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Total entries in catalog: 33
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With Canada’s return to the gold standard, currency supplied by the chartered banks lost its legal tender status, although the government could restore this status under the Finance Act in the event of an emergency. Consequently, legal tender in Canada once again consisted of British gold sovereigns and other current British gold coins, U.S. gold eagles ($10), double eagles, and half eagles, Canadian gold coins (denominations of $5 and $10), and Dominion notes. Limited legal tender status was also accorded silver, nickel, and bronze coins minted in Canada.
1926-31 | Views: 567 | Added by: gogoshvab | Date: 2010-02-19

There was a general presumption that, after the war, the major industrial countries would return to the gold standard. The United States, which was a late entrant into the war and did not experience the same sort of financial or inflationary pressures as the United Kingdom or Canada, returned to its old fixing in terms of gold in June 1919. The United Kingdom controversially followed suit in 1925 at its old pre-war price in terms of gold, equivalent to US$4.8666.57
1914-26 | Views: 450 | Added by: gogoshvab | Date: 2010-02-18



The beginning of World War I marked the end of the classical age of the gold standard. All major countries suspended the convertibility of domestic bank notes into gold and the free movement of gold between countries. This was often done unofficially. For example, in the United Kingdom, private exports and imports of gold remained legal in theory. However, in addition to a number of government-imposed regulations that discouraged the buying and selling of gold, bullion dealers refused to permit gold exports on patriotic grounds.
1914-26 | Views: 1074 | Added by: gogoshvab | Date: 2010-02-18


 
In 1862, the American Civil War began to affect currency in the United States. As the finances of the Union government deteriorated, U.S. banks suspended the convertibility of their notes into gold, and the government suspended the right to convert U.S. Treasury notes (government-issued paper money) into gold. Shortly afterwards, the U.S. Congress authorized the government to issue non-convertible legal tender currency, which became popularly known as "greenbacks.” While little was said officially regarding the future convertibility of greenbacks into gold, it was widely assumed that convertibility would be restored when the war was won (Willard et al. 1995). Trading in the greenback vis-à-vis gold commenced in mid-January 1862 in New York and continued with only one short interruption until the United States returned to the gold standard on 1 January 1879.
1854-1914 | Views: 1310 | Added by: gogoshvab | Date: 2010-02-18


 
From 1 August 1854 when the Currency Act was proclaimed, until the outbreak of World War I in 1914, the Province of Canada, and subsequently the Dominion of Canada, was continuously on a gold standard. Under this standard, the value of the Canadian dollar was fixed in terms of gold and was convertible upon demand. It was also valued at par with the U.S. dollar, with a British sovereign valued at Can$4.8666. As noted earlier, both U.S. and British gold coins were legal tender in Canada.
1854-1914 | Views: 915 | Added by: gogoshvab | Date: 2010-02-18