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With Confederation in 1867, the Canadian dollar was established. By the mid-20th century, the Bank of Canada was the sole issuer of paper currency, and banks ceased to issue banknotes. Canada began issuing its own coins shortly after Confederation.
Highlighted on this journey are the currency chaos of the early French and British colonial period, the sweeping changes ushered in by Confederation in 1867, as well as the effects of two world wars and the Great Depression. The book chronicles the ups and downs of the Canadian dollar through almost 150 years
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Feb 7, 2006 · In 1871, the Uniform Currency Act and the Bank Act fully standardized dollars across Canada and established dollar denominations: dollars, cents, and mills (one tenth of a cent). The Canadian dollar (CAD) has fluctuated between fixed and flexible exchange rates throughout its history.
The Colony of British Columbia adopted the British Columbia dollar as its currency in 1865, at par with the Canadian dollar. When British Columbia joined Canada as its sixth province in 1871, the Canadian dollar replaced the British Columbia dollar.
In 1867, the new unified Canadian government gained exclusive constitutional power over currency, and in 1870 it used this power to pass the Dominion Notes Act (now known as the Currency Act) which made the Canadian Dollar ($) the official currency of Canada.
In June of that year, representatives from the Province of Canada, New Brunswick, and Nova Scotia met in Toronto to work towards the establishment of a decimal currency. A few months later, the Canadian legislature passed an act requiring that provincial accounts be kept in dollars and cents.
May 28, 2024 · History of the Canadian Dollar. This summary provides a perspective of the modern-day history of Canadian-US dollar exchange rate fluctuations. Figure 1 shows the level of month-end exchange rates from 1953 to March 31, 2024. The Canadian dollar spent much of 1953 to 1960 in the $1.02 to $1.06 (US) range.
