History of the Canada dollar

Canada has an extensive history with regard to its currency. Beginning in the early 16th century, items such as wampum and furs were actually considered currency. With the colonization by France and England, various coins were introduced in the 18th and 19th centuries. In the 20th century, it has issued many commemorative coins into circulation, temporarily replacing current coinage designs. There also exists a long history of numismatic coin issues.

Early 16th century

New France

1660s

1685

18th century

1709-1713

Gold Louis

Card money

Sol and double sol

Another coinage that was used was the sol (sou). The sol was equivalent to the size of a 20th-century one-cent coin and was produced between 1738 and 1756. The Sol was rated at 12 deniers. The double sol was produced until 1764, although large shipments to Quebec and Cape Breton ended in 1756. The double sol was rated at 24 deniers.[2]

19th century

1800s: Spanish dollar

Tokens and army bills

1815

1821

1825

1837

1841

In 1841, the Province of Canada adopted a new system based on the Halifax rating. The new Canadian pound was equal to 4 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.

1851

The 1850s was a decade of wrangling over whether to adopt a sterling monetary system or a decimal monetary system based on the US dollar. The local population, for reasons of practicality in relation to the increasing trade with the neighbouring USA, had an overwhelming 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 Canadian parliament passed an act for the purposes of introducing a pound sterling unit in conjunction with decimal fractional coinage. The idea was that the fractional values would correspond to exact values of the US dollar fractions. 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.

1853

As a compromise, an act of the Canadian parliament introduced the gold standard into Canada, based on both the British gold sovereign and the American Gold Eagle coins. The gold sovereign was legal tender at a rating of $US4.86⅔. No coinage was provided for under the 1853 act. Sterling coinage was made legal tender, and all other silver coins were demonetized. Dollar transactions were legalized. The Government in London agreed in principle to a decimal coinage but held out the hope that a sterling unit would be adopted under the name 'Royal'. However, the Canadian authorities were determined to align with the US dollar and in 1857 the decision was made to introduce a decimal coinage into Canada in conjunction with the American unit.

1858

1859

Canadian postage stamps were issued with the amounts denominated in dollars and cents.

1861

New Brunswick and Nova Scotia adopt a decimal system in conjunction with the US dollar unit, hence bringing them into line with the Province of Canada.

1865

Newfoundland starts to release its own coinage. In 1865, the one-cent, five-cent, ten-cent, twenty-cent and two dollar coins were released. It was a decimal coinage that represented fractions of the Spanish dollar unit that was used in British Guiana. This had the benefit of making one penny sterling exactly equal to two new Newfoundland cents. This was seen as a compromise between those who wanted Newfoundland to adopt the British system and those who wanted Newfoundland to adopt the American system. The Spanish dollar unit was slightly greater in value than the US dollar unit. This was because in 1792 when the US dollar was created, Alexander Hamilton at the treasury had weighed an average sample of worn out Spanish dollars, and the US dollar was defined based on that average weight.

Newfoundland eventually became fully integrated into the Canadian monetary system in 1894 following the Newfoundland bank crash. The Canadian banks moved in following the crash, and the Canadian dollar was introduced.

1867

The Province of Canada, New Brunswick, and Nova Scotia unite in a federation entitled the Dominion of Canada. The three respective currencies merge into the Canadian dollar.

1871

Prince Edward Island goes decimal and introduces a new one cent coin. Not long afterwards, Prince Edward Island joins the Dominion of Canada and its currency gets absorbed into the Canadian system.

1873

International silver crisis follows in the wake of the decision by the German Reich to abandon silver and adopt the new gold mark standard. The USA goes unto the gold standard 'de facto', and both the US dollar and the Canadian dollar diverge from their one-to-one parity with the silver Mexican dollar.

Dominion of Canada

With the onset of Canadian confederation, the Dominion of Canada came into existence on July 1, 1867. While the chartered banks were still permitted to issue their own notes, the government undertook the effort to implement its own currency.

Dominion of Canada bank notes

Chartered bank notes

20th century

1908-1922

First coin

At the opening ceremonies for the Ottawa branch of the Royal Mint, held on January 2, 1908, Governor General Earl Gray struck the Dominion of Canada’s first domestically produced coin. It was a silver fifty-cent piece bearing the effigy of His Majesty King Edward VII.

1911

1920

1922 nickel

1930s

1931

Bank of Canada

The Bank of Canada was created in 1934 and given sole responsibility for issuing paper currency in Canada.[8] The chartered banks still issuing their own bank notes were permitted to do so for another ten years.

Voyageur

The Royal Canadian Mint issues the first silver dollar in 1935. It is meant to commemorate the Silver Jubilee of His Majesty King George V. The coin’s reverse design is sculpted by Emanuel Hahn and portrays a Voyageur and an aboriginal paddling a birch-bark canoe. The faint lines in the background are meant to represent the Northern Lights. This design would be utilized on the dollar until 1986.

Banknotes

On 11 March 1935, the Bank of Canada issued its first series of bank notes. Unique to the 1935 series were:

1937

In 1937, new Canadian coinage is introduced. New reverse designs are introduced for the following coins:

Denomination Design Artist
One cent Maple leaf G.E. Kruger-Gray
Five cents Beaver G.E. Kruger-Gray
Ten cents Bluenose Emanuel Hahn
Twenty-five cents Caribou Emanuel Hahn
Fifty cents Coat of Arms G.E. Kruger-Gray

New banknotes

The 1937 series of bank notes saw the portrait of King George VI replace those of other members of the royal family on all denominations except the $100 and $1,000 bank notes, which pictured former Canadian prime ministers. Other departures from the 1935 series included colour variations and the location of the portrait in the centre of the bank note bordered by English and French text.[8]

1939

1940s

1943

1948

1949

1950s

1951

1953

The first Effigy of Her Majesty Queen Elizabeth II appears on Canadian coinage for the first time.

"Devil's Head" banknotes

In 1954, the Third Series of Canadian banknotes was released. Significant changes to the design of Canada's paper currency gave it a whole new look that set the standard for the future.

This series caused controversy because highlighted areas of the Queen's hair gave the illusion of a grinning demon behind the ear. The term "Devil's Head" is commonly used to describe these bank notes. The Bank of Canada had both bank note companies modify the face plates by darkening the highlights in the hair. These modifications were made in 1956 for all denominations.[8]

1958

To commemorate the centennial of British Columbia, a silver dollar is issued. With a reverse designed by Stephen Trenka, a totem pole is the focal point of the design with a view of the mountains in the background.[14]

1959

In 1957, the coat of arms of Canada was simplified. At the suggestion of the Queen, the crown of Edward the Confessor was substituted for that of the Tudors. The changes were reflected in the 1959 fifty-cent piece. The new reverse was modelled and designed by Thomas Shingles.

1960s

1964

The fifth coin in the series of commemorative dollars (the others being 1935, 1939, 1949, and 1958) recalls the centennial of Confederation conferences held in Charlottetown and Quebec City. The design is by Dinko Vodanovic, who was a winner of a nationwide competition. The drawing features the emblems of the four European nations who took part in the founding of Canada: France, Ireland, Scotland, and England. More than 7 million of these coins were minted.

1965

The effigy of Queen Elizabeth II was updated. A new obverse was sculpted by Arnold Machin, and featured a more mature Queen wearing a tiara. The legend was also revised. The wording Dei Gratia was shortened to D.G. to save space.

1967

Canadian artist and sculptor Alex Colville created six new designs to commemorate Canada’s centennial. The designs for Canada’s coinage is as follows:

Denomination Design Symbolism
Penny Rock dove Spiritual values and peace
Nickel Rabbit Emblematic of fertility and new life
Dime Mackerel To represent continuity
Quarter Bobcat Embodiment of intelligence and decisive action
50-cent piece Howling wolf To evoke the vastness of Canada
Silver dollar Goose Dynamic serenity

Centennial banknotes

Two series of $1 banknotes were released to celebrate the Centennial of Canada. The scene for both banknotes featured the original Parliament Buildings which were destroyed by fire in 1916. Both banknotes looked the same but one had the Standard Serial Number, while the other was Double Dated (1867–1967)[8]

1969-1979

Scenes of Canada banknotes

The main characteristic of the new design was the use of multicoloured tints beneath the dominant colour. This series was often dubbed the "multicoloured series". With the exception of the $1 note, the use of black ink was abandoned. Furthermore, the words "this note is legal tender" replaced the phrase "will pay to the bearer on demand," reflecting the fact that Canada's currency had long ceased to be redeemable in gold. The $1,000 denomination was not included in this issue.

Unlike previous series, the 1969-79 series did not have the same date of issue for all denominations, but rather the year in which the printing plate was produced. Originally, the Queen's portrait was to appear on all denominations. However, the Minister of Finance requested the inclusion of portraits of former Canadian prime ministers on the new bank notes to enhance national identity.[8]

1973

The 25-cent piece for 1973 bears a special reverse designed by Paul Cedarberg (the Police Constable sitting on a horse in the design).[15] It honoured the Royal Canadian Mounted Police for 100 years of service.

1974

1975

The 1975 Bank of Canada $50 banknote featured the Dome Formation from the RCMP’s Musical Ride.[17] The note enjoyed circulation for fifteen years before counterfeiting forced its removal from circulation.

Montreal Olympics

1979

1980s

1981

The success of the Gold Maple Leaf results in Parliament allowing the coin to be produced on an ongoing basis.

"O Canada"

A one hundred dollar gold coin was issued to commemorate the adoption of "O Canada" as the country’s national anthem on July 1, 1980. The reverse design is by Roger Savage and the coin was released in 1981.

1982

A commemorative dollar coin is issued for circulation on June 10, 1982. It recognizes the patriation of Canada’s constitution and the creation of the Charter of Rights and Freedoms. A total of 11,812,000 are minted for circulation.[19]

1984

A commemorative dollar coin to honour Jacques Cartier is issued for circulation. It commemorates the 450th Anniversary of Cartier’s landing at Gaspé, Quebec. The coin was released on July 24, 1984, and a total of 6,141,503 are minted for circulation.[19]

1986

The Birds of Canada banknote series was released. The 1986 series of bank notes was designed with enhanced security features to counter developments in colour-copier technology available to the public, and therefore available to potential counterfeiters.[8]

1987

1988

Based on the success of the Gold Maple Leaf program, the Royal Canadian Mint releases the Silver Maple Leaf. Each coin contained one troy ounce of 99.99% fine silver.

Calgary Olympics

To finance the 1988 Winter Olympics in Calgary, Alberta, a series of ten commemorative coins were issued.

1989

After a two-year period of dual issuance and circulation with the $1 coin, the Bank of Canada retires the $1 note from circulation.[20]

1990s

1990

The new effigy of Her Majesty Queen Elizabeth II depicts the monarch in her 64th year. The portrait was designed by Dora de Pedery-Hunt and was in use on circulation coins until 2003. The only coins past 2003 that still use this effigy are the Chinese Lunar New Year coins (the series reached its conclusion in 2009).

Canada 125

1994-1995

The 1994 loonies featured a cenotaph. In 1995, the Royal Canadian Mint issued a loonie depicting three peacekeepers.

1996

The two-dollar coin was introduced on February 19, 1996, to replace the two-dollar banknote. The decision was based on the fact that coins lasted 20 years longer than banknotes.[4]

1997

A new round one-cent coin is introduced. The previous, 12-sided one-cent coin contained 98% copper but its composition was modified. Because the new coin was composed of copper-plated zinc, the twelve-sided one-cent coin became difficult to produce. Therefore, the round design was introduced to complement the new technology.

1999

Holograms

Nunavut

Millennium

21st century

2000

Millennium

2001

Canadian Journey banknotes

The Canadian Journey series was released between 2001-2004. These notes are distinguished by new and enhanced security features, world-class designs, and a tactile feature to help the blind and visually impaired identify the different denominations.[8]

2002

In 2002, a special 50 cent piece was put into circulation. The reverse of the coin shows the coat of arms of Canada, as usual, however the obverse features a unique picture of Queen Elizabeth II. This coin celebrates the 50 years the queen had been in reign.

As well, coins issued in 2002 are missing the mint date as it usually appears on the reverse ("tails") side. Instead, the obverse ("heads") side has a commemorative-style double date reading "1952-2002".

2003

On June 2, 2003, an updated effigy of Her Majesty Queen Elizabeth II was unveiled. Introduced one year after her Golden Jubilee, the latest effigy features Her Majesty, without a crown. The portrait was designed by Susanna Blunt.

2004

In 2004, two separate commemorative quarters were minted. One depicted a sailboat, which was to represent the 400th anniversary of Acadia.

D-Day

To commemorate the 60th Anniversary of D-Day, the Royal Canadian Mint released two numismatic products.

Lucky loonie

The first lucky loonie is released and serves as a good luck charm for the Canadian Olympic athletes competing at the 2004 Summer Olympics in Athens, Greece. A sterling silver numismatic version is issued as well. This coin is released two years after a loonie was secretly buried at centre ice during the 2002 Winter Olympic games in Salt Lake City, Utah when the Canadian Men’s and Women’s Olympic Hockey teams skated to gold.

Poppy coin

2005

Military commemoratives

To celebrate the Year of the Veteran, two commemorative coins were released for circulation. A five-cent coin with the popular "V Nickel" design from 1943-1945 was issued with the double date of 1945 and 2005. A commemorative 25-cent was struck. Over 30,000,000 pieces were put into Canadian circulation. Various numismatic pieces were also released to commemorate Canada’s military contributions.

Terry Fox

To commemorate the 25th Anniversary of Terry Fox’s Marathon of Hope, a one-dollar coin is issued with his image. This marks the first time that a Canadian-born individual is featured on a circulation coin.[25]

Alberta/Saskatchewan Centennial

Two commemorative twenty-five cent coins are issued to honour the centennials of Alberta and Saskatchewan. For the first time ever, the public is given the opportunity to vote on the coin design. Two toll-free phone numbers (1-877-884-5550 for the Alberta coin and 1-877-884-5557 for the Saskatchewan coin) were established for voting. There were four different Alberta designs to choose from and three different Saskatchewan designs to choose from. The four designs were titled:

  1. Big Sky Country
  2. Alberta’s Natural Beauty
  3. A Dynamic Century
  4. Rocky Mountain Bighorn Sheep

There were three different Saskatchewan designs to choose from, titled:

  1. ) The Western Meadowlark
  2. Canada Geese over Wascana Lake
  3. The Round Dance Celebration

The winners for Alberta and Saskatchewan were: Big Sky Country (designed by Michelle Grant) and the Western Meadowlark (designed by Paulette Sapergia).[26][27] A total of 20,640,000 Alberta coins and a total of 19,290,000 Saskatchewan coins were minted.[28]

2006

Breast cancer

The world’s second coloured circulation coin was unveiled. The coin was meant to highlight awareness of breast cancer and was a twenty-five cent coin.

Lucky loonie

The second lucky loonie coin is released. Like the first lucky loonie from 2004, a sterling silver numismatic version is featured as well.

10th anniversary toonie

The 10th anniversary of the toonie was unveiled at the Canadian Numismatic Association Annual Convention on July 21. The coin also featured the brand new Mint Mark (see below). To commemorate the toonie’s anniversary, a "Name the Bear" contest was held to name the polar bear depicted on the reverse of the coin. Canadians had the opportunity to vote for one of five names:

"Churchill" was selected as the winning name.[29]

Mint Mark

The new mint logo (not a Mint Mark), a symbol of the Royal Canadian Mint’s reputation for high quality and innovation, was added to all Circulation Coins on the obverse ("heads") side depicting Queen Elizabeth II. A Special Edition Uncirculated Set was also released with all the coins featuring the brand new Mint Mark, with a limited mintage of 30,000 and an issue price of $19.95.

Vancouver Olympics

In celebration of the 2010 Winter Olympics in Vancouver, British Columbia, the Royal Canadian Mint began to release commemoratives for the event.

2011

Frontier Series banknotes

Main article: Frontier Series

The first banknotes of the Frontier Series were released into circulation on 14 November 2011.

2012

Withdrawal of penny

In May 2012 the one-cent coin, widely known as the penny, ceased production. The Mint will be actively removing pennies from circulation as they are returned by banking institutions; this is anticipated to remove them from wide circulation within a few years, however remaining coins will remain legal tender indefinitely. Cash transactions will be handled by rounding the cost to the nearest five cents; non-cash transactions will continue to be processed to the nearest cent.

List of recent issues

Please see Royal Canadian Mint numismatic coins for a complete listing

See also

References

  1. 1 2 3 4 5 6 7 8 Bank of Canada - Currency Museum / Banque du Canada - Musée de la monnaie
  2. 1 2 W. K. Cross (2005). Charlton's Standard Catalogue of Canadian Coins (60th ed.). The Charlton Press, Toronto. p. 6. ISBN 0-88968-297-6.
  3. http://www.teachmag.com/Mint_images/engpdf/rolltimeline_e.pdf
  4. 1 2 3 4 Royal Canadian Mint
  5. W. K. Cross (2005). Charlton's Standard Catalogue of Canadian Coins (60th ed.). The Charlton Press, Toronto. p. 183. ISBN 0-88968-297-6.
  6. 1 2 J.A. Haxby and R.A. Willey. Coins of Canada. The Unitrade Press, Toronto, Ontario. p. 25. ISBN 1-894763-01-7.
  7. J.A. Haxby and R.A. Willey. Coins of Canada. The Unitrade Press, Toronto, Ontario. p. 38. ISBN 1-894763-01-7.
  8. 1 2 3 4 5 6 7 8 Introduction- Bank note series, 1935 to present- Bank Notes- Bank of Canada
  9. W. K. Cross (2005). Charlton's Standard Catalogue of Canadian Coins (60th ed.). The Charlton Press, Toronto. p. 89. ISBN 0-88968-297-6.
  10. J.A. Haxby and R.A. Willey. Coins of Canada. The Unitrade Press, Toronto, Ontario. p. 39. ISBN 1-894763-01-7.
  11. J.A. Haxby and R.A. Willey. Coins of Canada. The Unitrade Press, Toronto, Ontario. p. 27. ISBN 1-894763-01-7.
  12. J.A. Haxby and R.A. Willey. Coins of Canada. The Unitrade Press, Toronto, Ontario. p. 82. ISBN 1-894763-01-7.
  13. J.A. Haxby and R.A. Willey. Coins of Canada. The Unitrade Press, Toronto, Ontario. p. 41. ISBN 1-894763-01-7.
  14. J.A. Haxby and R.A. Willey. Coins of Canada. The Unitrade Press, Toronto, Ontario. p. 84. ISBN 1-894763-01-7.
  15. J.A. Haxby and R.A. Willey. Coins of Canada. The Unitrade Press, Toronto, Ontario. p. 63. ISBN 1-894763-01-7.
  16. W. K. Cross (2005). Charlton's Standard Catalogue of Canadian Coins (60th ed.). The Charlton Press, Toronto. p. 170. ISBN 0-88968-297-6.
  17. "Mountie Money", Christopher Boyer, p. 35, Numismatist, Volume 118, Number 9, September 2005
  18. W. K. Cross (2005). Charlton's Standard Catalogue of Canadian Coins (60th ed.). The Charlton Press, Toronto. pp. 337–345. ISBN 0-88968-297-6.
  19. 1 2 W. K. Cross (2005). Charlton's Standard Catalogue of Canadian Coins (60th ed.). The Charlton Press, Toronto. p. 171. ISBN 0-88968-297-6.
  20. http://www.bankofcanada.ca/en/banknotes/general/character/1969-79_1.html
  21. "Bank of Canada to stop issuing $1000 note". Bank of Canada. Retrieved 16 October 2016.
  22. W. K. Cross (2005). Charlton's Standard Catalogue of Canadian Coins (60th ed.). The Charlton Press, Toronto. p. 114. ISBN 0-88968-297-6.
  23. W. K. Cross (2005). Charlton's Standard Catalogue of Canadian Coins (60th ed.). The Charlton Press, Toronto. p. 135. ISBN 0-88968-297-6.
  24. W. K. Cross (2005). Charlton's Standard Catalogue of Canadian Coins (60th ed.). The Charlton Press, Toronto. p. 287. ISBN 0-88968-297-6.
  25. W. K. Cross (2005). Charlton's Standard Catalogue of Canadian Coins (60th ed.). The Charlton Press, Toronto. p. 177. ISBN 0-88968-297-6.
  26. Alberta's Centennial Coin - Alberta Centennial
  27. SASKATCHEWAN RESIDENTS INVITED TO VOTE ON 2005 CENTENNIAL QUARTER - Government of Saskatchewan
  28. Royal Canadian Mint 2005 Annual Report, p.38
  29. http://www.mint.ca/toonie
  30. "Olympic commems to sport $25 face", Canadian Coin News, p.1, Bret Evans, January 9 to 22, 2007
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