1992 represented the 125th Anniversary of Canadian Confederation. To mark the occasion all circulation coins for that year were issued with the dual date of 1867 & 1992, yet the Royal Canadian Mint did not stop at a simple dual date issue.
Also issued for circulation, alongside the standard coinage, were one year only specially designed Province Quarters as well as a redesigned reverse of the $1 Loonie. Though officially titled as “125th Anniversary of Confederation” it quickly picked up the nickname of “The Parliament Dollar” amongst collectors for its reverse design.
The reverse, designed by Rita Swanson, features three children with a Canadian flag in front of the Parliament Hill. It is difficult to see but the Peace Tower in the background sports a clock which is set at the time “1:25” which one can assume is another representation for 125 years. Just below the building in the right hand corner are the designer's initials "RS".
The obverse, designed by Dora de Pedery Hunt, was the same as the previous Loonie series with the exception of a dual date (the date on normal dollar coins is on the reverse).