This one-dollar coin minted in 1977 was only meant to be spent in Penticton.

Image Credit: Ryley McCormack

Before the loonie was invented in 1987, Penticton had its own one-dollar coin in circulation.

Amateur coin collector Ryley McCormack was given his grandmother’s old coin collection last month. One that stood out to him was the Penticton dollar – it features a man and woman, both wearing swimsuits, playing in a lake with sailboats and the local landscape in the background.

“Value one dollar in Penticton, B.C.,” the coin states.

But McCormack is doubtful whether or not local merchants would still appreciate the value of the coin.

“I feel like they probably wouldn’t take it,” he said. “But if they did, they’d probably look at it and say, ‘I need real money.’”

However, McCormack doesn’t plan on spending it – it’s a coin for his collection.

"I think it’s kind of of neat."

The tails side of a one-dollar coin from Penticton.

Image Credit: Ryley McCormack

Both of his grandparents are still alive so he asked them where the coin came from. All three of them live in Cranbrook, and his grandpa – who regularly traveled around B.C. as a lumber salesman – was at PeachFest in 1977 and brought it home as a souvenir for McCormack’s grandma.

McCormack also found similar city-specific coins in his collection that were from Fernie and Kimberley. The coin from Fernie is from 1979 and was in celebration of the Diamond Jubilee, but the coin from Kimberley did not have a year on it.

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According to coinsandcanada.com, 25,000 of the 1977 Penticton dollar coins were minted in nickel, 50 in silver and two in gold. All were issued by the Peach Festival Association. The nickel coins weigh 14 grams, have a diameter of 33 millimetres and edges that are reeded.

A total of 46,000 more Penticton dollar coins were minted again in 1978, 1980 and 1981, and all of which were nickel.

McCormack assumes his is one of the nickel coins.

Penticton Mayor John Vassilaki remembers accepting the Penticton dollar coins at restaurants owned by his family back in the 1970s and 1980s.

“It was very, very popular,” he said.

Vassilaki is also a businessman, and he would “absolutely” allow a customer to pay him with Penticton dollar coins in 2022. However, the coins were only meant to be spent the year they were stamped.

But aside from the novelty – why would anybody take cash that could be spent anywhere, and exchange it for money that could only be spent in Penticton? Vassilaki said PeachFest goers were given incentives to buy the local currency, however he doesn’t remember the exact details.

Image Credit: SUBMITTED/coinsandcanada.com

The mayor was reminded of two local mascots from the era – Pete and Penny – who can be seen stamped onto the head side of the dollar coins.

During that era, he said PeachFest attendees could wear pins of Pete and Penny, and that flare would cover admission costs for events that were part of the festival.

The businesses that were paid in novelty coins back then were able to exchange them for real money, although Vassilaki doesn’t recall ever doing so.

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