| Denominations : | Denominations: Canadian banknotes are issued in $5, $10, $20, $50, and $100 denominations. Coins are issued in 1¢, 5¢, 10¢, 25¢, 50¢, $1, and $2 denominations. All Canadian coins are minted by the Royal Canadian Mint whereas banknotes are printed by the Canadian Bank Note Company and BA International Inc on behalf of the Bank of Canada. |
The history of the Canadian Dollar
In Pre-colonial Canada, various objects such as shells, glass beads, and animal furs were used as means of trade. Even after the area became New France, pieces of playing cards were often accepted as legal tender when currency became scarce.
In the early 1800s, banks and merchants began issuing their own bank notes in order to trade. However, there was a constant loss of notes, silver and gold coins to the United States as a result of cross border trading, which lead to the Canadian Parliament taking control of issuing currency. In 1867, Canada became a confederation and begun issuing Dominion of Canada bank notes.
Notes issued by both the government and charted banks were used until 1934, when the Bank of Canada was formed. Thereafter, sole control of printing money passed to the Bank of Canada, which became responsible for regulating the money supply and promoting the financial well-being of Canada. On March 11, 1935, the first bank notes issued by the Bank of Canada entered into circulation.
Currently, the Canadian Dollar is the seventh most heavily traded currency in the world.
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