Canada is a North American country located north of the United States of America. It is the second-largest country in the world by total area.
The earliest coins that circulated in Canada were French, English, and Portuguese coins. The Currency Act of 1841 made the American eagle dollar and half-dollar coins and the British sovereign legal tender. The Act also rendered French crowns and half-crowns obsolete.
Britain passed the British North American Act in 1867, giving Canada the freedom to govern itself. However, Britain still handled most of Canada’s foreign policy.
The Canadian dollar is the official currency of Canada. The first decimal coins were minted by the Royal Mint of Canada in 1858. The denominations included were 1 cent, 5 cents, 10 cents, and 20 cents. Canadian coins originally had a 0.925 silver content. The silver content gradually dwindled until Canada replaced silver with pure nickel coins in 1968.
The first dollar coin was issued in 1936. The coin commemorated the silver jubilee of the reign of King George V.
British royalty continued to be featured on Canadian coins. The Government of Canada planned to abolish the Penny in 2012. However, there are still pennies in circulation.
There are seven denominations that are in circulation. The denominations are: 1 cent (penny), 5 cents (nickel), 10 cents (dime), 25 cents (quarter), 1 dollar (Loonie), and 2 dollars (Toonie/Twonie). Current designs feature either Queen Elizabeth II or King Charles III in front and Canadian animals at the back.
