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Canadian dollar

Dollar canadien (French) Can$, C$, CDN$, CAD
2011 Frontier series (polymer notes)
ISO 4217
Code	CAD (numeric: 124)
Subunit	0.01
Unit
Unit	dollar
Symbol	$‎
Nickname	Loonie, buck (in English) Huard, piastre (pronounced piasse in popular usage) (in French)
Denominations
Subunit
1⁄100	Cent (in English) and sou (colloquial in French)
Symbol
Cent	¢
Banknotes	$5, $10, $20, $50, $100
Coins
Freq. used	5¢, 10¢, 25¢, $1, $2
Rarely used	1¢ (discontinued, still legal tender), 50¢ (still minted)
Demographics
Official user(s)	Canada
Unofficial user(s)	St. Pierre and Miquelon
Issuance
Central bank	Bank of Canada
Website	www.bankofcanada.ca
Printer	Canadian Bank Note Company
Website	www.cbnco.com
Mint	Royal Canadian Mint
Website	www.mint.ca
Valuation
Inflation	8.1% (June 2022)
Source	Statistics Canada
Method	Consumer price index

The Canadian dollar (symbol: $; code: CAD; French: dollar canadien) is the currency of Canada. It is abbreviated with the dollar sign $. There is no standard disambiguating form, but the abbreviations Can$ and C$ are frequently used for distinction from other dollar-denominated currencies (though C$ remains ambiguous with the Nicaraguan córdoba).^[1][2][a] It is divided into 100 cents (¢).

Owing to the image of a common loon on its reverse, the dollar coin, and sometimes the unit of currency itself, may be referred to as the loonie by English-speaking Canadians and foreign exchange traders and analysts.^[3]

Accounting for approximately 2% of all global reserves, the Canadian dollar is the fifth-most held reserve currency in the world, behind the U.S. dollar, the euro, the yen and sterling.^[4] 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.^{[5][6][7][8][9]}

History[edit]

Colonial currencies[edit]

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. 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 British North American provinces nonetheless gradually adopted currencies tied to the American dollar.

Currencies used in Canada and its predecessors

Currency	Dates in use	Value in (pre-decimal) sterling	Value in Canadian dollars
Canadian pound	1841–1858	16s 5.3d	$4
Canadian dollar	1858–present	4s 1.3d	$1
New Brunswick dollar	1860–1867
British Columbia dollar	1865–1871
Prince Edward Island dollar	1871–1873
Nova Scotian dollar	1860–1871	4s	$0.973
Newfoundland dollar	1865–1895	4s 2d	$1.014
1895–1949	4s 1.3d	$1

Province of Canada[edit]

In 1841, the Province of Canada adopted a new system based on the Halifax rating. The new Canadian pound was equal to four US dollars (92.88 grains gold), making £1 sterling equal to £1.4s.4d. Canadian. Thus, the new Canadian pound was worth 16 shillings and 5.3 pence sterling.

In 1851, the Parliament of the Province of Canada passed an act for the purposes of introducing a sterling-based unit in conjunction with decimal fractional coinage. The idea was that the decimal coins would correspond to exact amounts in relation to the U.S. dollar fractional coinage.

In response to British concerns, in 1853, an act of the Parliament of the Province of Canada introduced the gold standard into the colony, based on both the British gold sovereign and the American gold eagle coins. This gold standard was introduced with the gold sovereign being legal tender at £1 = US$4.86+2⁄3. No coinage was provided for under the 1853 act. Sterling coinage was made legal tender and all other silver coins were demonetized. The British government in principle allowed for a decimal coinage but nevertheless held out the hope that a sterling unit would be chosen under the name of «royal». However, in 1857, the decision was made to introduce a decimal coinage into the Province of Canada in conjunction with the U.S. dollar unit. Hence, when the new decimal coins were introduced in 1858, the colony’s currency became aligned with the U.S. currency, although the British gold sovereign continued to remain legal tender at the rate of £1 = Can$4.86+2⁄3 right up until the 1990s. In 1859, Canadian colonial postage stamps were issued with decimal denominations for the first time. In 1861, Canadian postage stamps were issued with the denominations shown in dollars and cents.

Maritime colonies[edit]

In 1860, the colonies of New Brunswick and Nova Scotia followed the Province of Canada in adopting a decimal system based on the U.S. dollar unit.

In 1871, Prince Edward Island went decimal within the U.S. dollar unit and introduced coins in the denomination of 1 cent. However, the currency of Prince Edward Island was absorbed into the Canadian system shortly afterwards, when Prince Edward Island joined the Dominion of Canada in 1873.

Newfoundland[edit]

Newfoundland went decimal in 1865, but unlike the Province of Canada, New Brunswick, and Nova Scotia, it decided to adopt a unit based on the Spanish dollar rather than on the U.S. dollar, and there was a slight difference between these two units. The U.S. dollar was created in 1792 on the basis of the average weight of a selection of worn Spanish dollars. As such, the Spanish dollar was worth slightly more than the U.S. dollar, and likewise, the Newfoundland dollar, until 1895, was worth slightly more than the Canadian dollar.

British Columbia[edit]

The Colony of British Columbia adopted the British Columbia dollar as its currency in 1865, at par with the Canadian dollar. When British Columbia joined Canada as its sixth province in 1871, the Canadian dollar replaced the British Columbia dollar.

Post-Confederation history[edit]

In 1867, the Province of Canada, New Brunswick, and Nova Scotia united into a federation named Canada. As a result, their respective currencies were merged into a singular Canadian dollar. The Canadian Parliament passed the Uniform Currency Act in April 1871,^[10] tying up loose ends as to the currencies of the various provinces and replacing them with a common Canadian dollar.

The gold standard was temporarily abandoned during the First World War and definitively abolished on April 10, 1933. At the outbreak of the Second World War, the exchange rate to the U.S. dollar was fixed at Can$1.10 = US$1.00. This was changed to parity in 1946. In 1949, sterling was devalued and Canada followed, returning to a peg of Can$1.10 = US$1.00. However, Canada allowed its dollar to float in 1950, whereupon the currency rose to a slight premium over the U.S. dollar for the next decade. But the Canadian dollar fell sharply after 1960 before it was again pegged in 1962 at Can$1.00 = US$0.925. This was sometimes pejoratively referred to as the «Diefenbuck» or the «Diefendollar», after the then Prime Minister, John Diefenbaker. This peg lasted until 1970, with the currency’s value being floated since then.

Terminology[edit]

Canadian English, similar to American English, used the slang term «buck» for a former paper dollar. The Canadian origin of this term derives from a coin struck by the Hudson’s Bay Company during the 17th century with a value equal to the pelt of a male beaver – a «buck».^[11] Because of the appearance of the common loon on the back of the $1 coin that replaced the dollar bill in 1987, the word loonie was adopted in Canadian parlance to distinguish the Canadian dollar coin from the dollar bill. When the two-dollar coin was introduced in 1996, the derivative word toonie («two loonies») became the common word for it in Canadian English slang.

In French, the currency is also called le dollar; Canadian French slang terms include piastre or piasse (the original word used in 18th-century French to translate «dollar») and huard (equivalent to loonie, since huard is French for «loon,» the bird appearing on the coin). The French pronunciation of cent (pronounced similarly to English as /sɛnt/ or /sɛn/, not like the word for hundred, /sɑ̃/ or /sã/)^[12] is generally used for the subdivision; sou is another, informal, term for 1¢. 25¢ coins in Quebec French are often called trente sous («thirty cents») because of a series of changes in terminology, currencies, and exchange rates. After the British conquest of Canada in 1760, French coins gradually went out of use, and sou became a nickname for the halfpenny, which was similar in value to the French sou. Spanish dollars and U.S. dollars were also in use, and from 1841 to 1858, the exchange rate was fixed at $4 = £1  (or 400¢ = 240d). This made 25¢ equal to 15d, or 30 halfpence (trente sous). After decimalization and the withdrawal of halfpenny coins, the nickname sou began to be used for the 1¢ coin, but the idiom trente sous for 25¢ endured.^[13]

Coins[edit]

Coins are produced by the Royal Canadian Mint’s facilities in Winnipeg, Manitoba, and Ottawa, Ontario, in denominations of 5¢ (nickel), 10¢ (dime), 25¢ (quarter), 50¢ (50¢ piece) (though the 50¢ piece is no longer distributed to banks and is only available directly from the mint, therefore seeing very little circulation), $1 (loonie), and $2 (toonie). The last 1¢ coin (penny) to be minted in Canada was struck on May 4, 2012,^[14] and distribution of the penny ceased on February 4, 2013.^[15] Ever since, the price for a cash transaction is rounded to the nearest five cents. The penny continues to be legal tender, although they are only accepted as payment and not given back as change.

The standard set of designs has Canadian symbols, usually wildlife, on the reverse, and an effigy of Elizabeth II on the obverse. Some pennies, nickels, and dimes remain in circulation that bear the effigy of George VI. It is also common for American coins to be found among circulation due to the close proximity to the United States and the fact that the sizes of the coins are similar. Commemorative coins with differing reverses are also issued on an irregular basis, most often quarters. 50¢ coins are rarely found in circulation; they are often collected and not regularly used in day-to-day transactions in most provinces.

Coin history[edit]

In 1858, bronze 1¢ and 0.925 silver 5¢, 10¢ and 20¢ coins were issued by the Province of Canada. Except for 1¢ coins struck in 1859, no more coins were issued until 1870, when production of the 5¢ and 10¢ was resumed and silver 25¢ and 50¢ were introduced. Between 1908 and 1919, sovereigns (legal tender in Canada for $4.86+2⁄3) were struck in Ottawa with a «C» mintmark.

Canada produced its first gold dollar coins in 1912 in the form of $5 and $10. These coins were produced from 1912 to 1914. The obverse carries an image of King George V and on the reverse is a shield with the arms of the Dominion of Canada. Gold from the Klondike River valley in the Yukon accounts for much of the gold in the coins.

Two years into the coin’s production World War I began and production of the coins stopped in favour of tighter control over Canadian gold reserves. Most of the 1914 coins produced never reached circulation at the time and some were stored for more than 75 years until being sold off in 2012. The high quality specimens were sold to the public and the visually unappealing ones were melted.^[16]

In 1920, the size of the 1¢ was reduced and the silver fineness of the 5¢, 10¢, 25¢ and 50¢ coins was reduced to 0.800 silver/.200 copper. This composition was maintained for the 10¢, 25¢ and 50¢ piece through 1966, but the debasement of the 5¢ piece continued in 1922 with the silver 5¢ being entirely replaced by a larger nickel coin. In 1942, as a wartime measure, nickel was replaced by tombac in the 5¢ coin, which was changed in shape from round to dodecagonal. Chromium-plated steel was used for the 5¢ in 1944 and 1945 and between 1951 and 1954, after which nickel was readopted. The 5¢ returned to a round shape in 1963.

In 1935, the 0.800 silver voyageur dollar was introduced. Production was maintained through 1967 with the exception of the war years between 1939 and 1945.

In 1967 both 0.800 silver/0.200 copper and, later that year, 0.500 silver/.500 copper 10¢ and 25¢ coins were issued. 1968 saw further debasement: the 0.500 fine silver dimes and quarters were completely replaced by nickel ones mid-year. All 1968 50¢ and $1 coins were reduced in size and coined only in pure nickel. Thus, 1968 marked the last year in which any circulating silver coinage was issued in Canada.

In 1982, the 1¢ coin was changed to dodecagonal, and the 5¢ was further debased to a cupro-nickel alloy. In 1987 a $1 coin struck in aureate-plated nickel was introduced. A bimetallic $2 coin followed in 1996. In 1997, copper-plated zinc replaced bronze in the 1¢, and it returned to a round shape. This was followed, in 2000, by the introduction of even cheaper plated-steel 1¢, 5¢, 10¢, 25¢ and 50¢ coins, with the 1¢ plated in copper and the others plated in cupro-nickel. In 2012, the multi-ply plated-steel technology was introduced for $1 and $2 coins as well. Also in that year mintage of the 1¢ coin ceased and its withdrawal from circulation began in 2013.

Banknotes[edit]

The first paper money issued in Canada denominated in dollars were British Army bills, issued between 1813 and 1815. Canadian dollar banknotes were later issued by the chartered banks starting in the 1830s, by several pre-Confederation colonial governments (most notably the Province of Canada in 1866), and after confederation, by the Canadian government starting in 1870. Some municipalities also issued notes, most notably depression scrip during the 1930s.^[17]

On July 3, 1934,^{[18][failed verification]} with only 10 chartered banks still issuing notes, the Bank of Canada was founded. This new government agency became the sole issuer of all federal notes. In 1935, it issued its first series of notes in denominations of $1, $2, $5, $10, $20, $25, $50, $100, $500 and $1000. The $25 note was a commemorative issue, released to mark the Silver Jubilee of King George V.^[19] In 1944, the chartered banks were prohibited from issuing their own currency, with the Royal Bank of Canada and the Bank of Montreal among the last to issue notes.

Significant design changes to the notes have occurred since 1935, with new series introduced in 1937, 1954, 1970, 1986, and 2001. In June 2011, newly designed notes printed on a polymer substrate, as opposed to cotton fibre, were announced; the first of these polymer notes, the $100 bill, began circulation on November 14, 2011, the $50 bill began circulation on March 26, 2012, the $20 denomination began circulation on November 7, 2012, and the $5 and $10 denominations began circulation on November 12, 2013.

Since 1935, all banknotes are printed by the Ottawa-based Canadian Bank Note Company under contract to the Bank of Canada. Previously, a second company, BA International (founded in 1866 as the British American Bank Note Company), shared printing duties. In 2011, BA International announced it would close its banknote printing business and cease printing banknotes at the end of 2012;^[20] since then, the Canadian Bank Note Company has been the sole printer of Canadian banknotes.

All banknotes from series prior to the current polymer series are now considered unfit for circulation due to their lacking of any modern security features, such as a metallic stripe.^[21] Financial institutions must return the banknotes to the Bank of Canada, which will then destroy them.^[21] Individuals may keep the banknotes indefinitely.^[22]

Legal tender[edit]

As of January 1, 2021, the $1, $2, $25, $500 and $1000 notes issued by the Bank of Canada are no longer legal tender.^[23] All other current and prior Canadian dollar banknotes issued by the Bank of Canada remain as legal tender in Canada. However, commercial transactions may legally be settled in any manner agreed by the parties involved.

Legal tender of Canadian coinage is governed by the Currency Act, which sets out limits of:^[24]

• $40 if the denomination is $2 or greater but does not exceed $10;
• $25 if the denomination is $1;
• $10 if the denomination is 10¢ or greater but less than $1;
• $5 if the denomination is 5¢;
• 25¢ if the denomination is 1¢.

Retailers in Canada may refuse bank notes without breaking the law. According to legal guidelines, the method of payment has to be mutually agreed upon by the parties involved with the transactions. For example, stores may refuse $100 banknotes if they feel that would put them at risk of being counterfeit victims; however, official policy suggests that the retailers should evaluate the impact of that approach. In the case that no mutually acceptable form of payment can be found for the tender, the parties involved should seek legal advice.^[25]

Canadian dollars, especially coins, are accepted by some businesses in the northernmost cities of the United States and in many Canadian snowbird enclaves, just as U.S. dollars are accepted by some Canadian businesses.^[26]

In 2012, Iceland considered adopting the Canadian dollar as a stable alternative to the Icelandic króna.^[27][28]
Canada was favoured due to its northern geography and similar resource-based economy, in addition to its relative economic stability.^[29][30] The Canadian ambassador to Iceland said that Iceland could adopt the currency; although Iceland ultimately decided not to move on with the proposal.^[31]

Value[edit]

Since 76.7% of Canada’s exports go to the U.S., and 53.3% of imports into Canada come from the U.S.,^[32] Canadians are interested in the value of their currency mainly against the U.S. dollar. Although domestic concerns arise when the dollar trades much lower than its U.S. counterpart, there is also concern among exporters when the dollar appreciates quickly. A rise in the value of the dollar increases the price of Canadian exports to the U.S. On the other hand, there are advantages to a rising dollar, in that it is cheaper for Canadian industries to purchase foreign material and businesses.

The Bank of Canada currently has no specific target value for the Canadian dollar and has not intervened in foreign exchange markets since 1998.^[33] The Bank’s official position is that market conditions should determine the worth of the Canadian dollar, although it occasionally makes minor attempts to influence its value.

On world markets, the Canadian dollar historically tended to move in tandem with the U.S. dollar.^[34] An apparently rising Canadian dollar (against the U.S. dollar) was decreasing against other international currencies; however, during the rise of the Canadian dollar between 2002 and 2013, it gained value against the U.S. dollar as well as other international currencies. In recent years, dramatic fluctuations in the value of the Canadian dollar have tended to correlate with shifts in oil prices, reflecting the Canadian dollar’s status as a petrocurrency owing to Canada’s significant oil exports.^[35]

The Canadian dollar traded at a record high of US$2.78 in terms of American greenbacks on July 11, 1864, since the latter was inconvertible paper currency.^[36] However, the Canadian dollar remained close to par or 1:1 versus the gold or silver US dollar of the time.

Unlike other currencies in the Bretton Woods system, whose values were fixed, the Canadian dollar was allowed to float from 1950 to 1962. Between 1952 and 1960, the Canadian dollar traded at a slight premium over the U.S. dollar, reaching a high of US$1.0614 on August 20, 1957.^[36]

The Canadian dollar fell considerably after 1960, and this contributed to Prime Minister John Diefenbaker’s defeat in the 1963 election. The Canadian dollar returned to a fixed exchange rate regime in 1962 when its value was set at US$0.925, where it remained until 1970.^[36]

As an inflation-fighting measure, the Canadian dollar was allowed to float in 1970. Its value appreciated and it was worth more than the U.S. dollar for part of the 1970s. The high point was on April 25, 1974, when it reached US$1.0443.^[37]

The Canadian dollar fell in value against its American counterpart during the technological boom of the 1990s that was centred in the United States, and was traded for as little as US$0.6179 on January 21, 2002, which was an all-time low.^[38] Since then, its value against all major currencies rose until 2013, due in part to high prices for commodities (especially oil) that Canada exports.^[39]

The Canadian dollar’s value against the U.S. dollar rose sharply in 2007 because of the continued strength of the Canadian economy and the U.S. currency’s weakness on world markets. During trading on September 20, 2007, it met the U.S. dollar at parity for the first time since November 25, 1976.^[40]

Inflation in the value of the Canadian dollar has been fairly low since the 1990s. In 2007 the Canadian dollar rebounded, soaring 23% in value.^[36]

On September 28, 2007, the Canadian dollar closed above the U.S. dollar for the first time in 30 years, at US$1.0052.^[41] On November 7, 2007, it hit US$1.1024 during trading, a modern-day high^[42] after China announced it would diversify its US$1.43 trillion foreign exchange reserve away from the U.S. dollar. By November 30, however, the Canadian dollar was once again at par with the U.S. dollar, and on December 4, the dollar had retreated back to US$0.98, through a cut in interest rates made by the Bank of Canada due to concerns about exports to the U.S.

Due to its soaring value and new record highs at the time, the Canadian dollar was named the Canadian Newsmaker of the Year for 2007 by the Canadian edition of Time magazine.^[43]

Since the late 2000s, the Canadian dollar has been valued at levels comparable to the years before its swift rise in 2007. For most of the 2010s, the exchange rate of Canadian to US dollars was approximately US$0.70 to Can$1.00.^[44]

Reserve currency[edit]

Most traded currencies by value
Currency distribution of global foreign exchange market turnover^[45]

Rank	Currency	ISO 4217 code	Symbol or abbreviation	Proportion of daily volume, April 2019	Proportion of daily volume, April 2022
1	U.S. dollar	USD	US$	88.3%	88.5%
2	Euro	EUR	€	32.3%	30.5%
3	Japanese yen	JPY	¥ / 円	16.8%	16.7%
4	Sterling	GBP	£	12.8%	12.9%
5	Renminbi	CNY	¥ / 元	4.3%	7.0%
6	Australian dollar	AUD	A$	6.8%	6.4%
7	Canadian dollar	CAD	C$	5.0%	6.2%
8	Swiss franc	CHF	CHF	5.0%	5.2%
9	Hong Kong dollar	HKD	HK$	3.5%	2.6%
10	Singapore dollar	SGD	S$	1.8%	2.4%
11	Swedish krona	SEK	kr	2.0%	2.2%
12	South Korean won	KRW	₩ / 원	2.0%	1.9%
13	Norwegian krone	NOK	kr	1.8%	1.7%
14	New Zealand dollar	NZD	NZ$	2.1%	1.7%
15	Indian rupee	INR	₹	1.7%	1.6%
16	Mexican peso	MXN	$	1.7%	1.5%
17	New Taiwan dollar	TWD	NT$	0.9%	1.1%
18	South African rand	ZAR	R	1.1%	1.0%
19	Brazilian real	BRL	R$	1.1%	0.9%
20	Danish krone	DKK	kr	0.6%	0.7%
21	Polish złoty	PLN	zł	0.6%	0.7%
22	Thai baht	THB	฿	0.5%	0.4%
23	Israeli new shekel	ILS	₪	0.3%	0.4%
24	Indonesian rupiah	IDR	Rp	0.4%	0.4%
25	Czech koruna	CZK	Kč	0.4%	0.4%
26	UAE dirham	AED	د.إ	0.2%	0.4%
27	Turkish lira	TRY	₺	1.1%	0.4%
28	Hungarian forint	HUF	Ft	0.4%	0.3%
29	Chilean peso	CLP	CLP$	0.3%	0.3%
30	Saudi riyal	SAR	﷼	0.2%	0.2%
31	Philippine peso	PHP	₱	0.3%	0.2%
32	Malaysian ringgit	MYR	RM	0.1%	0.2%
33	Colombian peso	COP	COL$	0.2%	0.2%
34	Russian ruble	RUB	₽	1.1%	0.2%
35	Romanian leu	RON	L	0.1%	0.1%
…	Other		2.2%	2.5%
Total[b]	200.0%	200.0%

A number of central banks (and commercial banks) keep Canadian dollars as a reserve currency. The Canadian dollar is considered to be a benchmark currency.^{[citation needed]}

In the economy of the Americas, the Canadian dollar plays a similar role to that of the Australian dollar (AUD) in the Asia-Pacific region. The Canadian dollar (as a regional reserve currency for banking) has been an important part of the British, French and Dutch Caribbean states’ economies and finance systems since the 1950s. The Canadian dollar is held by many central banks in Central and South America as well.^{[46][citation needed]}

By observing how the Canadian dollar behaves against the U.S. dollar, foreign exchange economists can indirectly observe internal behaviours and patterns in the U.S. economy that could not be seen by direct observation. The Canadian dollar has fully evolved into a global reserve currency only since the 1970s, when it was floated against all other world currencies. Some economists have attributed the rise of importance of the Canadian dollar to the long-term effects of the Nixon Shock that effectively ended the Bretton Woods system of global finance.^[47]

Exchange rates[edit]

Current CAD exchange rates
From Google Finance:	AUD CHF CNY EUR GBP HKD JPY USD
From Yahoo! Finance:	AUD CHF CNY EUR GBP HKD JPY USD
From XE.com:	AUD CHF CNY EUR GBP HKD JPY USD
From OANDA:	AUD CHF CNY EUR GBP HKD JPY USD

See also[edit]

• Economy of Canada
• List of countries by leading trade partners
• List of the largest trading partners of Canada

Notes[edit]

References[edit]

Citations[edit]

Sources[edit]

External links[edit]

• New Canadian $100 Bank Note (2011) on YouTube
• Royal Canadian Mint
• Canadian Paper Money — historical banknotes (in English and German)
• re:politics: The Canadian Dollar
• Bank of Canada – Exchange rate lookup
• Bank of Canada — Bank notes

Canadian dollar

Dollar canadien (French) Can$, C$, CDN$, CAD
2011 Frontier series (polymer notes)
ISO 4217
Code	CAD (numeric: 124)
Subunit	0.01
Unit
Unit	dollar
Symbol	$‎
Nickname	Loonie, buck (in English) Huard, piastre (pronounced piasse in popular usage) (in French)
Denominations
Subunit
1⁄100	Cent (in English) and sou (colloquial in French)
Symbol
Cent	¢
Banknotes	$5, $10, $20, $50, $100
Coins
Freq. used	5¢, 10¢, 25¢, $1, $2
Rarely used	1¢ (discontinued, still legal tender), 50¢ (still minted)
Demographics
Official user(s)	Canada
Unofficial user(s)	St. Pierre and Miquelon
Issuance
Central bank	Bank of Canada
Website	www.bankofcanada.ca
Printer	Canadian Bank Note Company
Website	www.cbnco.com
Mint	Royal Canadian Mint
Website	www.mint.ca
Valuation
Inflation	8.1% (June 2022)
Source	Statistics Canada
Method	Consumer price index

The Canadian dollar (symbol: $; code: CAD; French: dollar canadien) is the currency of Canada. It is abbreviated with the dollar sign $. There is no standard disambiguating form, but the abbreviations Can$ and C$ are frequently used for distinction from other dollar-denominated currencies (though C$ remains ambiguous with the Nicaraguan córdoba).^[1][2][a] It is divided into 100 cents (¢).

Owing to the image of a common loon on its reverse, the dollar coin, and sometimes the unit of currency itself, may be referred to as the loonie by English-speaking Canadians and foreign exchange traders and analysts.^[3]

Accounting for approximately 2% of all global reserves, the Canadian dollar is the fifth-most held reserve currency in the world, behind the U.S. dollar, the euro, the yen and sterling.^[4] 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.^{[5][6][7][8][9]}

History[edit]

Colonial currencies[edit]

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. 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 British North American provinces nonetheless gradually adopted currencies tied to the American dollar.

Currencies used in Canada and its predecessors

Currency	Dates in use	Value in (pre-decimal) sterling	Value in Canadian dollars
Canadian pound	1841–1858	16s 5.3d	$4
Canadian dollar	1858–present	4s 1.3d	$1
New Brunswick dollar	1860–1867
British Columbia dollar	1865–1871
Prince Edward Island dollar	1871–1873
Nova Scotian dollar	1860–1871	4s	$0.973
Newfoundland dollar	1865–1895	4s 2d	$1.014
1895–1949	4s 1.3d	$1

Province of Canada[edit]

In 1841, the Province of Canada adopted a new system based on the Halifax rating. The new Canadian pound was equal to four US dollars (92.88 grains gold), making £1 sterling equal to £1.4s.4d. Canadian. Thus, the new Canadian pound was worth 16 shillings and 5.3 pence sterling.

In 1851, the Parliament of the Province of Canada passed an act for the purposes of introducing a sterling-based unit in conjunction with decimal fractional coinage. The idea was that the decimal coins would correspond to exact amounts in relation to the U.S. dollar fractional coinage.

In response to British concerns, in 1853, an act of the Parliament of the Province of Canada introduced the gold standard into the colony, based on both the British gold sovereign and the American gold eagle coins. This gold standard was introduced with the gold sovereign being legal tender at £1 = US$4.86+2⁄3. No coinage was provided for under the 1853 act. Sterling coinage was made legal tender and all other silver coins were demonetized. The British government in principle allowed for a decimal coinage but nevertheless held out the hope that a sterling unit would be chosen under the name of «royal». However, in 1857, the decision was made to introduce a decimal coinage into the Province of Canada in conjunction with the U.S. dollar unit. Hence, when the new decimal coins were introduced in 1858, the colony’s currency became aligned with the U.S. currency, although the British gold sovereign continued to remain legal tender at the rate of £1 = Can$4.86+2⁄3 right up until the 1990s. In 1859, Canadian colonial postage stamps were issued with decimal denominations for the first time. In 1861, Canadian postage stamps were issued with the denominations shown in dollars and cents.

Maritime colonies[edit]

In 1860, the colonies of New Brunswick and Nova Scotia followed the Province of Canada in adopting a decimal system based on the U.S. dollar unit.

In 1871, Prince Edward Island went decimal within the U.S. dollar unit and introduced coins in the denomination of 1 cent. However, the currency of Prince Edward Island was absorbed into the Canadian system shortly afterwards, when Prince Edward Island joined the Dominion of Canada in 1873.

Newfoundland[edit]

Newfoundland went decimal in 1865, but unlike the Province of Canada, New Brunswick, and Nova Scotia, it decided to adopt a unit based on the Spanish dollar rather than on the U.S. dollar, and there was a slight difference between these two units. The U.S. dollar was created in 1792 on the basis of the average weight of a selection of worn Spanish dollars. As such, the Spanish dollar was worth slightly more than the U.S. dollar, and likewise, the Newfoundland dollar, until 1895, was worth slightly more than the Canadian dollar.

British Columbia[edit]

The Colony of British Columbia adopted the British Columbia dollar as its currency in 1865, at par with the Canadian dollar. When British Columbia joined Canada as its sixth province in 1871, the Canadian dollar replaced the British Columbia dollar.

Post-Confederation history[edit]

In 1867, the Province of Canada, New Brunswick, and Nova Scotia united into a federation named Canada. As a result, their respective currencies were merged into a singular Canadian dollar. The Canadian Parliament passed the Uniform Currency Act in April 1871,^[10] tying up loose ends as to the currencies of the various provinces and replacing them with a common Canadian dollar.

The gold standard was temporarily abandoned during the First World War and definitively abolished on April 10, 1933. At the outbreak of the Second World War, the exchange rate to the U.S. dollar was fixed at Can$1.10 = US$1.00. This was changed to parity in 1946. In 1949, sterling was devalued and Canada followed, returning to a peg of Can$1.10 = US$1.00. However, Canada allowed its dollar to float in 1950, whereupon the currency rose to a slight premium over the U.S. dollar for the next decade. But the Canadian dollar fell sharply after 1960 before it was again pegged in 1962 at Can$1.00 = US$0.925. This was sometimes pejoratively referred to as the «Diefenbuck» or the «Diefendollar», after the then Prime Minister, John Diefenbaker. This peg lasted until 1970, with the currency’s value being floated since then.

Terminology[edit]

Canadian English, similar to American English, used the slang term «buck» for a former paper dollar. The Canadian origin of this term derives from a coin struck by the Hudson’s Bay Company during the 17th century with a value equal to the pelt of a male beaver – a «buck».^[11] Because of the appearance of the common loon on the back of the $1 coin that replaced the dollar bill in 1987, the word loonie was adopted in Canadian parlance to distinguish the Canadian dollar coin from the dollar bill. When the two-dollar coin was introduced in 1996, the derivative word toonie («two loonies») became the common word for it in Canadian English slang.

In French, the currency is also called le dollar; Canadian French slang terms include piastre or piasse (the original word used in 18th-century French to translate «dollar») and huard (equivalent to loonie, since huard is French for «loon,» the bird appearing on the coin). The French pronunciation of cent (pronounced similarly to English as /sɛnt/ or /sɛn/, not like the word for hundred, /sɑ̃/ or /sã/)^[12] is generally used for the subdivision; sou is another, informal, term for 1¢. 25¢ coins in Quebec French are often called trente sous («thirty cents») because of a series of changes in terminology, currencies, and exchange rates. After the British conquest of Canada in 1760, French coins gradually went out of use, and sou became a nickname for the halfpenny, which was similar in value to the French sou. Spanish dollars and U.S. dollars were also in use, and from 1841 to 1858, the exchange rate was fixed at $4 = £1  (or 400¢ = 240d). This made 25¢ equal to 15d, or 30 halfpence (trente sous). After decimalization and the withdrawal of halfpenny coins, the nickname sou began to be used for the 1¢ coin, but the idiom trente sous for 25¢ endured.^[13]

Coins[edit]

Coins are produced by the Royal Canadian Mint’s facilities in Winnipeg, Manitoba, and Ottawa, Ontario, in denominations of 5¢ (nickel), 10¢ (dime), 25¢ (quarter), 50¢ (50¢ piece) (though the 50¢ piece is no longer distributed to banks and is only available directly from the mint, therefore seeing very little circulation), $1 (loonie), and $2 (toonie). The last 1¢ coin (penny) to be minted in Canada was struck on May 4, 2012,^[14] and distribution of the penny ceased on February 4, 2013.^[15] Ever since, the price for a cash transaction is rounded to the nearest five cents. The penny continues to be legal tender, although they are only accepted as payment and not given back as change.

The standard set of designs has Canadian symbols, usually wildlife, on the reverse, and an effigy of Elizabeth II on the obverse. Some pennies, nickels, and dimes remain in circulation that bear the effigy of George VI. It is also common for American coins to be found among circulation due to the close proximity to the United States and the fact that the sizes of the coins are similar. Commemorative coins with differing reverses are also issued on an irregular basis, most often quarters. 50¢ coins are rarely found in circulation; they are often collected and not regularly used in day-to-day transactions in most provinces.

Coin history[edit]

In 1858, bronze 1¢ and 0.925 silver 5¢, 10¢ and 20¢ coins were issued by the Province of Canada. Except for 1¢ coins struck in 1859, no more coins were issued until 1870, when production of the 5¢ and 10¢ was resumed and silver 25¢ and 50¢ were introduced. Between 1908 and 1919, sovereigns (legal tender in Canada for $4.86+2⁄3) were struck in Ottawa with a «C» mintmark.

Canada produced its first gold dollar coins in 1912 in the form of $5 and $10. These coins were produced from 1912 to 1914. The obverse carries an image of King George V and on the reverse is a shield with the arms of the Dominion of Canada. Gold from the Klondike River valley in the Yukon accounts for much of the gold in the coins.

Two years into the coin’s production World War I began and production of the coins stopped in favour of tighter control over Canadian gold reserves. Most of the 1914 coins produced never reached circulation at the time and some were stored for more than 75 years until being sold off in 2012. The high quality specimens were sold to the public and the visually unappealing ones were melted.^[16]

In 1920, the size of the 1¢ was reduced and the silver fineness of the 5¢, 10¢, 25¢ and 50¢ coins was reduced to 0.800 silver/.200 copper. This composition was maintained for the 10¢, 25¢ and 50¢ piece through 1966, but the debasement of the 5¢ piece continued in 1922 with the silver 5¢ being entirely replaced by a larger nickel coin. In 1942, as a wartime measure, nickel was replaced by tombac in the 5¢ coin, which was changed in shape from round to dodecagonal. Chromium-plated steel was used for the 5¢ in 1944 and 1945 and between 1951 and 1954, after which nickel was readopted. The 5¢ returned to a round shape in 1963.

In 1935, the 0.800 silver voyageur dollar was introduced. Production was maintained through 1967 with the exception of the war years between 1939 and 1945.

In 1967 both 0.800 silver/0.200 copper and, later that year, 0.500 silver/.500 copper 10¢ and 25¢ coins were issued. 1968 saw further debasement: the 0.500 fine silver dimes and quarters were completely replaced by nickel ones mid-year. All 1968 50¢ and $1 coins were reduced in size and coined only in pure nickel. Thus, 1968 marked the last year in which any circulating silver coinage was issued in Canada.

In 1982, the 1¢ coin was changed to dodecagonal, and the 5¢ was further debased to a cupro-nickel alloy. In 1987 a $1 coin struck in aureate-plated nickel was introduced. A bimetallic $2 coin followed in 1996. In 1997, copper-plated zinc replaced bronze in the 1¢, and it returned to a round shape. This was followed, in 2000, by the introduction of even cheaper plated-steel 1¢, 5¢, 10¢, 25¢ and 50¢ coins, with the 1¢ plated in copper and the others plated in cupro-nickel. In 2012, the multi-ply plated-steel technology was introduced for $1 and $2 coins as well. Also in that year mintage of the 1¢ coin ceased and its withdrawal from circulation began in 2013.

Banknotes[edit]

The first paper money issued in Canada denominated in dollars were British Army bills, issued between 1813 and 1815. Canadian dollar banknotes were later issued by the chartered banks starting in the 1830s, by several pre-Confederation colonial governments (most notably the Province of Canada in 1866), and after confederation, by the Canadian government starting in 1870. Some municipalities also issued notes, most notably depression scrip during the 1930s.^[17]

On July 3, 1934,^{[18][failed verification]} with only 10 chartered banks still issuing notes, the Bank of Canada was founded. This new government agency became the sole issuer of all federal notes. In 1935, it issued its first series of notes in denominations of $1, $2, $5, $10, $20, $25, $50, $100, $500 and $1000. The $25 note was a commemorative issue, released to mark the Silver Jubilee of King George V.^[19] In 1944, the chartered banks were prohibited from issuing their own currency, with the Royal Bank of Canada and the Bank of Montreal among the last to issue notes.

Significant design changes to the notes have occurred since 1935, with new series introduced in 1937, 1954, 1970, 1986, and 2001. In June 2011, newly designed notes printed on a polymer substrate, as opposed to cotton fibre, were announced; the first of these polymer notes, the $100 bill, began circulation on November 14, 2011, the $50 bill began circulation on March 26, 2012, the $20 denomination began circulation on November 7, 2012, and the $5 and $10 denominations began circulation on November 12, 2013.

Since 1935, all banknotes are printed by the Ottawa-based Canadian Bank Note Company under contract to the Bank of Canada. Previously, a second company, BA International (founded in 1866 as the British American Bank Note Company), shared printing duties. In 2011, BA International announced it would close its banknote printing business and cease printing banknotes at the end of 2012;^[20] since then, the Canadian Bank Note Company has been the sole printer of Canadian banknotes.

All banknotes from series prior to the current polymer series are now considered unfit for circulation due to their lacking of any modern security features, such as a metallic stripe.^[21] Financial institutions must return the banknotes to the Bank of Canada, which will then destroy them.^[21] Individuals may keep the banknotes indefinitely.^[22]

Legal tender[edit]

As of January 1, 2021, the $1, $2, $25, $500 and $1000 notes issued by the Bank of Canada are no longer legal tender.^[23] All other current and prior Canadian dollar banknotes issued by the Bank of Canada remain as legal tender in Canada. However, commercial transactions may legally be settled in any manner agreed by the parties involved.

Legal tender of Canadian coinage is governed by the Currency Act, which sets out limits of:^[24]

• $40 if the denomination is $2 or greater but does not exceed $10;
• $25 if the denomination is $1;
• $10 if the denomination is 10¢ or greater but less than $1;
• $5 if the denomination is 5¢;
• 25¢ if the denomination is 1¢.

Retailers in Canada may refuse bank notes without breaking the law. According to legal guidelines, the method of payment has to be mutually agreed upon by the parties involved with the transactions. For example, stores may refuse $100 banknotes if they feel that would put them at risk of being counterfeit victims; however, official policy suggests that the retailers should evaluate the impact of that approach. In the case that no mutually acceptable form of payment can be found for the tender, the parties involved should seek legal advice.^[25]

Canadian dollars, especially coins, are accepted by some businesses in the northernmost cities of the United States and in many Canadian snowbird enclaves, just as U.S. dollars are accepted by some Canadian businesses.^[26]

In 2012, Iceland considered adopting the Canadian dollar as a stable alternative to the Icelandic króna.^[27][28]
Canada was favoured due to its northern geography and similar resource-based economy, in addition to its relative economic stability.^[29][30] The Canadian ambassador to Iceland said that Iceland could adopt the currency; although Iceland ultimately decided not to move on with the proposal.^[31]

Value[edit]

Since 76.7% of Canada’s exports go to the U.S., and 53.3% of imports into Canada come from the U.S.,^[32] Canadians are interested in the value of their currency mainly against the U.S. dollar. Although domestic concerns arise when the dollar trades much lower than its U.S. counterpart, there is also concern among exporters when the dollar appreciates quickly. A rise in the value of the dollar increases the price of Canadian exports to the U.S. On the other hand, there are advantages to a rising dollar, in that it is cheaper for Canadian industries to purchase foreign material and businesses.

The Bank of Canada currently has no specific target value for the Canadian dollar and has not intervened in foreign exchange markets since 1998.^[33] The Bank’s official position is that market conditions should determine the worth of the Canadian dollar, although it occasionally makes minor attempts to influence its value.

On world markets, the Canadian dollar historically tended to move in tandem with the U.S. dollar.^[34] An apparently rising Canadian dollar (against the U.S. dollar) was decreasing against other international currencies; however, during the rise of the Canadian dollar between 2002 and 2013, it gained value against the U.S. dollar as well as other international currencies. In recent years, dramatic fluctuations in the value of the Canadian dollar have tended to correlate with shifts in oil prices, reflecting the Canadian dollar’s status as a petrocurrency owing to Canada’s significant oil exports.^[35]

The Canadian dollar traded at a record high of US$2.78 in terms of American greenbacks on July 11, 1864, since the latter was inconvertible paper currency.^[36] However, the Canadian dollar remained close to par or 1:1 versus the gold or silver US dollar of the time.

Unlike other currencies in the Bretton Woods system, whose values were fixed, the Canadian dollar was allowed to float from 1950 to 1962. Between 1952 and 1960, the Canadian dollar traded at a slight premium over the U.S. dollar, reaching a high of US$1.0614 on August 20, 1957.^[36]

The Canadian dollar fell considerably after 1960, and this contributed to Prime Minister John Diefenbaker’s defeat in the 1963 election. The Canadian dollar returned to a fixed exchange rate regime in 1962 when its value was set at US$0.925, where it remained until 1970.^[36]

As an inflation-fighting measure, the Canadian dollar was allowed to float in 1970. Its value appreciated and it was worth more than the U.S. dollar for part of the 1970s. The high point was on April 25, 1974, when it reached US$1.0443.^[37]

The Canadian dollar fell in value against its American counterpart during the technological boom of the 1990s that was centred in the United States, and was traded for as little as US$0.6179 on January 21, 2002, which was an all-time low.^[38] Since then, its value against all major currencies rose until 2013, due in part to high prices for commodities (especially oil) that Canada exports.^[39]

The Canadian dollar’s value against the U.S. dollar rose sharply in 2007 because of the continued strength of the Canadian economy and the U.S. currency’s weakness on world markets. During trading on September 20, 2007, it met the U.S. dollar at parity for the first time since November 25, 1976.^[40]

Inflation in the value of the Canadian dollar has been fairly low since the 1990s. In 2007 the Canadian dollar rebounded, soaring 23% in value.^[36]

On September 28, 2007, the Canadian dollar closed above the U.S. dollar for the first time in 30 years, at US$1.0052.^[41] On November 7, 2007, it hit US$1.1024 during trading, a modern-day high^[42] after China announced it would diversify its US$1.43 trillion foreign exchange reserve away from the U.S. dollar. By November 30, however, the Canadian dollar was once again at par with the U.S. dollar, and on December 4, the dollar had retreated back to US$0.98, through a cut in interest rates made by the Bank of Canada due to concerns about exports to the U.S.

Due to its soaring value and new record highs at the time, the Canadian dollar was named the Canadian Newsmaker of the Year for 2007 by the Canadian edition of Time magazine.^[43]

Since the late 2000s, the Canadian dollar has been valued at levels comparable to the years before its swift rise in 2007. For most of the 2010s, the exchange rate of Canadian to US dollars was approximately US$0.70 to Can$1.00.^[44]

Reserve currency[edit]

Most traded currencies by value
Currency distribution of global foreign exchange market turnover^[45]

Rank	Currency	ISO 4217 code	Symbol or abbreviation	Proportion of daily volume, April 2019	Proportion of daily volume, April 2022
1	U.S. dollar	USD	US$	88.3%	88.5%
2	Euro	EUR	€	32.3%	30.5%
3	Japanese yen	JPY	¥ / 円	16.8%	16.7%
4	Sterling	GBP	£	12.8%	12.9%
5	Renminbi	CNY	¥ / 元	4.3%	7.0%
6	Australian dollar	AUD	A$	6.8%	6.4%
7	Canadian dollar	CAD	C$	5.0%	6.2%
8	Swiss franc	CHF	CHF	5.0%	5.2%
9	Hong Kong dollar	HKD	HK$	3.5%	2.6%
10	Singapore dollar	SGD	S$	1.8%	2.4%
11	Swedish krona	SEK	kr	2.0%	2.2%
12	South Korean won	KRW	₩ / 원	2.0%	1.9%
13	Norwegian krone	NOK	kr	1.8%	1.7%
14	New Zealand dollar	NZD	NZ$	2.1%	1.7%
15	Indian rupee	INR	₹	1.7%	1.6%
16	Mexican peso	MXN	$	1.7%	1.5%
17	New Taiwan dollar	TWD	NT$	0.9%	1.1%
18	South African rand	ZAR	R	1.1%	1.0%
19	Brazilian real	BRL	R$	1.1%	0.9%
20	Danish krone	DKK	kr	0.6%	0.7%
21	Polish złoty	PLN	zł	0.6%	0.7%
22	Thai baht	THB	฿	0.5%	0.4%
23	Israeli new shekel	ILS	₪	0.3%	0.4%
24	Indonesian rupiah	IDR	Rp	0.4%	0.4%
25	Czech koruna	CZK	Kč	0.4%	0.4%
26	UAE dirham	AED	د.إ	0.2%	0.4%
27	Turkish lira	TRY	₺	1.1%	0.4%
28	Hungarian forint	HUF	Ft	0.4%	0.3%
29	Chilean peso	CLP	CLP$	0.3%	0.3%
30	Saudi riyal	SAR	﷼	0.2%	0.2%
31	Philippine peso	PHP	₱	0.3%	0.2%
32	Malaysian ringgit	MYR	RM	0.1%	0.2%
33	Colombian peso	COP	COL$	0.2%	0.2%
34	Russian ruble	RUB	₽	1.1%	0.2%
35	Romanian leu	RON	L	0.1%	0.1%
…	Other		2.2%	2.5%
Total[b]	200.0%	200.0%

A number of central banks (and commercial banks) keep Canadian dollars as a reserve currency. The Canadian dollar is considered to be a benchmark currency.^{[citation needed]}

In the economy of the Americas, the Canadian dollar plays a similar role to that of the Australian dollar (AUD) in the Asia-Pacific region. The Canadian dollar (as a regional reserve currency for banking) has been an important part of the British, French and Dutch Caribbean states’ economies and finance systems since the 1950s. The Canadian dollar is held by many central banks in Central and South America as well.^{[46][citation needed]}

By observing how the Canadian dollar behaves against the U.S. dollar, foreign exchange economists can indirectly observe internal behaviours and patterns in the U.S. economy that could not be seen by direct observation. The Canadian dollar has fully evolved into a global reserve currency only since the 1970s, when it was floated against all other world currencies. Some economists have attributed the rise of importance of the Canadian dollar to the long-term effects of the Nixon Shock that effectively ended the Bretton Woods system of global finance.^[47]

Exchange rates[edit]

Current CAD exchange rates
From Google Finance:	AUD CHF CNY EUR GBP HKD JPY USD
From Yahoo! Finance:	AUD CHF CNY EUR GBP HKD JPY USD
From XE.com:	AUD CHF CNY EUR GBP HKD JPY USD
From OANDA:	AUD CHF CNY EUR GBP HKD JPY USD

See also[edit]

• Economy of Canada
• List of countries by leading trade partners
• List of the largest trading partners of Canada

Notes[edit]

References[edit]

Citations[edit]

Sources[edit]

External links[edit]

• New Canadian $100 Bank Note (2011) on YouTube
• Royal Canadian Mint
• Canadian Paper Money — historical banknotes (in English and German)
• re:politics: The Canadian Dollar
• Bank of Canada – Exchange rate lookup
• Bank of Canada — Bank notes

Канадский доллар – официальная валюта Канады. 1 канадский доллар равен 100 центам. Банковский код – CAD. Номиналы действующих банкнот: 100, 50, 25, 10 и 5 долларов. Монеты в обращении: 2 и 1 доллар, 50, 20, 10, 5 и 1 цент.

На банкнотах Канады на лицевой стороне – портреты выдающихся деятелей, а на оборотной – сцены из жизни канадцев. На 5 долларах – седьмой премьер-министр страны Вилфрид Лауриер. На обороте банкноты изображены дети, играющие в хоккей. На 10 долларах – первый премьер-министр Канады сэр Джон А. Макдональд и сцена, символизирующая национальную память и стремление к миру – ветеран и двое молодых людей во время минуты молчания в день памяти служащих Вооруженных сил Канады. На 20 долларах – портрет королевы Великобритании Елизаветы II и репродукция работы канадского художника начала XX века Билла Рейда. На 50 долларах – Уильям Лайон Маккензи Кинг, десятый премьер-министр страны, и изображение строительства канадской железной дороги. На 100 долларах – портрет восьмого премьер-министра сэра Роберта Лэйрда Бордена и контур карты Канады.

В настоящее время в стране происходит переход на полимерные деньги. Банк Канады уже выпустил купюры достоинством 50 и 100 долларов нового образца. Банкнота в 20 долларов увидит свет до конца 2012 года, а 10 и 5 долларов – в 2013 году. При этом изображение не меняется, новым станет только материал.

На аверсе канадских монет по традиции расположен портрет королевы Великобритании Елизаветы II. На реверсе 1 цента изображен символ Канады – кленовый лист, 5 центов – североамериканский (канадский) бобр, 10 центов – парусная рыболовецкая шхуна, 25 центов – северный олень карибу, 50 центов – королевский герб Канады, 1 доллара – птица гагара, 2 долларов – полярный белый медведь.

Исторически коренные народы Канады не имели денежного обращения – они обменивались товарами, за исключением отдельных племен, которые использовали в качестве денег медь.

С 60-х годов XVII в. первыми колонистами стали французы, которые использовали французские монеты. Однако доставка денежных знаков была сопряжена с большими трудностями. Известно, что в 1685 году дефицит монет был настолько велик, что местные власти были вынуждены использовать игральные карты с соответствующими надписями на обороте в качестве платежного средства.

В начале XVIII в. денежные суррогаты были выведены из обращения, и их место заняли монеты, имевшие хождение во Франции, – 1 су, 2 су и др. В 1763 году согласно Парижскому соглашению Канада перешла под юрисдикцию Великобритании. Борьба между метрополиями привела к тому, что на территории страны обращались как британские фунты, так и испанские монеты, именуемые долларами. Кроме того, во время войны 1812 года широкое обращение получили так называемые военные векселя, выпускавшиеся британским правительством.

После окончания боевых действий правительство Великобритании в полном объеме обменяло эти денежные знаки на золото, что способствовало росту доверия к бумажным платежным средствам у местного населения и развитию банковской системы.

С 1821 года начал свое развитие финансовый сектор. При этом банки получили возможность выпускать свои собственные деньги под гарантии имеющихся у них золотых запасов.

В 1841 году основной денежной единицей стал канадский фунт, который был приравнен к 4 долларам США. В то время существовало очевидное противоречие между стремлением Британской империи сохранить фунт в качестве международной валюты и экономической реальностью, при которой основным торговым партнером Канады являлись Соединенные Штаты.

Переход на канадский доллар был официально объявлен 1858 году, однако еще несколько лет после этого различные районы страны использовали свои собственные денежные системы. В 1871 году парламент принял унифицированный закон о валюте, согласно которому канадский доллар стал единой денежной единицей для всей страны.

До 1933 года, с перерывом на время Первой мировой войны, Канада использовала золотой стандарт. В 1935 году был создан Банк Канады, который осуществил эмиссию канадского доллара.

С началом Второй мировой войны курс был зафиксирован на уровне 1,1 канадского доллара за 1 американский.

Впервые плавающий курс канадского доллара был объявлен в 1950 году, но в 1962 году страна вновь привязала свою валюту к доллару США: 1 канадский доллар был равен 1,925 американского доллара.

Окончательный переход на плавающий курс, когда цену валюты определяет спрос и предложение, состоялся в 1970-х годах. С этого периода до середины 1980-х канадский доллар укреплялся, и его наибольшее значение достигло приблизительно 0,65 канадского доллара за доллар США.

Определенное снижение котировок канадского доллара произошло в 1990-х годах, когда наблюдался технологический бум в Соединенных Штатах. Но к 2007 году он вновь окреп, и на весну 2012-го за один американский доллар можно купить приблизительно 99 канадских центов.

Примечательно, что Банк Канады практически никогда не проводит валютных интервенций. Официально известно, что он оказывал влияние на котировки национальной валюты последний раз в 1998 году.

Канадский доллар стоит весной 2012 году около 29,5 российского рубля.

Таким образом, канадский доллар – свободно конвертируемая валюта, на которую регулирующие органы оказывают минимум влияния.

Он является одной из самых торгуемых инструментов на рынке Forex.

На сегодняшний день канадская экономика является одно из самых сильных в мире. А национальная валюта страны может рассматриваться как одна из мировых резервных.

Что касается поездок в Канаду, то ограничений на ввоз и вывоз наличной валюты не существует. Банковский сектор развит, практически везде можно расплачиваться картами.

Каждый из нас хоть раз слышал про американский доллар, знает его курс и номинал, как он выглядит. А что вам известно про национальную валюту соседки США Канады? Там тоже доллар, но канадский. О том, чем он отличается от американского и где используется, мы расскажем в нашей статье.

Немного о Канаде

Канада находится на континенте Северная Америка. В состав страны входит несколько крупных северных островов:

• Ванкувер;

• Баффинова Земля;

• Девон;

• Ньюфаундленд.

Климатические условия страны очень напоминают российские. Именно поэтому большая часть населения проживает на южной границе с США, а северные территории страны, особенно острова, покрытые льдами, не заселены.

Число жителей Канады составляет свыше 37 миллионов. Столица страны — Оттава, там проживает около миллиона человек.

Интересно, что Канада буквально означает «деревня» на древнем лаврентийском языке.

Территории современной Канады были открыты викингами еще в 1000 году. В те годы там проживали индейские племена, которые в своем развитии не ушли далеко от каменного века. Поэтому Канада и получила такое название.

Однако сегодня «деревня» — одна из наиболее развитых стран мира, со своей сильной армией, внешней политикой, высоким уровнем медицины и образования. И, конечно же, со своей валютой, которая играет ведущую роль на мировом финансовом рынке.

Канадская валюта

Канадский доллар — официальная валюта Канады, законное расчётное средство. Занимает седьмое место в мире по торговому объёму, что делает его одной из наиболее популярных мировых валют.

Канадский доллар — свободно конвертируемая валюта, ее курс тесно связан с сырьевым рынком.

Один канадский доллар равен ста центам.

Из-за тесного географического соседства с США, а также из-за значительной доли импорта канадской продукции в Штаты, американская валюта оказывает сильное влияние на канадскую. Также канадский доллар зависит от евро, японской йены и китайского юаня.

ЭТО ИНТЕРЕСНО. Название «доллар» характерно для валюты большинства бывших британский колоний, а также для тех, на развитие которых повлияли Штаты.

Канадский доллар имеет и забавное прозвище, которое очень распространено в англоязычных государствах — «луни». Оно происходит от английского “loon” — «гагара». Это птица, которая является национальным символом Канады. Изображение пернатой украшает однодолларовую монету страны.

Знак канадского доллара, его банковский код

Символ национальной денежной единицы Канады полностью повторяет знак американского доллара — $. Это заглавная латинская буква S с одной чертой посередине. Иногда, чтобы отличить канадский доллар от американского, перед значком первого ставят буквы C или CA.

Банковский код канадской валюты — CAD.

ЭТО ИНТЕРЕСНО. Знак еще одной национальной валюты — австралийского доллара, выглядит точно также, как и канадский.

Отношение канадского доллара к американскому

Если изучать историю курса канадской национальной валюты, то можно заметить, что он цикличен и на протяжении XX—XXI веков переживает постоянные взлёты и падения.

В 1978 г. на валютном рынке Форекс появилась пара USD/CAD (неофициальное название — «луни и фонды» от английского “founds”).

И теперь весь финансовый мир следит за их взаимоотношениями. Дело в том, что канадская валюта — рисковый актив, его процентная ставка равна 1 %. А американский доллар — надёжная, стабильная мировая резервная валюта.

До 1976 года он был незначительно дороже американского (0,95 C$ стоили 1,05 $).

После 1976 года в Канаде начался период дефицита, который продлился 20 лет. Каждый год канадское правительство тратило гораздо больше денег, чем поступало в бюджет. К этому добавлялись проценты по уплате долгов, которых становилось все больше и больше. В результате в 1994 году доллар Канады стоил всего 72 американских цента. Ситуация начала меняться лишь в 1995 году, когда премьер-министр Пол Мартин, пришедший к власти в 1993 году, принял решение значительно урезать государственные расходы. Уже с 1997 года в стране наметился профицит бюджета, а с 2003 года — тенденция к подорожанию местной валюты по отношению к американской. Так, в 2007 году курс американского и канадского доллара сравнялся. Однако уже спустя 3 года снова началось удешевление канадской денежной единицы.

Сейчас снова наблюдается ее рост. В 2021 году 1 канадский доллар стоит 78 американских центов.

История канадского доллара

Как известно, больше ста лет, в период с 1763 по по 1867 Канада являлась британской колонией.

Лишь в 1867 году Канада получила возможность сформировать собственное правительство и получила фактическую независимость. Страна стала называться Доминион Канада, в неё входили следующие территории:

• Квебек;

• Онтарио;

• Новая Шотландия;

• Нью-Брансуик.

Однако полный разрыв всех конституционных законодательных связей между Канадой и Британией случился лишь в 1982 году, в результате принятия Акта о Канаде.

На территории североамериканских колоний не хватало национальной британской валюты — фунтов стерлингов, поэтому там повсеместно использовались «испанские доллары» — песо.

Это специальные деньги, которые выпускались для испанских колоний. Но они были адаптированы к британской системе фунтов, шиллингов и пенсов. Для этого использовались две котировки:

1. Галифакса. Согласно ей, 1 песо был равен 5 шиллингам.

2. Йоркская. 1 «испанский доллар» равнялся 8 шиллингам.

Именно Йоркская котировка активно использовалась на территории Верхней Канады.

ЭТО ИНТЕРЕСНО. Официально подобная котировка была запрещена ещё в 1796 году, но на деле и в XIX веке ее еще использовали.

В 1841 году на территории современной Канады получили хождение канадские фунты. Один канадский фунт (5 шиллингов) был равен 1 золотому доллару США.

В 1850-х годах между населением Канады и правительством велись активные споры о том, какую валюту всё-таки выбрать. Местные жители из-за близости США настаивали на единении канадской и американской валют из-за стремительно возрастающего товарооборота между странами. А правительство, находясь в Лондоне, всеми силами цеплялось за британские фунты стерлингов.

В 1851 году парламент Канады попытался принять закон о вводе в качестве национальной валюты фунта стерлингов, но с десятичным дроблением. Это предлагалось сделать для облегчения конвертации канадской валюты в американскую. Лондонское правительство отказало им в принятии закона. Однако в качестве компромисса в 1853 году был принят закон о золотом стандарте, который основывался как на золотой монете Британии, так и на монете США «золотом орле».

В 1857 году власти Канады приняли решение о переходе на десятичную систему с привязкой к американскому доллару. И уже через год были введены новые серебряные монеты, получившие название «канадский доллар».

Несмотря на то, что валюта была привязана к американским денежным единицам, расплачиваться британскими золотыми монетами можно было вплоть до 1890-х годов.

Вслед за Канадой и другие британские колонии стали принимать десятичную денежную систему, привязанную к доллару США:

• Новая Шотландия и Нью-Брансуик в 1861 году;

• Ньюфаундленд — в 1865 году;

• Остров принца Эдуарда — в 1871 году.

В 1871 году парламент Канады принял решение об унификации валюты на территории всей страны.

До 1933 года все бумажные деньги в Канаде могли обмениваться на золото без каких-либо ограничений.

В 1935 году был открыт Банк Канады, он взял на себя эмиссионные функции.

На смену золотому стандарту пришла бреттон-вудская система, принятая в ходе международной конференции в 1944 году.

С 1955 года только Банк Канады имеет право выпускать банкноты.

С 2011 года выпускаются полимерные банкноты.

Купюры и монеты канадского доллара

В настоящее время Банком Канады выпускаются монеты номиналом:

• 1, 5, 10, 25, 50 центов;

• 1 и 2 доллара.

Они чеканятся Королевским монетным двором сразу в двух канадских городах — в Виннипеге и Оттаве.

У всех монет необычный дизайн. Если на их лицевой стороне размещено изображение Королевы Соединенного Королевства Елизаветы II, то на обратной стороне у каждой монеты свой рисунок.

1. На 1 центе изображена кленовая ветка с листьями.

2. На 5 центах — канадский бобр.

3. На 10 центах красуется парусная шхуна.

4. На 50 центах чеканится государственный герб Канады.

5. На 1 долларе — гагара.

6. На 2 долларах — белый медведь.

ЭТО ИНТЕРЕСНО. Обратная сторона монеты номиналом в 25 центов не имеет постоянного изображения. Обычно там чеканятся изображения, посвященные тому или иному празднику или памятному событию Канады.

Все монеты имеют круглую форму, кроме 1 цента. Он выполнен в виде правильного одиннадцатигранника.

В 2007 году были выпущены монеты номиналом в 1000000 долларов. Пять из них были успешно проданы, а шестую украли из немецкого музея Боде. Вес одной монеты составляет чуть меньше центнера, так что грабителям пришлось очень постараться, чтобы похитить ее.

На территории Канады находятся в обращении купюры номиналом в 5, 10, 20, 50 и 100 канадских долларов.

На лицевой стороне банкнот изображены портреты руководителей Канады в разные периоды времени:

• на 5 долларах — Уилфрид Лорье, первый франкоязычный премьер-министр Канады;

• на 10 — Джон А. Макдональд, выдающийся политик;

• на 20 — Королева Елизавета II;

• на 50 — портрет Уильяма Лайона Макензи Кинга, десятого премьер-министра;

• на 100 — изображение сэра Роберта Лэрда Бордена, восьмого премьер-министра.

На реверс банкнот наносятся сцены из жизни обычных канадских граждан:

• на купюре в 5 долларов нарисованы дети, которые играют в хоккей;

• на десятидолларовой купюре изображена сцена минуты молчания у Пантеона памяти;

• на 20 долларах — стеллы Вимийского мемориала;

• на 50 — ледокол «Амундсен»;

• на 100 — женщина-учёный у микроскопа.

Защита полимерных банкнот от подделки

Новые, выпускаемые с 2011 года, полимерные банкноты надежно защищены от подделки многоступенчатой системой.

1. Рельефная печать. Краска наносится на банкноты таким образом, что немного выступает на бумаге, создавая специальные шероховатости.

2. Прозрачное окно. Небольшой участок купюры, не покрытый белой краской.

3. Оптически переменный элемент. Если наклонять купюры под разным углом, изображение, размещенное на прозрачном окне, будет менять цвет.

4. Микротекст, который можно разглядеть, только используя лупу.

5. Однотонное теневое изображение (аналог водяного знака). Находится в центре купюр.

6. В символе птицы, изображённом на купюре, три цвета более интенсивные, чем все остальные оттенки на банкноте.

7. Элемент с поляризационным покрытием DOE. Скрытое изображение видно, если смотреть на банкноты против света или в темное время суток.

Советы туристам

Для обмена наличных денег в Канаде лучше всего привозить американские доллары. С обменом евро, а тем более рублей, могут возникнуть проблемы.

В Канаде не принимаются для оплаты никакие валюты, кроме канадского доллара.

Исключение — коммерческие точки, расположенные на границе с США и ориентированные на иностранных туристов (мотели, сувенирные лавки, магазины, кафе). Там могут принять доллары США, но по невыгодному курсу. Расплатиться евро или рублями у вас не получится, их нигде не принимают.

Менять валюту лучше всего в официальных обменных пунктах или банках Канады.

Мы не рекомендуем обменивать деньги в аэропортах, гостиницах, круглосуточных обменных пунктах — там будет максимально невыгодный курс.

Чаще всего обменные пункты расположены в тех местах, где наблюдается большое скопление туристов, — вблизи достопримечательностей, музеев, торговых центров.

В Канаде свободно можно расплачиваться дорожными чеками и кредитными картами Visa, MasterCard, American Express. В любом банкомате вы можете снять наличными американские доллары, причём даже с рублёвой карточки.

ЭТО ИНТЕРЕСНО. Большинство банков Канады работает с 10:00 до 17:00, но в пятницу продлевают свою работу до 18:00. Крупные канадские банки закрываются в 15:00. Суббота и воскресенье — официальные выходные у всех банков.

Какая валюта в Канаде как выглядят канадские деньги — фото денежной единицы доллара

10.10.2020

15 минут

• Немного о Стране четырех стихий
• История появления
• Франкоязычная Канада
• Как выглядит канадская валюта: фото и обозначение доллара у канадцев
• Банковский код и прочие атрибуты
• Защита новых банкнот от подделки
• Терминология на сленге
• Купюры
• Монеты
• Заключение

Любой человек точно знает, как выглядят американские деньги, держал их в руках, а у некоторых есть даже значительные запасы этого платежного средства. Однако о ближайшей «соседке» Соединенных Штатов известно намного меньше. Давайте разберемся, какое название у валюты в Канаде, как она появилась и откуда ведет свою историю, какими особенностями отличается, как и чем защищена. Заодно не помешает узнать, что должны понимать путешественники, отправляясь туда, чтобы не попасть в неприятную и непредвиденную ситуацию.

Немного о Стране четырех стихий

Расположилось это государство в северной части североамериканского континента, по суше оно граничит только с США (материковая часть и Аляска). Морские кордоны проходят на востоке с Францией (Сен-Пьер и Микелон), на северо-востоке с Данией (Гренландия). В составе обширные территории, большую часть времени покрытые снегами и льдами, несколько, красивых, а также безжизненных и холодных, крупных островов:

• Ньюфаундленд.
• Ванкувер.
• Девон.
• Баффинова земля.

Климат государства, раскинувшегося практически в тех же широтах, что российская Сибирь, довольно суров, потому население преимущественно концентрируется на его южных границах. Там много больших озер, имеются крупные реки, горы и леса. Общая численность населения достигает примерно сорока миллионов человек, из которых один проживает в столице – Оттаве.

Считается, что древние викинги открыли эти земли в конце X столетия, задолго до того, как Америго Веспуччи или Христофор Колумб появились на свет. Само название происходит от буквального перевода слова «поселок» или «деревня» с лаврентийского языка, на котором во времена конкистадоров разговаривали племена ирокезов поблизости от Стадакона (местности, в окрестностях современного Квебека).

Сейчас это одна из самых лучших держав для жизни человека, прогрессивная и развитая. Она обладает высоким уровнем образования, медицины, мощной армией и собственными деньгами.

История появления

Прежде чем сказать, как называется валюта в Канаде, нельзя обходить стороной вопрос ее возникновения. В самом начале девятнадцатого века, будучи провинцией Великобритании, страна официально создала собственный вариант платежного средства, полностью запретив хождение доллара США, хотя имя ему оставила прежнее.

До обретения независимости на канадской территории в денежном обращении участвовали испанские, французские и португальские монеты. Страна-метрополия поставляла их для выплат жалованья военным и государственным служащим.

Испанские реалы

В XVI столетии конкистадоры, успешно разгромив на юге империи ацтеков и инков, начали создавать поселения на теплых берегах Карибского моря. Оттуда были направлены многочисленные экспедиции, которые расширили границы далеко на север. К XVIII веку, ввиду статуса колонии, тут начали применять дензнаки, специально напечатанные короной для подобных случаев. Они представляли собой сперва серебряные, а затем и медные монеты.

Золотые

К 1841 году провинция стала выпускать собственную валюту. Стоимость ее была привязана к американской, и включала в себя 5 английских шиллингов. Однако полное и безоговорочное замещение фунта, имевшего на то время хождение, произошло только в 1858-м. До этого финансовых активов катастрофически не хватало, потому применялись разные варианты:

• бумажные боны;
• медные токены;
• мексиканские;
• испанские и пр.

Франкоязычная Канада

Когда в 1759-м, часть державы была захвачены Британскими войсками, в ней уже проживало более 60 тысяч человек, использующих французский в качестве основного. С 2011-го эта цифра превысила семь миллионов, а язык стал вторым официально признанным, государственным. Как дань традиционным названиям подобных колоний, чаще всего квебекцы, но и другие, именуют купюры пьес (песо), а разменные монеты су, вместо центов.

Используемые в стране деньги: таблица