading)
As highlighted earlier, condition is paramount. For both circulation and proof coins, the less wear and tear, the higher the value. Professional coin grading services play a crucial role here. They assign a numerical grade (e.g., MS-60 to MS-70 for uncirculated, PR-60 to PR-70 for proof) that objectively assesses a coin’s condition. A higher grade directly correlates with a higher Canada 1987 dollar coin value.
- Uncirculated Coins: For circulation strikes, finding an uncirculated 1987 Loonie is challenging but highly rewarding. These coins have retained their original luster and show no signs of handling or wear.
- Proof Coins: Even proof coins can vary in condition. “Cameo” or “Deep Cameo” designations, which refer to the contrast between frosted devices and mirror-like fields, can further enhance their value.
2. Errors and Varieties
While less common, certain production errors or varieties can dramatically increase the Canada 1987 dollar coin value. These anomalies are highly sought after by collectors because of their rarity and unique nature.
- Striking Errors: These occur when something goes wrong during the minting process. Examples include:
Off-center strikes*: The design is not perfectly centered on the coin blank.
Doubled dies*: Elements of the design appear doubled due to a misaligned die.
Planchet errors*: The coin is struck on an incorrect or defective coin blank (planchet). A notable example illustrating the potential impact of such errors is a 1987 Loonie struck on a 10-cent planchet. This extremely rare error coin reportedly sold for an astonishing $4,681.07 USD on eBay. This specific error is a testament to how a unique anomaly can transform a common coin into a highly valuable collectible.
- Die Varieties: Minor differences in the dies used to strike the coins can also create varieties. These are often subtle but can be significant to specialized collectors. While no major, widely recognized varieties have been extensively documented for the 1987 Loonie, detailed examination by knowledgeable collectors can sometimes uncover minor distinctions.
3. Grading and Certification
Having a coin professionally graded and certified by a reputable third-party grading service (such as PCGS – Professional Coin Grading Service or NGC – Numismatic Guaranty Corporation) can significantly impact its Canada 1987 dollar coin value.
- Authentication: Certification authenticates the coin’s genuineness, protecting buyers from counterfeits.
- Objective Condition Assessment: Professional graders provide an objective, unbiased assessment of the coin’s condition, giving buyers confidence in its quality.
- Enhanced Liquidity and Value: Graded coins are generally easier to sell and often command higher prices due to the trust and transparency provided by the certification. The encapsulated holder also protects the coin from environmental damage.
4. Market Demand and Rarity
The fundamental economic principles of supply and demand also influence the Canada 1987 dollar coin value. While the 1987 Loonie is not considered rare in general circulation, specific types (like proof coins or error coins) are indeed scarce. Strong collector demand for these rarer specimens, coupled with their limited availability, drives up their market value. Numismatic trends and collector interest can also play a role; if there’s a surge in interest for Canadian dollar coins, values across the board might see a slight increase.
Where to Find and Value Your 1987 Loonie
If you possess a 1987 Loonie and are curious about its Canada 1987 dollar coin value, here are some steps you can take:
1. Examine its Condition: Carefully inspect your coin. Does it have scratches, dents, or wear on the high points of the design? Does it retain its original luster? For proof coins, is the mirror finish intact, and are the frosted elements clear?
2. Determine if it’s a Proof or Circulation Strike: Proof coins will generally have a much shinier, mirror-like background and often come in special packaging. Circulation coins will have a more uniform, duller finish.
3. Check for Errors: While rare, it’s worth examining your coin closely for any obvious errors like off-center strikes or unusual metal compositions.
4. Consult Price Guides and Online Marketplaces:
* Online Coin Databases and Price Guides: Websites dedicated to Canadian numismatics often have detailed information and estimated values based on condition.
* Completed Auction Listings (eBay, Heritage Auctions): Looking at “sold” listings on platforms like eBay can give you a realistic idea of what similar coins have recently sold for. This provides a real-time market assessment of the Canada 1987 dollar coin value.
* Numismatic Dealers: Reputable coin dealers can offer appraisals, though they will typically offer less than retail value if they are buying.
5. Consider Professional Grading: If you believe you have a high-grade uncirculated or proof coin, or an error coin, submitting it to a professional grading service is highly recommended to ascertain its true value and protect your investment.
Conclusion
The Canada 1987 dollar coin value offers a fascinating case study in numismatics. While the majority of 1987 Loonies in circulation are worth their face value, the story changes dramatically for coins in pristine uncirculated condition, specially minted proof strikes, and exceedingly rare error coins. The journey of the Loonie from a controversial replacement for a banknote to a beloved national symbol, with hidden treasures for diligent collectors, makes it a coin worth appreciating and, for some, a valuable addition to their collection. Understanding the nuances of condition, strike type, and the potential for rare errors is key to unlocking the true potential of your 1987 Canadian dollar coin.
Is the 1987 loonie rare?
Good point! This 1987 Canadian 1 Dollar Loonie is a very scarce and sought-after coin, in optimum quality and exact condition. It is made of bronze plated nickel and has been circulated, adding to its unique character.
What is a 1987 Canadian dollar made of?
Great question! The coin is made of bronze and has been circulated. It has not been graded or certified, but is a valuable addition to any coin collection. It is a great piece of history and a beautiful coin to display. This is a rare Canada 1 Dollar Coin from 1987 featuring Queen Elizabeth II.