Thus, the new Canadian pound was worth 16 shillings and 5.3 pence sterling. The new Canadian pound was equal to four US dollars (92.88 grains gold), making £1 sterling equal to £1.4 s.4 d. In 1841, the Province of Canada adopted a new system based on the Halifax rating. The British North American provinces nonetheless gradually adopted currencies tied to the American dollar.Ĭurrencies used in Canada and its predecessors The British North American provinces, for reasons of practicality in relation to the increasing trade with the neighbouring United States, had a desire to assimilate their currencies with the American unit, but the imperial authorities in London still preferred sterling as the sole currency throughout the British Empire. The 1850s in Canada were a decade of debate over whether to adopt a £sd-based monetary system or a decimal monetary system based on the US dollar. Main article: History of the Canadian dollar The Canadian dollar is popular with central banks because of Canada's relative economic soundness, the Canadian government's strong sovereign position, and the stability of the country's legal and political systems. Īccounting for approximately 2% of all global reserves, the Canadian dollar is the fifth-most held reserve currency in the world, behind the U.S. Owing to the image of a common loon on its reverse, the dollar coin, and sometimes the unit of currency itself, are sometimes referred to as the loonie by English-speaking Canadians and foreign exchange traders and analysts.

It is abbreviated with the dollar sign $, there is no standard disambiguating form, but the abbreviation Can$ is often suggested by notable style guides for distinction from other dollar-denominated currencies. The Canadian dollar ( symbol: $ code: CAD French: dollar canadien) is the currency of Canada. (in English) and sou (colloquial in French)ġ¢ (discontinued, still legal tender), 50¢ (still minted) Huard, piastre (pronounced piasse in popular usage) (in French)

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