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There are six denominations of Canadian circulation coinage in production: 5¢, 10¢, 25¢, 50¢, $1, and $2. Officially they are each named according to their value (e.g. "ten cent piece"), but in practice the three smallest denominations are never called by those names. They are invariably known as the nickel, dime, and quarter respectively; and the two largest coins are very often called the loonie and the toonie respectively. The production of the Canadian one cent piece (known as the penny) was discontinued in 2012, as inflation had reduced its value significantly below the cost of production.

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