2 Dollars - Elizabeth II Polar Bear

The toonie — Canada's two-dollar bimetallic circulation coin introduced in 1996 — gets a bullion treatment here, the silver version existing entirely outside the monetary system it nominally references. The face value is ceremonial at best; the Royal Canadian Mint has issued silver toonie-format pieces since the early 2000s, each successive year's release aimed squarely at the collector and precious metals market rather than any transactional purpose.

Elizabeth II's effigy on this issue is among the last annual releases before the RCM transitioned to Charles III following her death in September 2022.