The coin that has since become a Canadian icon is celebrating its 30th birthday today.

On May 8, 1987 the Government of Canada unveiled the loonie, or one dollar coin, stamped with an image of loon designed by Canadian artist Robert-Ralph Carmichael.

On June 30, 1987, the first loonies hit the banks, with 80 million spreading across Canada in the initial release. On the same day in 1989, the Royal Canadian Mint discontinued distribution of the Canadian one dollar bill altogether.

The coin was brought in to save millions in federal funds since the coin was far more durable than single dollar bills, lasting multiple decades as opposed to a meager two years estimated for bills.

Transit systems throughout the country also welcomed the change as fare boxes were constantly being clogged by the cumbersome dollar bills as fares rose, CBC News reported at the launch of the coin.