Most Canadians born after 1986 probably wouldn't recognize this bit of history: a one-dollar bill. Citing the high cost of paper money (an average bank note stays in circulation just 14 months before it has to be replaced), the Bank of Canada ceased production of the green bills in 1986. They were replaced by the much more durable $1 coins, commonly known as loonies because a loon is featured on them, that same year.