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CAD - Canadian Dollar



The history of Canadian currency goes all the way back to the 1500s when the beginning of the colonization by the French and English. In the early days of Canadian currency, Native North American wampum and beaver pelts were considered to be currency. The value of each of these items as currency fluctuated from trading post to trading post.

In the 1660s, the French government tried implementing a coin system in the new Canadian colonies, but the coins were all intercepted by merchants and used to buy British goods. The state of currency got so bad in Canada in the late 1670’s that decks of playing cards were used to substitute for currency.

Playing cards were used to pay soldiers working in Canada for several decades. The government official would write the amount that the card was worth on the back of the card, and it was then considered good currency. The practice was stopped in 1709 when soldiers started to get paid in deniers.

Tokens and forms of foreign currency were used in Canada until 1821, when Canadian banks started to issue their own currency which was backed by gold and silver. In 1837, Canadian banks started to bring in metal tokens from England as a more durable form of currency. In 1851, the Canadian tried to institute a money system based on the sterling pound. But the currency converter with the rising American dollar made that difficult. In 1853, Canada adopted the gold standard and began basing its currency on the American dollar.

Currency Profile

The currency used in Canada is known as the Canadian Dollar. The most popular Canadian Dollar exchange rate is the ILS to CAD. The currency symbol for the Canadian Dollar is C$, while the currency code is CAD.

The Canadian dollar is the official currency of the country of Canada. Its value is based primarily on its value in relationship to the American dollar. Just as with the American dollar, the Canadian dollar is broken down into increments of 100 called pennies. However, the Canadian government announced in 2012 that it would be phasing out the making of pennies and leaving the Canadian nickel as the smallest denomination still made. The ISO 4217 code for the Canadian dollar is CAD. The Bank of Canada issues it.

Some of the more common nicknames include Loonie, Toonie, Buck, Huard, and Piastre. The Canadian dollar is the official currency of Canada. It is recognized throughout the world, but the only other places that utilize the Canadian dollar as primary currency are Saint Pierre and Miquelon.

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