Background:
The origins of the Canadian currency come from all across the globe. Like many nations before it the history of their monetary system starts with its native peoples. The Native Canadians traded with each other using precious metals, pelts, and crafted supplies ( beads and pottery) for hundreds of years, but all of that changed after the French explorers were introduced. In the mid 1600’s (when the french officially declared Canada as a provenance called “New France”) is when this land was first introduced to the ideas and systems of banking, gold standards, and eventually paper banknotes to represent a stable currency.
The First Official Currency:
The first widely accepted banknotes used in Canada came out in 1687. The first …show more content…
This polymer make up leaves them fire and water resistant, wrinkle resistant, fold resistant, and nearly impossible to counterfeit. These are the Canadian $5.00, $10.00, $20.00, $50.00, and $100.00 bills of course, the rest of their currency is in coins.
Canadian Coins: The loonies and toonies, ($1.00 and $2.00 coins) are made of gold colored nickel and nickel. Quarters ($0.25) are made up of silver colored metals. Dimes ($0.10) are made up of nickel. The Canadian currency is fiat which means it has tangible backing.
The canadian dollar bills have gone from being made of cotton paper to a polymer as of 2013. There are no additions to the Canadian currency, rather there have been some deductions. They discontinued the penny, and several bank notes; the $25 note in 1937, the $500 note in 1938, the $1 note (in favor of the $1 loonie coin) in 1987, the $2 note (in favor of the toonie $2 coin) in 1996, and finally the $1,000 note in 2000. Canada’s inflation stays at around a steady 1%- 0.80% on average.
Exchange rate with Us - Euro, China:
Exchange with the US ($1.00 CAN= $0.76 US)
Exchange with China ($1.00 CAN= +$5.24
The origins of the Canadian currency come from all across the globe. Like many nations before it the history of their monetary system starts with its native peoples. The Native Canadians traded with each other using precious metals, pelts, and crafted supplies ( beads and pottery) for hundreds of years, but all of that changed after the French explorers were introduced. In the mid 1600’s (when the french officially declared Canada as a provenance called “New France”) is when this land was first introduced to the ideas and systems of banking, gold standards, and eventually paper banknotes to represent a stable currency.
The First Official Currency:
The first widely accepted banknotes used in Canada came out in 1687. The first …show more content…
This polymer make up leaves them fire and water resistant, wrinkle resistant, fold resistant, and nearly impossible to counterfeit. These are the Canadian $5.00, $10.00, $20.00, $50.00, and $100.00 bills of course, the rest of their currency is in coins.
Canadian Coins: The loonies and toonies, ($1.00 and $2.00 coins) are made of gold colored nickel and nickel. Quarters ($0.25) are made up of silver colored metals. Dimes ($0.10) are made up of nickel. The Canadian currency is fiat which means it has tangible backing.
The canadian dollar bills have gone from being made of cotton paper to a polymer as of 2013. There are no additions to the Canadian currency, rather there have been some deductions. They discontinued the penny, and several bank notes; the $25 note in 1937, the $500 note in 1938, the $1 note (in favor of the $1 loonie coin) in 1987, the $2 note (in favor of the toonie $2 coin) in 1996, and finally the $1,000 note in 2000. Canada’s inflation stays at around a steady 1%- 0.80% on average.
Exchange rate with Us - Euro, China:
Exchange with the US ($1.00 CAN= $0.76 US)
Exchange with China ($1.00 CAN= +$5.24