Canadian Dollar: a brief history and a general description of the currency

The Canadian dollar is the national currency of Canada. It is a freely convertible currency, which has the conventions "CAD" or "$".Since the state is among the world leaders in the export of energy and raw materials, producers are very profitable to make settlements in this money. With this is associated and their high popularity. It is not surprising that this monetary unit is often called the commodity currency.

A Brief History of

Canadian dollar rate

The history of the Canadian dollar dates back to 1841.On the territory of the country then there were Canadian pounds. Some time later they were renamed into the current name. On January 1, 1858, the authorities announced that from now on all state reserves will be saved in its new national currency. The Canadian dollar was artificially equated to the US monetary unit. United in the Canadian Conference of the colony in the future gradually moved to a new decimal system. From the peg to the US dollar, the government finally declined in 1970, after which th

e Canadian currency switched to a floating rate. Such a policy is still in progress.

Coins

The Canadian dollar in coins officially began to be issued in 1858.They had a denomination of 1, 5, 10 and 20 cents. The first of these coins was made of bronze, and all the rest of the silver. Since that time, their value, design and material of manufacture have been repeatedly changed. The last version was introduced in 2000.Then there were coins from multilayer steel, which Canadians still use today - penny( 1 cent), nickel( 5 cents), dime( 10 cents), quarter( 25 cents), 50 cents( it is used very rarely), lunis( 1 dollar) and tuna( 2 dollars).canadian dollar The standard set of coin designs includes predominantly Canadian national characters or wildlife on the reverse and an image of Elizabeth II on the obverse. The copies with George Six are slightly less frequent. Currently, there is an active discussion of the possibility of withdrawing the penny from the turnover, since the cost price of its production is four times the nominal value.


Banknotes


The Canadian dollar in paper banknotes began to be issued in 1841.The denominations had a denomination of 4, 5, 10, 20, 50 and 100 dollars. In 25 years after that the government of the country decided to withdraw the first of the mentioned banknotes. Instead of it, bills of $ 1 and $ 2 were introduced. Another four years later, banknotes appeared in five hundred and one thousand dollars. It should be noted that in the late nineteenth - early twentieth century, 10 Canadian banks had the right to independently issue money for their operations. In this regard, it is not surprising that from time to time in the country there were bills with different dignity. Only in 1944 this rule was abolished. In 2000, the authorities decided to cancel the issue of banknotes worth $ 1,000.This was done to combat the laundering of so-called "dirty" money. Although they are gradually withdrawn, they are still a legal means of payment. Canadian dollar to ruble

Price

If you analyze the analytical data, you can see that the rate of the Canadian dollar is directly dependent on fluctuations in world prices for coal and oil. In other words, the rise in price of these energy carriers and some other minerals leads to an increase in the value of this monetary unit. Due to some limitation in liquidity, this currency does not enjoy such high popularity as US money. Along with this, it is one of the seven most popular currencies on the planet. Its stability has led to the fact that many developed countries keep its reserves in it. As for the domestic currency, then, according to the European Central Bank, at present the Canadian dollar to the ruble is on average related to 1 CAD = 45.44RUB.In general, over the past few decades, the Canadian monetary unit has only strengthened. Now it is actually comparable to the US dollar.