Modern Olympic coins

Although the first Olympic coin can be traced back to 480 BC, the modern Olympics did not see its first commemoratives until 1951. The original concept of Olympic coins was that the Greeks believed that coins brought the general public closer to the Olympic games. The premise was that those who could not attend the games could at least have a tangible souvenir of the event.

In 1951, the government of Finland authorized the striking of the first modern Olympic coin, a 500 Markkaa. At first, the coins circulated as currency in the issuing country and the mintages were high. In borrowing from the traditions of ancient Greece, the coins were a memento of the 1951 Games, and a coin that numismatists could now add to their collection. With the exception of Canada’s Lucky Loonie program and its 2007 25-cent pieces to commemorate the 2010 Vancouver Olympic Games, it is rare that Olympic coins are minted for circulation. Traditionally, Olympic coins are numismatic coins.

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During the release of the first four series, a controversy was generated over the legend. The use of the legend, “IN DEUTSCHLAND” was a point of tension for East Germany. The point was raised that the legend should have read “In München”. The legend was changed for Series Five.

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Starting in February 1973, the RCM engaged in a very ambitious program. At the behest of the Federal Government, led by then-Prime Minister Pierre Elliott Trudeau, it was agreed that these coins would help finance while commemorate the 1976 Summer Olympics. An Official Act – The Olympic (1976) Act – authorized the issue of the legal tender coins.

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Wikipedia