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What is Dollar Bill?

Canada like its neighbor has the dollar as its currency. The currency is sometimes specifically called the Canadian dollar. The Canadian dollar bill is represented with the symbol C$ to distinguish or differentiate it from the American dollar. One Canadian dollar bill corresponds to one hundred cents. The Canadian dollar bill was rated as the seventh most traded or used currency in the world according to a survey that was conducted in 2007. The first currency of Canada was actually pound which was officially accepted in the year in 1841 by the province known at that time as Canada.

This was tantamount to about 10 US dollars. In terms of the local currency, one Canadian pound was equal to 5 shillings. Dollar became the official Canadian currency early in the year 1858. This year, Canada declared that all the financial activities in the country will consider only dollars and cents as their currency. The accounts thereby were maintained in dollars and cents. In the same year, Canadian coins were also officially ordered for minting. Within no time the Canadian currency, dollar was almost at par in value with the American currency.

Canada kept changing its currency until it stabilized with the dollar. For about two decades that is from the year 1841 to 1858, Canada used the Canadian pound as their official currency. Then Canada went on to use the New Brunswick dollar from 1860 to 1867. For the next 5 years they adopted the British Columbia dollar. Then for a very short period of time they used the Prince Edward Island dollar. For the next decade the Nova Scotian dollar was used. Lastly the Newfoundland dollar was used for about four years. The period from the 1812 to 1815 is very significant with regard to the currency evolution in Canada.

This was the time when the Canadian currency was actually coming to play and the denominations were being finalized. The denominations were based on the army rules of the British. The denominations were from one dollar to 400 dollars. The Montreal bank was the first ones to issue the bank notes. The Montreal Bank which later came to be known as the Bank of Montreal had been issuing dollar bills for a long time. The various denominations that were incorporated were $1000, $500, $100, $50, $40, $25, $20, $10, $5, $3, $2, $1. These denominations were not in the limelight for a long time. After a decade or so the denominations were reduced to $500, $100, $50, $20, $10, $5, $2, $1. In the year 1896 the larger denominations of $50,000, $5000, $1000 and $500 were issued. But these were confined to transactions in the banks.

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Coins in Canada came in to picture from the year 1858. These coins that the province of Canada issued were made of bronze. The various denominations were 20, 10, 5 which were in silver and the 1 and .925 which were in bronze. Canadian dollar bills are one of the powerful currencies in the world. What is a Dollar Bill?

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