Canadian Dollar and its history

The Canadian dollar is the monetary unit of Canada and since 2011 it is on the seventh place in the list of the world's most traded currencies, which is 5.3% of the world's daily trade turnover. This unit is abbreviated as a dollar sign with the preceding letter C - C $.

The history of the appearance of this money is as follows. In April 1871, the Canadian Parliament adopted the Uniform Law on the currency. He replaced the monetary units of various provinces of the country on a single system - the Canadian dollar. By the beginning of the Second World War, the exchange rate against the US dollar was set at C $ 1.10 = US $ 1.00. After a while this quotation was changed, and the value of monetary units equaled. In 1950, the Canadian dollar was "released". Re-fixation occurred only in 1962 at the level of C $ 1.00 = US $ 0.925, and it existed until 1970, after which the value of the currency once again became free, remaining as it is today.

Today, the Canadian dollar is issued in the form of coins and banknotes. The former are manufactured by the Royal Canadian Mint in Winnipeg, and are currently found at par value of 5, 10, 25, as well as 50 cents, as well as one and two dollars. Previously, there was a coin worth one cent, the release of which was discontinued on February 4, 2013. From now on, amounts in cash can be rounded to five cents, despite the fact that the cent continues to be a legitimate means of payment.

The external design of coins, as a rule, has Canadian symbols (usually representatives of an animal or flora) on the reverse side and a portrait of Elizabeth II on the front. However, some cents, which remained in circulation since the old times, differ in the portrait of George VI. Coins worth fifty cents are encountered in circulation quite rarely and are often collected by collectors.

On July 3, 1934, the Bank of Canada was founded, which united ten financial institutions. Since that time, the production of paper banknotes in denominations of 1, 2, 5, 10, 20, 25, 50, 100, 500 and 1000 dollars began. Significant changes in the design of banknotes occurred in 1935, then new series were introduced in 1937, 1954, 1970, 1986 and 2001. In June 2011, the Canadian dollar received a new design, and began to be produced on a polymer basis, unlike the previously widespread cotton fiber.

As already noted, this currency has had both a free and a fixed exchange rate on several occasions. The value of this monetary unit fell after 1960, which was connected with the election of the prime minister in 1963. After free pricing was allowed in 1970, there was a positive impact on the Canadian dollar: the rate began to rise and amounted to $ 1,0443.

In the future, the record low cost of this unit was noted at the beginning of the 2000s and amounted to only $ 0.6179. This was due to the technological "boom" that was concentrated in the United States. Since that time, the currency began to grow gradually, and this was due to the constantly rising prices for commodities exported from Canada (mainly oil). Today the quotation has the following form: 1.0356 to the US dollar, Canadian dollar to the ruble - 0.032. You can find other values, because the cost is constantly changing.