Canadian Money

Canadian Money refers to Canadian Dollar at present. But this Canadian Dollar became money of Canada after 1858. Before 1858 Canada used different currencies for their monetary purpose. Firstly, Spanish Dollars were used in Canada. Then in 1841, Canada declared that its dollars are equivalent to Gold i.e. U.S Dollars which was worth 5 Shillings.
Only in the year of 1858, the first Official Canadian Currency was issued. For the first time Canada got its own money. Primarily, the Canadian Banknotes were issued by Chartered Banks and Federal Government of Canada in smaller denominations. In 1935, Bank of Canada was established and since that time Bank of Canada continued to issue Canadian Money.

At present, Canadian banknotes are printed by Canadian Banknote Company and BA International Inc. on behalf of Bank of Canada and the Canadian Coins are made by Royal Canadian Mint.

Not many people know that Canadian Dollar is considered to be a Benchmark Currency. Many Central Banks use Canadian Dollar as their Reserve Currency.
Canada uses the Decimal System in determining the value of Canadian Money. This means One Canadian Dollar is equal to 100 Canadian Scents. Canadian Dollars in common usage are called Bills in Canada. These Canadian Dollars or Bills are issued in five, ten, twenty, fifty and hundred dollar denominations.

Value of Canadian Money has not depriciated largely after 1990s. But before that Canadian Dollar experienced massive fluctuation in value. Canada did not follow Fixed Value System for the their Currency. Value of Canadian Currency fluctuated considerably between 1950 and 1962. In 1957 Canadian Dollar experienced an increase in value which became much higher in 1864. Then after 1960, value of Canadian Currency fell remarkably. Then the Canadian Currency appreciated in the 1970s. Then in 2002, Canadian dollar experienced sharp increase in value.

It should be mentioned here that Bank of Canada has not intervened in the Foreign Exchange Market since 1998 and from that time the market forces are determining the Value of Canadian Money.

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Last Updated on : 25th June 2013

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