Currency history - history of Canadian dollar

The Canadian Dollar is recognized in the fiscal world by the symbol CAD or simply C$. The gold dollar was first adopted in 1841, when the Province of Canada declared a 'pound' currency equal to one-tenth of the then popular gold Eagle coin. The evaluation then was with 10 U.S. dollars and 5 shillings in local currency. The independent Canadian Dollar was first issued on January 1, 1858. The first independent Canadian Dollar was pegged at par with the U.S. Dollar. Over the next few years, the history of Canadian dollar rates was characterized by fluctuations in the adopted decimal systems across the colonies that united under the Canadian Confederation. While British Columbia, New Brunswick and Prince Edward Island adopted a currency dollar-equivalent to the independent Canadian dollar, Newfoundland and Nova Scotia retained their individual currencies till 1895 and 1871, respectively. Till 1949, there were seven independent currencies, that floated the Canadian fiscal arenas. These included the Canadian pound, Canadian dollar, British Columbia dollar, Newfoundland dollar, New Brunswick dollar, Nova Scotian dollar and the Prince Edward Island dollar. In April, 1871, the federal Parliament passed the Uniform Currency Act and eventually replaced independent currencies within a common Canadian Dollar.
The gold standard that was applicable to the Canadian dollar till the First World War and was eventually abolished in 1933. All through the Second World War, the Canadian dollar witnessed an evaluation at 1.1 C $ = 1 U.S. $. Parity was achieved only in 1946. When the sterling was devalued in 1949, the Canadian dollar returned to the peg applicable during the Second World War. All through 1950, the Canadian Government allowed the dollar to float, before assessing and determining a fixed exchange rate in 1962. The dollar was then pegged at 0.925 U.S. dollars. The fiscal arena also witnessed the use of bronze coins between 1858 and 1859. Between 1908 and 1919, sovereign $5 and $10 coins were issued. In 1942, the tombac replaced nickel, as a war-time measure. Between 1944 and 1945, chromium-plated steel coins were used before the reuse of nickel between 1951 and 1954. Other Canadian coin variants seen throughout the history of Canadian currency include the silver Voyageur dollar, dodecagonal, bimetallic and the cupro-nickel.
Currently, the Canadian Dollar is the seventh most heavily traded currency in the world.