1987 Canadian One Dollar (Loonie) Value Guide

The year 1987 stands as one of the most consequential in Canadian monetary history: the permanent retirement of the circulating one-dollar paper banknote and the debut of the base-metal Loonie, named instantly by the public for its iconic loon reverse designed by wildlife artist Robert-Ralph Carmichael. Simultaneously, the Royal Canadian Mint issued the Davis Strait 400th Anniversary Silver Commemorative, honouring English navigator John Davis's 1587 Arctic exploration. These two radically different coins — one utilitarian and base-metal struck by the hundreds of millions, the other a precious-metal collector piece — share only a year and a face value, making 1987 uniquely complex for dollar-coin collectors. For values across all Loonie years, see our Canadian Loonie Value Guide.

Note: Errors such as wrong-planchet strikes exist for 1987 but are outside the scope of this standard value guide.

1987 Canadian Dollar Composition & Melt Value

Type 1: The 1987 Loonie — Aureate Bronze-Plated Nickel

The Loonie's core is solid, pure nickel — the same ferromagnetic metal used in Canadian five-cent pieces — which provides structural rigidity and the specific electromagnetic signature required by vending machines and coin sorters. Over this core, the Mint electroplated a proprietary aureate bronze alloy (88% copper, 12% tin) to deliver a rich, gold-toned appearance without precious-metal cost. The overall coin registers at 91.5% nickel and 8.5% bronze by mass.

An important first-year distinction: the inaugural 1987 Loonie measures 26.72 mm across opposite corners with a thickness of 1.95 mm. Starting in 1988, both dimensions were slightly reduced to 26.50 mm and 1.75 mm respectively. This makes the 1987 coin marginally but measurably different from all subsequent Loonies — a subtle physical marker for type collectors.

Melt value for the 1987 Loonie: Because the coin contains no precious metals, the aggregate intrinsic value of the industrial nickel and copper content is a negligible fraction of a cent. The economic floor is strictly the face value of $1.00 CAD, and any premium above that is entirely numismatic.

Magnet test: the 1987 Loonie's pure nickel core makes it firmly magnetic (left), while the 50% silver Davis Strait coin shows zero attraction (right). This single test immediately distinguishes the two 1987 dollar types. (Illustration — not a photo of your exact coin)

Type 2: The 1987 Davis Strait Silver Dollar — 50% Silver Alloy

The Davis Strait dollar follows the standard 50% silver alloy adopted by the RCM for its NCLT silver dollar program after the end of circulating 80% silver coinage in 1967. The 50% copper content hardens the planchet, permitting high-pressure strikes that bring up fine detail in Christopher Gorey's intricate ship rigging and icy seascape without cracking the planchet or accelerating die wear.

Silver melt value (as of February 26, 2026): With silver trading at approximately $122.91 CAD per troy ounce (equivalent to $3.95 CAD per gram), the melt calculation is:

(23.3276 g × 0.50 silver fineness × $3.95 CAD/g) = $46.07 CAD

This figure represents the absolute baseline — no Davis Strait dollar in any condition should trade below this commodity floor as long as silver remains near current levels. Notably, this bullion floor now exceeds the numismatic values previously listed in older reference catalogues (which typically cited $15–$28 CAD for standard Proofs before the sustained silver surge), meaning mid-tier PR63–PR65 examples currently trade almost entirely as bullion. Only at PR67 and above does a visible numismatic premium emerge above the $46.07 floor. Track current silver prices at Silver Price Canada.

Edge comparison: the 1987 Loonie's distinctive 11-sided Reuleaux polygon (top) versus the traditional round reeded edge of the Davis Strait Silver Dollar (bottom). The edge shape is the fastest physical identification test. (Illustration — not a photo of your exact coin)

1987 Canadian Dollar Value Chart by Grade and Finish

All values in CAD as of February 2026. No mint marks appear on any 1987 Canadian dollar coin in circulation or in standard collector sets. Both Ottawa and Winnipeg facilities contributed to the 1987 Loonie production run, but struck coins carry no distinguishing facility mark.

Grade comparison: a 1987 Loonie at the MS63 level (left) showing typical bag marks on the 11-sided rim, versus an MS65 example (centre) with near-pristine fields, versus a rare MS67 example (right) with fully undisturbed aureate luster. The difference between MS65 and MS67 can represent more than $400 in certified value. (Illustration — not a photo of your exact coin)

Type 1: 1987 Loon Dollar — Business Strike (Circulation)

With a production run of 205,405,000 coins, the 1987 Loonie is extremely common in circulated grades. Every circulated example — from G4 through AU50 — trades at exactly face value ($1.00 CAD). Numismatic value only materializes at Mint State. The principal challenge is the 11-sided edge: the Reuleaux polygon shape, while functionally brilliant for vending machines, creates a mechanical killing field for luster. High-speed ejection from the press into canvas production bags guarantees rim dings and field chatter on virtually every coin. Finding a genuinely bag-mark-free example in MS66 or higher is a statistical rarity that drives the dramatic value cliff documented below.

When grading the Loon for high-grade submission, focus on the four primary focal points: the Queen's cheek, the eyebrow arch and tiara jewels on the obverse; the loon's breast feathers and the flat water-field surrounding the bird on the reverse. Any contact mark in these zones precludes a Gem grade. Source: PCGS ValueView — 1987 Loon Dollar; Numista — 1987 Loon Dollar.

Type 1: 1987 Loon Dollar — Collector Finishes (PL, Specimen, Proof)

Three distinct collector finishes were struck for the 1987 Loon, each from a separate manufacturing process and each sold in a different type of packaging. Mintages: Proof-Like — 212,136; Specimen — 74,441; Proof — 178,120. The Specimen finish carries the lowest mintage of the three, making intact SP examples modestly scarcer than their PL or PR counterparts.

Type 2: 1987 Davis Strait Silver Dollar — MS and Circulated Values

The Davis Strait commemorative was never intended for circulation; examples found in circulated grades represent mishandled collector coins. In any grade below MS60 — or displaying evidence of cleaning — the coin trades strictly as 0.375 troy ounces of silver at the current spot price. Mintage: Specimen — 118,722; Proof — 405,688. The high Proof mintage means the market is well-supplied with PR63–PR65 examples, keeping mid-tier numismatic premiums extremely compressed against the $46.07 CAD silver floor.

Type 2: 1987 Davis Strait Silver Dollar — Collector Finishes (Specimen, Proof)

The Specimen (Brilliant Uncirculated) finish for the Davis Strait features specimen-style die preparation for this era. Proof examples are the market's dominant format given the 405,688 mintage, and are housed in blue velvet clamshell cases. Because supply is substantial, a meaningful numismatic premium above the silver floor only becomes visible at PR67 and above, and the true trophy tier begins at PR70 Deep Cameo.

Values in CAD represent typical market prices as of February 2026. For the complete denomination price guide, see our Canadian Loonie Value Guide. Melt value tracked at Silver Price Canada.

Most Valuable 1987 Canadian Dollar Varieties

The 1987 Canadian dollar landscape is driven primarily by condition rarity and cameo contrast rather than major die varieties. The precision of late-1980s RCM die-making technology largely eliminated the gross doubled dies and overdates common in earlier decades. However, three highly actionable categories reward careful cherrypicking.

A. Trophy-Level Examples (Not Typical Market Values)

Cameo contrast comparison for the 1987 Davis Strait Proof: a standard brilliant finish (left) versus a Heavy Cameo example (centre) and the desirable Deep Cameo / Ultra Cameo (right) showing snow-white frosted devices against a liquid-black mirror field. Early die states produce the most intense contrast. (Illustration — not a photo of your exact coin)

B. Findable Varieties Worth Checking

Side-by-side comparison: the 1987 Voyageur Dollar reverse (left) showing the iconic canoe scene on its round 32.13 mm nickel planchet, versus the 1987 inaugural Loon Dollar reverse (right) on its 11-sided aureate bronze-plated nickel planchet. Both designs share the 1987 date — but the Voyageur was struck only for collector sets, never for circulation. (Illustration — not a photo of your exact coin)

1987 Canadian Dollar Identification Guide

Given the dual-identity nature of the 1987 one-dollar program, correctly identifying which coin you hold is the essential first step before assigning any value.

30-Second Rapid Identification Checklist

1. Monarch / Obverse: Confirm Queen Elizabeth II wearing a diamond tiara. This is the Arnold Machin Second Portrait, the standard Canadian obverse for 1965–1989. The legend reads ELIZABETH II D·G·REGINA.
2. Reverse Design:
   • Solitary loon floating on rippled water → Type 1 Loon (Loonie). Look for the tiny initials RRC to the right of the bird (Robert-Ralph Carmichael) under magnification. Legend: CANADA 1987 / DOLLAR.
   • Heavily rigged 16th-century galleon navigating Arctic icebergs → Type 2 Davis Strait. The dual-date inscription DÉTROIT DE DAVIS STRAIT 1587–1987 confirms the 400th anniversary theme. Reverse artist: Christopher Gorey.
3. Edge:
   • 11-sided Reuleaux polygon, completely smooth (no reeding) → Loonie
   • Perfectly round with vertical reeded grooves → Davis Strait
4. Magnet Test (Composition Verification): Apply a neodymium magnet directly to the coin.
   • Firmly and strongly attracted → Loonie (91.5% nickel core; strongly ferromagnetic). Confirms base-metal, no precious-metal content.
   • Zero attraction → Davis Strait (50% silver / 50% copper; both non-ferrous). Confirms silver content and ~$46.07 CAD melt floor.
5. Weight Check (Secondary Confirmation): A precise jeweller's scale confirms type instantly. Loonie = 7.00 g; Davis Strait = 23.3276 g. Weight also detects wrong-planchet anomalies, though those errors are out of scope for this guide.
6. Mint Marks: No mint marks appear on any 1987 Canadian dollar coin in any finish. Ottawa and Winnipeg both contributed to Loonie production, but no distinguishing facility mark was applied. This is standard for Canadian circulation coinage of this era.
7. Finish Identification (Critical for Collector Coins):
   • Business Strike: Satiny cartwheel luster rotates in raking light; typically shows rim dings and field chatter from the production hopper. Found loose in change or rolls.
   • Proof-Like (PL): Brilliant mirror fields and brilliant devices; slight hazy frost occasionally visible on devices; originally sealed in flat cellophane pliofilm packs inside uncirculated envelopes.
   • Specimen (SP): Distinctly machined, parallel-lined matte background visible under magnification with sharp, brilliant relief devices — the most visually distinctive finish of the era. Originally sold in rigid booklet-style presentation holders.
   • Proof (PR / PF): Deep, liquid-black mirror fields with thick white frosting (Heavy / Deep Cameo) on devices. Produces the highest visual contrast of any finish. Originally sold in velvet or leather clamshell cases with a Certificate of Authenticity.
8. Variety Check: If your 1987 dollar came from a collector set, check whether the reverse shows a loon or the traditional Voyageur canoe. The 1987 Voyageur (Charlton RC-136) was struck exclusively for PL, SP, and PR sets — not for circulation — and carries a distinct premium. See Notable Variants.

For a visual guide to Canadian coin finishes, see Understanding the Different Canadian Coin Finishes (Colonial Acres).

The 1987 Loonie obverse (left) featuring Arnold Machin's Second Portrait of Queen Elizabeth II wearing a diamond tiara, and the reverse (right) showing Robert-Ralph Carmichael's common loon on rippling water with CANADA 1987 / DOLLAR legend. The 11-sided Reuleaux polygon edge is visible in profile. Key features highlighted: Machin tiara portrait, RRC initials below loon, smooth 11-sided edge.

The 1987 Davis Strait Silver Dollar obverse (left) also bearing Arnold Machin's Second Portrait, and the reverse (right) featuring Christopher Gorey's 16th-century exploration galleon navigating Arctic icebergs with the inscription DÉTROIT DE DAVIS STRAIT 1587–1987. Key features highlighted: dual-date commemorative inscription, round reeded edge, large 36 mm diameter.

Finish comparison across the four 1987 Loon Dollar finishes: Business Strike (far left) showing satiny cartwheel luster with typical rim chatter; Proof-Like (second left) with brilliant mirror fields; Specimen (second right) with machined matte-lined fields and brilliant devices; Proof (far right) with deep black mirror fields and heavy white frost on the loon and Queen. (Illustration — not a photo of your exact coin)

1987 Canadian Dollar Value FAQs

Methodology & Sources

Values in this guide reflect typical retail and secondary-market transaction prices as of February 2026, denominated in Canadian Dollars (CAD). They represent fair mid-market estimates for the standard (non-error) issues described. Individual results at auction may vary based on certification service, registry set demand, cameo designation, and the prevailing silver spot price at time of sale. This guide is not a substitute for an in-person appraisal.

Primary sources consulted:

• Charlton Standard Catalogue of Canadian Coins (Volume 1, Numismatic Issues) — cataloguing nomenclature, mintage data, variety baseline, and RC-136 Voyageur attribution
• Numista — 1987 Loon Dollar and Numista — 1987 Davis Strait — mintage verifications and specifications
• Royal Canadian Mint (mint.ca) — official metallurgical specifications, dimensional tolerances, and transition history
• NGC Price Guide — 1987 Loon Dollar (KM-157) and NGC Price Guide — Davis Strait (KM-154) — NCLT and PR/SP base valuation structures
• PCGS ValueView — 1987 Loon Dollar — top-population auction realizations and MS67 registry premiums
• GreatCollections Auction Archive — Davis Strait PR70 DCAM — verified trophy-level realized prices
• George Manz Coins — Canadian Silver Dollars — dealer fixed-list pricing for SP and PR finishes
• Calgary Coin Gallery — Canadian Dollar Coins — Charlton-aligned retail pricing and Voyageur variety reference
• Silver Price Canada (silverprice.org) — live CAD silver spot price used for melt calculations (accessed February 26, 2026)
• Colonial Acres — Understanding Canadian Coin Finishes — finish identification reference