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During the mid-nineteenth century, U.S. silver fractional coins—dimes, quarters, and half-dollars—circulated freely in Canada, alongside British shillings and, after 1858, Canadian coins minted by the Province of Canada. U.S. coins in circulation increased significantly during the U.S. Civil War (1861–65), as U.S. Army agents used silver to purchase Canadian grain and cattle to supply the Union Army. A substantial brokerage business also flourished, with Canadian brokers importing large quantities of fractional U.S. silver coins.
1841-71 | Views: 808 | Added by: gogoshvab | Date: 2010-02-18


 
Confederation on 1 July 1867 brought sweeping changes to banking and currency legislation in the provinces of Canada, Nova Scotia, and New Brunswick. Under the British North America Act, the government of the new Dominion was given jurisdiction over currency and banking. The Dominion Notes Act came into effect the following year. Under this legislation, the Dominion took over the various provincial note issues. Provincial notes issued in the Province of Canada were renamed "Dominion notes” and were made redeemable in Halifax and Saint John in addition to Montreal and Toronto. The Dominion Notes Act was subsequently extended to cover Prince Edward Island, Manitoba, British Columbia, and the Northwest Territories.
1841-71 | Views: 1023 | Added by: gogoshvab | Date: 2010-02-18


 
In the late 1850s and the early 1860s, efforts were renewed in the Province of Canada to introduce a government issue of paper money. This time, the financial and political environment was more receptive than had been the case in 1841.
1841-71 | Views: 811 | Added by: gogoshvab | Date: 2010-02-18


 
Despite Lord Sydenham’s failure to introduce a government issue of paper currency, efforts to introduce a decimal-based currency in British North America gained momentum through the 1850s, especially during the government of Francis Hincks, who became prime minister of the Province of Canada in 1851. In June of that year, representatives from the Province of Canada, New Brunswick, and Nova Scotia met in Toronto to work towards the establishment of a decimal currency. A few months later, the Canadian legislature passed an act requiring that provincial accounts be kept in dollars and cents. However, the British government, still seeking to establish a currency system based on pounds, shillings, and pence throughout the empire, delayed confirmation of the act on a technicality. While willing to concede the introduction of a decimal currency, the British government was still reluctant for Canada to adopt the dollar—the currency system of a foreign government with possible continental ambitions. Instead, the British authorities proposed the introduction of the "royal,” a gold coin linked to sterling, with subsidiary silver and copper coins, to be called "shillings,” and "marks,” respectively. While Hincks was open to the idea, this proposal was rejected by the legislature.
1841-71 | Views: 869 | Added by: gogoshvab | Date: 2010-02-18


 
Political union of Upper and Lower Canada to create the Province of Canada on 10 February 1841 led to a new standardized rating for coins in the newly united province that took effect in April 1842. The British gold sovereign was valued at one pound, four shillings, and four pence in local currency, while the US$10 gold eagle was valued at two pounds, ten shillings. Both coins were considered legal tender. Spanish (including Spanish colonial) and U.S. silver dollars with a minimum weight of 412 grains were also made legal tender with a value of five shillings and one pence—a valuation very similar to the old Halifax rating.
1841-71 | Views: 545 | Added by: gogoshvab | Date: 2010-02-18