The process of raising Bluenose II’s masts got underway Thursday morning.

Stepping the masts begins with the placement of two coins under the base of both masts.

They’ll be put in place by a crane, which could take as long as two days to complete.

The event is happening at the Lunenburg Industrial Foundry, where the Bluenose II has been tied up since its re-launch late last month.

Thousands descended on the Lunenburg waterfront Sept. 29, as the newly-refurbished, 43-metre vessel was slowly re-launched into the Lunenburg harbour.

The extensive two-year restoration of the iconic schooner cost $15.9-million. Ottawa covered $4.9 million, while the province paid for the rest.

The entire hull and much of the deck of the Bluenose II were replaced.

The Bluenose II is a replica of the original Bluenose, which was famous for winning every race it ran in 18 years of competition.

It was originally launched in 1921 and is featured on the Canadian dime.