Have never heard that term used. The two dollar coin is almost universally called a toonie. The loonie is the nickname of the one dollar coin because of the loon on the one side. The toonie (two-nie) gets its name from being worth two loonies ($2). The more cynical amongst us therefore refer to our money as loonie-toonies as a reference to Warner Bros. Looney Tunes. The bitter amongst us refer to the bastards that gave us all this metal by the same term. "Those who thought turning $20 into a pile of change are loonie-toonies"