Canadian dollar

The Canadian dollar, CAD or C$, is the unit of currency of Canada. One hundred cents (¢) add up to one dollar.

History

Canada decided to use the dollar instead of a pound sterling system because of the prevalence of Spanish dollars in North America in the 18th century and early 19th century and because of the standardization of the American dollar. The Canadas, in particular, favoured the dollar — the Bank of Montreal issued bank notes in dollars in 1817 — whereas the Atlantic colonies, with stronger ties to Britain and weaker ones to the United States, preferred the £.s.d. system. The Province of Canada declared that all accounts would be kept in dollars as of January 1, 1858, and ordered the issue of the first official Canadian dollars in the same year. The colonies that would come together in Canadian Confederation progressively adopted a decimal system over the next few years.

Related Topics:
Pound sterling - Spanish dollar - 18th century - 19th century - American dollar - The Canadas - Bank of Montreal - 1817 - £.s.d. - Province of Canada - January 1 - 1858 - Canadian Confederation

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Finally, the government passed the Uniform Currency Act in April 1871, tying up loose ends as to the currencies of the various provinces and replacing them with a common Canadian dollar. The gold standard was temporarily abandoned during World War I, and definitively abolished on April 10, 1933.

Related Topics:
April - 1871 - Gold standard - World War I - April 10 - 1933

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