Canadian dollar

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The Canadian dollar (sign: $; code: CAD) is the currency of Canada. It is normally abbreviated with the dollar/peso sign $, or C$ to distinguish it from other dollar-denominated currencies.[1] It is divided into 100 cents. As of 2007, the Canadian dollar was the 7th most traded currency in the world, behind the US dollar, the euro, the yen, the pound sterling, the Swiss franc and the Australian dollar.[2]

Contents

History

From the Canadian pound to the Canadian dollar

In 1841, the Province of Canada adopted a new system based on the Halifax rating. The new Canadian pound was equal to four U.S. dollars (92.88 grains gold), making one pound sterling equal to 1 pound 4 shillings 4 pence Canadian. Thus, the new Canadian pound was worth 16 shillings 5.3 pence sterling.

The 1850s was a decade of wrangling over whether to adopt a sterling monetary system or a decimal monetary system based on the U.S. dollar. The local population, for reasons of practicality in relation to the increasing trade with the neighbouring United States, had a desire to assimilate the Canadian currency with the American unit, but the imperial authorities in London still preferred the idea of sterling to be the sole currency throughout the British Empire. In 1851, the Legislative Council and Assembly of Canada passed an act for the purposes of introducing a pound sterling unit in conjunction with decimal fractional coinage. The idea was that the decimal coins would correspond to exact amounts in relation to the U.S. dollar fractional coinage. The authorities in London refused to give consent to the act on technical grounds. This was the last time that the imperial authorities in London ever questioned Canada's internal jurisdiction.[citation needed]

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