Canadian dollar

From Wikipedia for FEVERv2
Jump to navigation Jump to search

"C$" redirects here. Canadian dollar_sentence_0

For the currency with the symbol C$, see Nicaraguan córdoba. Canadian dollar_sentence_1

For other uses, see C$ (disambiguation). Canadian dollar_sentence_2

Canadian dollar_table_infobox_0

Canadian dollarCanadian dollar_header_cell_0_0_0
ISO 4217Canadian dollar_header_cell_0_1_0
CodeCanadian dollar_header_cell_0_2_0 CADCanadian dollar_cell_0_2_1
NumberCanadian dollar_header_cell_0_3_0 124Canadian dollar_cell_0_3_1
ExponentCanadian dollar_header_cell_0_4_0 2Canadian dollar_cell_0_4_1
DenominationsCanadian dollar_header_cell_0_5_0
SubunitCanadian dollar_header_cell_0_6_0 Canadian dollar_cell_0_6_1
​⁄100Canadian dollar_header_cell_0_7_0 cent

(in English) and sou (colloquial) (in French)Canadian dollar_cell_0_7_1

SymbolCanadian dollar_header_cell_0_8_0 $, Can$, C$, CA$ or CADCanadian dollar_cell_0_8_1
centCanadian dollar_header_cell_0_9_0 ¢Canadian dollar_cell_0_9_1
NicknameCanadian dollar_header_cell_0_10_0 Loonie, buck (in English)
Huard, piastre (pronounced piasse in popular usage) (in French)Canadian dollar_cell_0_10_1
BanknotesCanadian dollar_header_cell_0_11_0 $5, $10, $20, $50, $100Canadian dollar_cell_0_11_1
CoinsCanadian dollar_header_cell_0_12_0 Canadian dollar_cell_0_12_1
Freq. usedCanadian dollar_header_cell_0_13_0 , 10¢, 25¢, $1, $2Canadian dollar_cell_0_13_1
Rarely usedCanadian dollar_header_cell_0_14_0 , 50¢Canadian dollar_cell_0_14_1
DemographicsCanadian dollar_header_cell_0_15_0
Official user(s)Canadian dollar_header_cell_0_16_0 CanadaCanadian dollar_cell_0_16_1
Unofficial user(s)Canadian dollar_header_cell_0_17_0 Saint Pierre and MiquelonCanadian dollar_cell_0_17_1
IssuanceCanadian dollar_header_cell_0_18_0
Central bankCanadian dollar_header_cell_0_19_0 Bank of CanadaCanadian dollar_cell_0_19_1
WebsiteCanadian dollar_header_cell_0_20_0 Canadian dollar_cell_0_20_1
PrinterCanadian dollar_header_cell_0_21_0 Canadian Bank Note CompanyCanadian dollar_cell_0_21_1
MintCanadian dollar_header_cell_0_22_0 Royal Canadian MintCanadian dollar_cell_0_22_1
WebsiteCanadian dollar_header_cell_0_23_0 Canadian dollar_cell_0_23_1
ValuationCanadian dollar_header_cell_0_24_0
InflationCanadian dollar_header_cell_0_25_0 1.9% (July 2018)Canadian dollar_cell_0_25_1
SourceCanadian dollar_header_cell_0_26_0 , 2018.Canadian dollar_cell_0_26_1

The Canadian dollar (symbol: $; code: CAD; French: dollar canadien) is the currency of Canada. Canadian dollar_sentence_3

It is abbreviated with the dollar sign $, or sometimes CA$, Can$ or C$ to distinguish it from other dollar-denominated currencies. Canadian dollar_sentence_4

It is divided into 100 cents (¢). Canadian dollar_sentence_5

Owing to the image of a loon on its back, the dollar coin, and sometimes the unit of currency itself, are sometimes referred to as the loonie by English-speaking Canadians and foreign exchange traders and analysts. Canadian dollar_sentence_6

Accounting for approximately 2% of all global reserves, the Canadian dollar is the fifth-most held reserve currency in the world, behind the U.S. Canadian dollar_sentence_7 dollar, the euro, the yen and the pound sterling. Canadian dollar_sentence_8

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. Canadian dollar_sentence_9

History Canadian dollar_section_0

Main article: History of the Canadian dollar Canadian dollar_sentence_10

The 1850s in Canada were a decade of debate over whether to adopt a sterling monetary system or a decimal monetary system based on the US dollar. Canadian dollar_sentence_11

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. Canadian dollar_sentence_12

The British North American provinces nonetheless gradually adopted currencies tied to the American dollar. Canadian dollar_sentence_13

Canadian dollar_table_general_1

Currencies used in Canada and its predecessorsCanadian dollar_table_caption_1
CurrencyCanadian dollar_header_cell_1_0_0 Dates in useCanadian dollar_header_cell_1_0_1 Value in British poundsCanadian dollar_header_cell_1_0_2 Value in Canadian dollarsCanadian dollar_header_cell_1_0_3
Canadian poundCanadian dollar_cell_1_1_0 1841–1858Canadian dollar_cell_1_1_1 16s 5.3dCanadian dollar_cell_1_1_2 $4Canadian dollar_cell_1_1_3
Canadian dollarCanadian dollar_cell_1_2_0 1858–presentCanadian dollar_cell_1_2_1 4s 1.3dCanadian dollar_cell_1_2_2 $1Canadian dollar_cell_1_2_3
New Brunswick dollarCanadian dollar_cell_1_3_0 1860–1867Canadian dollar_cell_1_3_1
British Columbia dollarCanadian dollar_cell_1_4_0 1865–1871Canadian dollar_cell_1_4_1
Prince Edward Island dollarCanadian dollar_cell_1_5_0 1871–1873Canadian dollar_cell_1_5_1
Nova Scotian dollarCanadian dollar_cell_1_6_0 1860–1871Canadian dollar_cell_1_6_1 4sCanadian dollar_cell_1_6_2 $0.973Canadian dollar_cell_1_6_3
Newfoundland dollarCanadian dollar_cell_1_7_0 1865–1895Canadian dollar_cell_1_7_1 4s 2dCanadian dollar_cell_1_7_2 $1.014Canadian dollar_cell_1_7_3
1895–1949Canadian dollar_cell_1_8_0 4s 1.3dCanadian dollar_cell_1_8_1 $1Canadian dollar_cell_1_8_2

Province of Canada Canadian dollar_section_1

In 1841, the Province of Canada adopted a new system based on the Halifax rating. Canadian dollar_sentence_14

The new Canadian pound was equal to four US dollars (92.88 grains gold), making one pound sterling equal to 1 pound, 4 shillings, and 4 pence Canadian. Canadian dollar_sentence_15

Thus, the new Canadian pound was worth 16 shillings and 5.3 pence sterling. Canadian dollar_sentence_16

In 1851, the Parliament of the Province of Canada passed an act for the purposes of introducing a pound sterling unit in conjunction with decimal fractional coinage. Canadian dollar_sentence_17

The idea was that the decimal coins would correspond to exact amounts in relation to the U.S. dollar fractional coinage. Canadian dollar_sentence_18

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. Canadian dollar_sentence_19

This gold standard was introduced with the gold sovereign being legal tender at £1 = US$​4.86 ⁄3. Canadian dollar_sentence_20

No coinage was provided for under the 1853 act. Canadian dollar_sentence_21

Sterling coinage was made legal tender and all other silver coins were demonetized. Canadian dollar_sentence_22

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". Canadian dollar_sentence_23

However, in 1857, the decision was made to introduce a decimal coinage into the Province of Canada in conjunction with the U.S. dollar unit. Canadian dollar_sentence_24

Hence, when the new decimal coins were introduced in 1858, the colony's currency became aligned with the U.S. currency, although the British gold sovereign continued to remain legal tender at the rate of £1 = ​4.86 ⁄3 right up until the 1990s. Canadian dollar_sentence_25

In 1859, Canadian colonial postage stamps were issued with decimal denominations for the first time. Canadian dollar_sentence_26

In 1861, Canadian postage stamps were issued with the denominations shown in dollars and cents. Canadian dollar_sentence_27

New Brunswick and Nova Scotia Canadian dollar_section_2

In 1860, the colonies of New Brunswick and Nova Scotia followed the Province of Canada in adopting a decimal system based on the U.S. dollar unit. Canadian dollar_sentence_28

Newfoundland Canadian dollar_section_3

Newfoundland went decimal in 1865, but unlike the Province of Canada, New Brunswick, and Nova Scotia, it decided to adopt a unit based on the Spanish dollar rather than on the U.S. dollar, and there was a slight difference between these two units. Canadian dollar_sentence_29

The U.S. dollar was created in 1792 on the basis of the average weight of a selection of worn Spanish dollars. Canadian dollar_sentence_30

As such, the Spanish dollar was worth slightly more than the U.S. dollar, and likewise, the Newfoundland dollar, until 1895, was worth slightly more than the Canadian dollar. Canadian dollar_sentence_31

British Columbia Canadian dollar_section_4

The Colony of British Columbia adopted the British Columbia dollar as its currency in 1865, at par with the Canadian dollar. Canadian dollar_sentence_32

When British Columbia joined Confederation in 1871, the Canadian dollar replaced the British Columbia dollar. Canadian dollar_sentence_33

Prince Edward Island Canadian dollar_section_5

In 1871, Prince Edward Island went decimal within the U.S. dollar unit and introduced coins for 1¢. Canadian dollar_sentence_34

However, the currency of Prince Edward Island was absorbed into the Canadian system shortly afterwards, when Prince Edward Island joined the Dominion of Canada in 1873. Canadian dollar_sentence_35

Confederation Canadian dollar_section_6

In 1867, the provinces of Canada, New Brunswick, and Nova Scotia united in a federation named Canada and the three currencies were merged into the Canadian dollar. Canadian dollar_sentence_36

The Canadian Parliament 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. Canadian dollar_sentence_37

Evolution in the 20th century Canadian dollar_section_7

The gold standard was temporarily abandoned during the First World War and definitively abolished on April 10, 1933. Canadian dollar_sentence_38

At the outbreak of the Second World War, the exchange rate to the U.S. dollar was fixed at CA$1.10 = US$1.00. Canadian dollar_sentence_39

This was changed to parity in 1946. Canadian dollar_sentence_40

In 1949, the pound sterling was devalued and Canada followed, returning to a peg of CA$1.10 = US$1.00. Canadian dollar_sentence_41

However, Canada allowed its dollar to float in 1950, whereupon the currency rose to a slight premium over the U.S. dollar for the next decade. Canadian dollar_sentence_42

But the Canadian dollar fell sharply after 1960 before it was again pegged in 1962 at CA$1.00 = US$0.925. Canadian dollar_sentence_43

This was sometimes pejoratively referred to as the "Diefenbuck" or the "Diefendollar", after the then Prime Minister, John Diefenbaker. Canadian dollar_sentence_44

This peg lasted until 1970, with the currency's value being floated since then. Canadian dollar_sentence_45

Terminology Canadian dollar_section_8

Canadian English, like American English, used the slang term "buck" for a former paper dollar. Canadian dollar_sentence_46

The Canadian origin of this term derives from a coin struck by the Hudson's Bay Company during the 17th century with a value equal to the pelt of a male beaver – a "buck". Canadian dollar_sentence_47

Because of the appearance of the common loon on the back of the $1 coin that replaced the dollar bill in 1987, the word "loonie" was adopted in Canadian parlance to distinguish the Canadian dollar coin from the dollar bill. Canadian dollar_sentence_48

When the two-dollar coin was introduced in 1996, the derivative word "toonie" ("two loonies") became the common word for it in Canadian English slang. Canadian dollar_sentence_49

In French, the currency is also called le dollar; Canadian French slang terms include piastre or piasse (the original word used in 18th-century French to translate "dollar") and huard (equivalent to "loonie", since huard is French for "loon," the bird appearing on the coin). Canadian dollar_sentence_50

The French pronunciation of cent (pronounced similarly to English as /sɛnt/ or /sɛn/, not like the word for hundred, /sɑ̃/ or /sã/) is generally used for the subdivision; sou is another, informal, term for 1¢. Canadian dollar_sentence_51

25¢ coins in Quebec French are often called trente sous ("thirty cents") because of a series of changes in terminology, currencies, and exchange rates. Canadian dollar_sentence_52

After the British conquest of Canada in 1760, French coins gradually went out of use, and sou became a nickname for the halfpenny, which was similar in value to the French sou. Canadian dollar_sentence_53

Spanish dollars and U.S. dollars were also in use, and from 1841 to 1858, the exchange rate was fixed at $4 = £1 (or 400¢ = 240d). Canadian dollar_sentence_54

This made 25¢ equal to 15d, or 30 halfpence (trente sous). Canadian dollar_sentence_55

After decimalization and the withdrawal of halfpence coins, the nickname sou began to be used for the 1¢ coin, but the idiom trente sous for 25¢ endured. Canadian dollar_sentence_56

Coins Canadian dollar_section_9

Main article: Coins of the Canadian dollar Canadian dollar_sentence_57

Coins are produced by the Royal Canadian Mint's facilities in Winnipeg, Manitoba, and Ottawa, Ontario, in denominations of 5¢ (nickel), 10¢ (dime), 25¢ (quarter), 50¢ (50¢ piece) (though the 50¢ piece is no longer distributed to banks and is only available directly from the mint, therefore seeing very little circulation), $1 (loonie), and $2 (toonie). Canadian dollar_sentence_58

The last 1¢ coin (penny) to be minted in Canada was struck on May 4, 2012, and distribution of the penny ceased on February 4, 2013. Canadian dollar_sentence_59

Ever since, the price for a cash transaction is rounded to the nearest five cents. Canadian dollar_sentence_60

The penny continues to be legal tender, although they are only accepted as payment and not given back as change. Canadian dollar_sentence_61

The standard set of designs has Canadian symbols, usually wildlife, on the reverse, and an effigy of Elizabeth II on the obverse. Canadian dollar_sentence_62

Some pennies, nickels, and dimes remain in circulation that bear the effigy of George VI. Canadian dollar_sentence_63

It is also common for American coins to be found among circulation due to the close proximity to the United States and the fact that the sizes of the coins are similar. Canadian dollar_sentence_64

Commemorative coins with differing reverses are also issued on an irregular basis, most often quarters. Canadian dollar_sentence_65

50¢ coins are rarely found in circulation; they are often collected and not regularly used in day-to-day transactions in most provinces. Canadian dollar_sentence_66

Coin history Canadian dollar_section_10

Credits to the contents of this page go to the authors of the corresponding Wikipedia page: dollar.