1987 Canada Dollar Coin Value

1987 Canada Dollar Coin Overview

On June 30, 1987, 40 million items were issued in major Canadian cities. This gold item features a random legend drawing that has become a national symbol.

Period	1987–1989
Value	1 CAD=0.73 USD
Composition	Bronze-plated nickel
Diameter	26.5 mm
Thickness	1.75 mm
Shape	Hendecagonal

The Legend

The Royal Canadian Mint had every intention of using the Voyageur design (a fur trader and an Indigenous guide in a canoe) that had been on dollar items since 1935.

In November 1986, the master dies were sent via courier from Ottawa to the minting facility in Winnipeg. They vanished during a snowstorm and were never recovered.

Fearing that counterfeiters could use the lost dies to strike perfect fakes, the government took the drastic step of scrapping the Voyageur design entirely for the new one. They authorized a design that was already in the Mint's list of ideas – Robert-Ralph Carmichael's solitary loon.

Note: The nickname was so successful that when the $2 arrived in 1996, it was naturally called the Toonie to rhyme with its predecessor.

Item Varities

Yet in 1987, the mint issued two distinct versions of the $ item. The existence of these two versions is what gives 1987 its unique place in the numismatic field.

Variety	Composition	Purpose	Design
The Loonie	Aureate Bronze on Nickel	General Circulation	Robert-Ralph Carmichael’s Loon
John Davis Commemorative	.500 Silver	For Collections	Ship (Desire) at sea

Attention: The John Davis Silver $ was the last large-format (36mm) intended for collectors that year. It commemorates the 400th anniversary of the explorer John Davis's voyage, and it does not feature a loon.

1987 Canadian Dollar Coin Value Today

To determine the exact price range, it matters whether it is a regular one or a collector's edition. The standard 1987 Canada dollar coin value in circulation retains a face value of one $.

"The introduction of the one-dollar coin in 1987 was the most significant change to Canada's coinage system in over 50 years. We thank [Robert-Ralph Carmichael] for his remarkable contribution in creating what has become a true Canadian symbol."
– Unnamed opinion piece “Canadian Dollar”
Royal Canadian Mint

Non-issued copies in the original coinage can be beneficial for the collector, with the ability to complete a set without missing dates. How much is a 1987 Canadian dollar coin worth today?

G	VG	F	VF	XF	AU	UNC
$0.69	$0.87	$0.90	$0.90	$0.98	$0.98	$1.30

In addition to the circulating and Canadian dollar 1987 coin value today, several commemorative and collectible items were minted in the same year, for example, the Jefferson Nickel, Silver Eagle, dime, and penny.

Commemorative Item Value

Silver 50 %
Copper 50 %
Melt Value $30.00–$33.00 CAD

The John Davis silver item is a large, silver-colored item often found in a black or blue clamshell case. It features a ship (The Desire) rather than a loon. This year, silver has reached historic highs (trading near $75–$80 USD/oz), which has fundamentally changed the 1987 Canadian dollar coin value.

Market price for professional collectors and silver finders is currently $40.00–$55.00 CAD, depending on whether the original packaging and certificate are included.

1987 Gold Canadian Dollar

No official 1987 Canadian gold dollars were minted for widespread circulation that year. However, it is worth noting that the Royal Canadian Mint has issued gold versions in this category as special collector's issues over the years.

There is often confusion because of the gold color of the item, which leads casual observers to assume it is gold. The circulating dollar acquires a golden hue from the bronze coating on the nickel core, which does not contain any precious metals.

One relevant piece of advice for collectors is to search for and buy gold bars and commemorative series. During this period, the mint produced gold items with designs inspired by Canadian heritage.

Look for the famous gold gem – the Maple Leaf item.

The Calgary Olympic Gold

1987 Canadian dollar value – $100
Queen Elizabeth II
Composition Gold
Diameter 27 millimeters
Thickness 2.2 millimeters
Weight 13.338 grams

This item is a 1987 Canadian dollar worth anything, the official commemorative gold one. It celebrates the upcoming 1988 Winter Olympics. The design shows a hand holding the Olympic Torch with a flame shaped like the Rocky Mountains.

How much is a 1987 Canadian dollar worth in 2026?

Composition is a 14-karat gold (58.33%). Gold Weight is 0.25 troy oz of pure gold. The raw gold value is $1,260 USD (~$1,720 CAD). Collectors typically pay $1,850–$2,000 CAD for items in the original black leather box with the certificate.

The 30th Anniversary of the Loonie Gold Set

In 2017, the Mint released a special 1987–2017 30th Anniversary Set that contains a solid 24k gold 1-ounce Loonie.

Warning for Collectors: These are extremely rare (only 350 sets exist). In 2026, these sets are auctioning for $8,500–$11,000 CAD because they feature both the Loon and Voyageur designs.

Factors that Affect Canadian Dollar Coin Value

There are several obvious reasons for the value fluctuations, but below is a list of other factors.

Grading
Condition
Composition
Rarity and Mintage
Metal Content

Event Demand

Certifications

In 2026, the price gap between a shiny one and a certified one has widened. The MS-70 Standard of the Loonie item that has been in a pocket is worth $1. A 1987 Loonie certified by ICCS or PCGS as MS-66 or higher can sell for $50–$100.

Because modern items are plated, spotting the common on the 2020-2025 Maples significantly reduces the premium.

2026 Market Trends

With gold and silver at current highs in early 2026, the value of 1987 dollars has shifted:

Most are worth exactly $1.00 CAD. However, a Specimen strike from a 1987 set can fetch $15–$25. Because John Davis is 50% silver, its melt value is the floor. In 2026, with silver prices near $80/oz, this silver content makes it worth roughly $30–$45.

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