Facts About The Canadian Dollar

you are about to relocate to Canada, on a visit or maybe for the purpose of tourism, you should first do a background check about their climate, languages, some basic local laws and most importantly know about the currency. 

Prior to the use of the current Canadian currency, there were several currencies used for payment in Canada; Currencies like American Dollar, Spanish Peso and British Pound. Since the Canadian Dollar (CA$) was introduced in 1858, it has remained the official currency.

The Canadian dollar was in time passed fixed to the value of the British Pound and later to the price of gold but currently, it is a free floating currency and its value depends on the global market. 

Facts about Canadian currency;

Currency symbol 

Canada is not the only country that adopted and uses the dollar as a means of payment, it was to this effect that the CAD, C$, and Can$ symbols were proposed for conspicuous distinction from other dollar-designated currencies. 

Currency strength 

The Canadian Dollar ranks high on the list of the most famous and most traded currencies in the world and it contributes 5% of daily forex trade.

The economic and political stability in Canada gave rise for its currency to be in the list of currencies that are held by the central banks as a ‘reserve currency’. 

The Designs Depicts National Symbols  Canadian Currency (CA$) is called Monopoly money because of its captivating colors and beautiful artwork. All the Canadian coins and bills pictures are peculiar to the national emblem; also the portrait of Queen Elizabeth 11 is on the backflip of every coin with the inscription “DG Regina” which denotes Queen by God’s grace. 

Canadian Coin

Apparently, Canada is among the countries where their coins are still in existence and eligible to use. Presently, there are 4 coins eligible to use, they are the 5 cent, 10 cent, 25 cent, 50 cent, 1 dollar coin, and 2 dollar coin. Coins such as the penny (1 cent) are no longer in circulation due to the fact that their value wasn’t worth the cost of production. Canadian coins are produced by one of the famous and luxurious coin collectors, The Royal Canadian Mint.

Coin Denomination 

The Canadian one dollar coin is the gold coloured coin called ‘loonie’ nicknamed after the Canadian national bird Loon that is on the coin.

 The two dollar coin is called “toonie” often spelt as twonie, gleaned from the one dollar coin loonie and the ‘Two’ on it. The twoonie coin features a polar bear and it is made of two colors silver and gold.

The 5 cent coin is a silver coloured coin that derived its name Nickel because it was once produced from nickel but currently, it is produced from steel.

The 10 cent piece is called Dime. It has a picture of Queen Elizabeth 11 at the front and on the reverse side is a symbol of the Bluenose, the famous fastest sailboat in the racing ship.

The 25 cent is a silver coloured coin called quarter, it was given the name due to the fact that it is worth exactly a quarter of a dollar.

Canadian Dollar Bill

The most recent Canadian paper money sequence was produced using artificial polymer, the old type of paper money phased out in 2011. Currently, there are five banknotes generally in use which are 5 dollar, 10 dollar, 50 and 100 dollar bills.

Bill Denomination 

The Canadian $5 bill happens to be the smallest denomination with a distinctive feature that has the picture of Wilfred Laurier the former prime minister of Canada. It also has on its back a presentation of the Canadarm, the robotic arm that was sketched in Canada and used on NASA missions.

The ten dollar bill is the purple coloured bill that has a picture of John A MacDonald, the first Canadian prime minister and the founding father of the country. Currently there is a new $10 bill that features Viola Desmond, a black woman that was jailed and convicted for outright disobedience to eject from the Whites-Only sphere of a film theater. 

The Canadian $20 bill famous for its green color has the portrait of Queen Elizabeth 11 and on the flip side is the famous hallmark that pays tribute to over 3000 Canada citizens that died in the Vimy ridge battle.

The fifty dollar bill is a red color bill that features a picture of William Lyon Mackenzie King, the former prime minister that led the people of Canada to world war 11, on the reverse flip is the Canadian Coast Guard Ship (CCGS).

The hundred dollar bill is a gold coloured banknote with the picture of Robert Borden, former prime minister of Canada around 1914 – 1918 on the reverse side is a representation of insulin. The 100 dollar bill happened to be the most valued banknote after the 1000 dollar bill phased out.

Old Notes

Most Canadian notes have phased out as new ones keep evolving. Most Canadians still have memories of the preceding banknote designs like the Journey series that was used from 2001 – 2011, the bird series that was eligible from 1986 -2001, etc. From the time of 1969, all the Canadian bills have featured the same people but the portrait on the reverse side has been altered.

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