However, in 1857, the decision was made to introduce a decimal coinage into the Province of Canada in conjunction with the U.S. The British government in principle allowed for a decimal coinage but nevertheless held out the hope that a sterling unit would be chosen under the name of "royal". Sterling coinage was made legal tender and all other silver coins were demonetized. No coinage was provided for under the 1853 act. This gold standard was introduced with the gold sovereign being legal tender at £1 = US$ 4.86 + 2⁄ 3. In response to British concerns, in 1853, an act of the Parliament of the Province of Canada introduced the gold standard into the colony, based on both the British gold sovereign and the American gold eagle coins. dollar fractional coinage.Ī Province of Canada one-dollar note issued by the Colonial Bank of Canada, 1859 The idea was that the decimal coins would correspond to exact amounts in relation to the U.S. In 1851, the Parliament of the Province of Canada passed an act for the purposes of introducing a sterling-based unit in conjunction with decimal fractional coinage. Thus, the new Canadian pound was worth 16 shillings and 5.3 pence sterling. The new Canadian pound was equal to four US dollars (92.88 grains gold), making £1 sterling equal to £1.4 s.4 d. In 1841, the Province of Canada adopted a new system based on the Halifax rating. The British North American provinces nonetheless gradually adopted currencies tied to the American dollar.Ĭurrencies used in Canada and its predecessors The British North American provinces, for reasons of practicality in relation to the increasing trade with the neighbouring United States, had a desire to assimilate their currencies with the American unit, but the imperial authorities in London still preferred sterling as the sole currency throughout the British Empire. The 1850s in Canada were a decade of debate over whether to adopt a £sd-based monetary system or a decimal monetary system based on the US dollar. Main article: History of the Canadian dollar Colonial currencies The Canadian dollar is popular with central banks because of Canada's relative economic soundness, the Canadian government's strong sovereign position, and the stability of the country's legal and political systems. dollar, euro, yen, sterling, and renminbi. Īccounting for approximately 2% of all global reserves, the Canadian dollar is the sixth-most held reserve currency in the world, behind the U.S. Owing to the image of a common loon on its reverse, the dollar coin, and sometimes the unit of currency itself, may be referred to as the loonie by English-speaking Canadians and foreign exchange traders and analysts. There is no standard disambiguating form, but the abbreviations Can$, CA$ and C$ are frequently used for distinction from other dollar-denominated currencies (though C$ remains ambiguous with the Nicaraguan córdoba). It is abbreviated with the dollar sign $. The Canadian dollar ( symbol: $ code: CAD French: dollar canadien) is the currency of Canada. (in English) and sou (colloquial in French)ġ¢ (discontinued, still legal tender), 50¢ (still minted) Huard, piastre (pronounced piasse in popular usage) (in French)
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