What is Dollar Denomination?

Cash is essential because it is the major requisite of trade, without which any nation will not flourish. Centuries ago, trade was carried on with the help of some petty objects such as shells, etc. that were used as means of the country’s trade. And with civilization and the development of the country, the Canadian cash substituted these means with dollars.

There are different types and values of dollar denomination in the form of notes and coins that are manufactured in Canada. As a result of the trading across borders, there was heavy loss of cash in terms of gold, silver coins, etc. because of which the parliamentary decision of issuing currency was declared. The issuing of Canadian currency is said to have started in the year 1867 when Canada was a confederation. The source of cash is the Bank of Canada which was created only after 1934. Before The Bank of Canada took control of issuing note, there was the government and the small scale chartered banks that were responsible for the currency supply of Canada.

Bank notes commonly called as bills are issued as different dollar denomination of $5, $10, $20, $50, $100. Apart from these bills there is the usage of coins which take values of 1 ¢, 5 ¢, 10 ¢, 25 ¢, 50 ¢, $1 and $2. These dollar denomination have been given unofficial names in English language. The US coinage is more or less the same as that of the coinage in Canada except the usage of $2 denomination in Canada.

There are also other differences, like the coins of Canada are thinner and lighter in weight. There are common places that are authorized for minting the dollars of Canada. Coins are commonly minted at the Royal Canadian Mint and there are striking facilities available at the main city, Winnipeg of Canada. Bills or notes are mainly printed by The Canadian Banknote Company. The wordings on the dollar bills are printed in both French and English that are the official languages of Canada.

Banknotes in Canada are made of pure cotton papers, though they were earlier made of wood pulp when there was a comparatively unsophisticated form of currency in Canada. There are different series of banknotes that denote the time period in which the notes were issued as Canadian currency. The common banknote series are the series of 1935, 1937, 1954 etc. Though there are differences in the appearance of the note in the various series there were colours and shades that were maintained uniformly.

There are measures taken with respect to the portrait taken from the notes to make it live longer and to avoid wear and tear due to the folding of the bills or notes. It is important that the Canadian dollar is traded highly and it is apparently the seventh highest currency in the list that is traded in the world. Some of the dollar denomination are stopped from being in use currently. Such dollar denomination that are ceased from use are the $1 and $2 coins that were issued earlier.

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