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