About the Argentina Peso

Country: Canada
Currency: Dollar
Alias: Canadian dollar
ISO 4217 CODES:	CAD/124
Symbol:	C$

As the world’s second largest country by area, Canada is a unique amalgamation of native peoples and former colonies of England and France. The country has utilized a decimal-based currency system known as the Canadian dollar since 1871. Backed by gold reserves for much of its existence, the dollar first became a floating currency in 1950, reverted to a fixed exchange rate for twenty years, and then returned to a floating currency in 1970. Today, the Canadian dollar is one of the word’s most stable currencies, thanks in part to the country’s prosperous economy, generous supplies of natural resources, and deep international trade relationships – especially with its southern neighbor, the United States of America.

Background of the Canadian Dollar

The expanse of Canada encompasses nearly 10 million square kilometers and covers six time zones, yet it is united by a single currency: the Canadian dollar. The country has a population of approximately 33 million, most of which is congregated is the southern portion of the country, adjacent to its border with the United States.

Canada originally adopted the British pound sterling as its form of currency during its early history. However, proximity to and frequent trade with the United States inspired the Province of Canada to seek a decimal-based currency system that would foster trade, and eventually obtained permission from England to transition away from the pound sterling. A gradual conversion took place between 1853 and 1857, and the first Canadian dollars were actually minted in England. The Uniform Currency Act of 1871 standardized several forms of currency into the modern Canadian dollar. While the most common symbol for the Canadian dollar is C$, it is also occasionally expressed as CAD$, CAN$, or even CDN$.

Canada has a deep economic relationship with the United States, and more than 85% of Canadian exports are currently made to the U.S. The North American Free Trade Agreement (NAFTA) of 1994 was intended to create better trade relations between Canada, the United States and Mexico, but full implementation of the agreements’ terms has met with varying degrees of resistance from each of the participants. The Canadian dollar dropped to an all-time low exchange rate of US$.062 in January of 2002, but has since recovered.

Canada’s C$1 and C$2 notes are no longer used, and instead have been replaced by C$1 and C$2 coins (known affectionately by its citizens as the “looney” and “toonie/twonie” respectively, on account of the loon bird featured prominently on the coins). The Currency Museum of the Bank of Canada, located at 245 Sparks Street, Ottawa, Ontario, Canada, showcases the intriguing history of Canadian currency, and is considered to be a “must see” stop for visitors to the capital city.

The Canadian Dollar is divided into 100 cents. Denominations for coins are: 1c, 5c, 10c, 25c, C$1 and C$2. Denominations for banknotes are C$5, C$10, C$20, C$50, and C$100.

Article: Chilean Peso