The pejorative term used by Liberals in the 1962 Federal Election campaign, to capture what they saw as the failed economic record of the Diefenbaker Government1 (elected in 1958) – symbolized by the devalued Canadian dollar.

While to contemporary eyes it may seem bizarre that a 92-cent Canadian Dollar is a sign of economic failure, the early-sixties devaluation followed many years of marginal superiority for the Canadian currency. It had previously hovered between 95 cents and parity with the American Dollar.

The Liberals would go as far as to print up and distribute thousands of “Diefenbucks” during the campaign.

Image Source: Coin Community


  1. Total triumph for Diefenbaker, Tories in 1958. CBC Digital Archives.
  2. Diefenbuck. Google.

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  • Tex Enemark

    The cause of the devaluation was that there was, early in the campaign, a “run” on the dollar in international markets, which the Government decided to counter. The political importance of the devaluation came a few days after the government announced the devaluation to 92.5 cents. A reporter asked Hon Alvin Hamilton, the Agriculture Minister “Why 92 and a half cents?” Hamilton replied that half the Cabinet wanted 90 cents, half wanted 95, so they split the difference, causing a further run on the dollar