 Canadian English, like American English, used the slang term "buck" for a former paper dollar.The Canadian origin of this term derives from a coin struck by the Hudson's Bay Company during the 17th century with a value equal to the pelt of a male beaver – a "buck".Because of the appearance of the common loon on the back of the $1 coin that replaced the dollar bill in 1987, the word "loonie" was adopted in Canadian parlance to distinguish the Canadian dollar coin from the dollar bill.