Canadian Tire reward coins are pictured after their launch in Toronto. (Chris Young/Canadian Press)

Canadian Tire is adding a $1 coin to the famous multicoloured bills considered by many as the country's unofficial second currency.

Canadian Tire Corp. announced Wednesday it will begin offering the new addition this weekend for a time-limited period. Customers will get the coin if they spend $25 or more.

Canadian Tire money, which debuted in 1958, can be used like cash at the retailer's stores and gas bars. It was previously available in denominations between five cents and $2, all stamped with the grinning image of Sandy McTire, the company's tam-o'-shanter bedecked and mustachioed fictional character.

The $1 coin will be manufactured at the Royal Canadian Mint, just like its official cousins, the loonie and the toonie.

Canada's largest hard goods retailer said it plans to launch a new loyalty program by the end of next year to target consumers' shopping habits more closely. Canadian Tire money will continue to circulate. It has also expanded to include electronic currency on the company's branded credit cards.

"In speaking with our customers, we know that there is an opportunity to evolve the program to provide our customers with better and more tailored rewards, while keeping the key elements of the program that Canadians have come to know and love," said Mike Arnett, president of Canadian Tire's retail division.

"We expect to have a pilot program in place by the end of 2010 and ultimately roll out our new loyalty program later in 2011."

Canadian Tire has more than 1,200 stores and gas stations and employs 57,000 workers across the country.

With files from The Canadian Press