Canadian dollar
Worldwide use:
- Canada
- Saint Pierre and Miquelon (France) (alongside the euro)
Description:
The official currency of Canada is the Canadian Dollar. Banknotes of the Canadian Dollar are currently issued in $5, $10, $20, $50, and $100 denominations. One Dollar is worth 100 Cents. The coinage in circulation is the 5¢, 10¢, 25¢ (commonly known as a ‘Nickel’, Dime, and Quarter respectively) and the $1 and $2 are commonly known as the Loonie and the Toonie. The one-dollar gold colored coin was introduced in 1987 and bears the images of a Canadian bird called the Loonie on one side. The Toonie is so called as it is "Two Loonies."A 50¢ coin is also available but very rare.
In 1954 a series of Canadian banknotes was released that gave the illusion of a grinning demon behind the ear of the Queen on her hair. These commonly became known as the Devils Head banknotes. The banknotes were consequently modified in 1956 by darkening the highlighted hair on the face plates. In the late 1990’s The Solicitor General of Canada requested the $1000 be withdrawn from production and removed from circulation as it was widely being used in organized crime for money laundering. It was removed from circulation in the year 2000.
Origin:
Prior to the 19th century, furs and even rare shells fashioned into beads known as Wampum were considered currency in Canada and used to trade goods. As Canada became a colony, British and French coins were slowly introduced but they were in short supply so from 1685 playing cards with their value written on the reverse were used as a form of currency. However, these were later banned at the beginning of the 18th century by the authorities. Throughout the 19th century the Spanish Dollar and British Sterling became the main currencies. It wasn’t until 1841 that Canada finally had a monetary identity of its own called the Canadian Pound. The new Canadian Pound was linked to the Spanish Dollar under the Halifax rating system and was equal to 4 US Dollars and 1 pound 4 shillings 4 pence Canadian. As time passed the vast majority of Canadians who did most of their foreign trade with the Americans wanted to incorporate the Canadian currency with the American Dollar. However, the imperial powers in London strongly
Component units:
- Cent (100)
Date introduced:
- 1867
Central bank:
- Bank of Canada
Printer:
- Canadian Bank Note Company
Mint:
- Royal Mint