Canada is one of the most well known countries in the world. This country in North America is one of the most advanced and progressive countries in the world. Canada is certainly one of the leading countries in the world today. Today we will be discussing the story of the Canadian Dollar in this article.
The Canadian Dollar is the currency of Canada and this currency is one of the strongest and one of the most stable currencies in the world. The Canadian currency exchange, the dollar has gone from strength to strength over the past two decades and today is one of the most respected currencies in the world.
In the year 1841 Canada was still only a British province and thus Canada had Pound as Canadian currency exchange. However in the years beginning from 1850 there was a growing debate in Canada whether to change the system from the sterling system which was employed by the Pound to the decimal system which was utilized by the dollar.
There were a number of hotly contested debates and the result was quite a unique one. In 1853 the Canadian government implemented a new dual system which took into both the sterling as well as the decimal systems. Thus both the currencies namely the Pound and the Dollar were accommodated by placing both of their values in Gold bullion.
The 1860s saw a number of changes and provinces like Newfoundland, Nova Scotia and New Brunswick who were not part of the Canadian Dominion accepted the decimal system thereby making the Canadian Pound obsolete in these provinces. However one difference was that Newfoundland modeled its decimal system not on the US Dollar but on the Spanish dollar which was a bit different. This resulted in the Newfoundland Dollar being discounted in competition to the US Dollar and the Canadian Dollar for sometime.
In the year 1867 the provinces of Nova Scotia, New Brunswick and Newfoundland merged with Canada in order to found the Canadian Dominion. As a result of the foundation of the Canada Dominion the currencies or the Dollars of these separate provinces were merged and from them emerged the Canadian Dollar.
The Parliament of Canada passed a law making all the currencies in different parts of Canada equal and uniform in the year 1871.
The denomination of Canadian currency exchange is standard as far as most Dollar currencies in the world are concerned. The Canadian Dollar is divided into 100 cents. Coins ranging from 1 cent to 2 Dollars are minted by the Royal Canadian Mint. Banknotes of Canadian Dollars start from 5 Dollar notes to 100 Dollar notes. The Royal Canadian Mint was one of the few mints in the world to mint banknotes of the denomination 1000 dollars. However after certain legislations in the year 2000 were passed by the Bank of Canada these banknotes began to be withdrawn.
The exchange rate of the Canadian Dollar is very stable and the Canadian Dollar is close to one United States Dollar. Canadian Dollars can be exchanged almost everywhere in the world and a number of central banks have Canadian Dollars as reserve currency.
Canadian Currency Exchange
No comments:
Post a Comment