Canadian Dollars

The Canadian dollar is the official currency utilized in Canada. The Canadian dollar is symbolized with the same abbreviation as the United States Dollar ($), though sometimes a C is put in front of it so that it can be distinguished from other denominations of the same name.

In 2007, the C$ (Canadian dollar) was seventh highest in the world in trading activity. Only the United States Dollar, the euro, and other currencies including the Japanese yen, the British pound sterling, the Australian dollar and the swiss franc were more traded. Canada is the only official user of the Canadian Dollar, though it also has unofficial users, including some northern U.S. cities.

The Canadian dollar is broken up, like the United States dollar, into 100 cents. Frequently used coins in the Canadian dollar system include a 1 cent coin, a 5 cent coin, a 10 cent coin, a 25 cent coin, a 1 dollar coin, and even a 2 dollar coin. 50 cent coins exist, but are not used very often.

Frequently used banknotes in the Canadian Dollar system include a 5 dollar note, a 10 dollar note, a 20 dollar note, a 50 dollar note, and even a 100 dollar note, though it is not used as often. Anyone doing business in Canada has the right to refuse bank notes if they prefer.

According to the law, both parties of a financial transaction must agree upon the method of payment for the transaction to take place. For example, a store in Canada has the right to refuse payment made with a 100 dollar note if they think that they are more likely to be subjected to counterfeiting, etc.

The central bank for the Canadian dollar is the Bank of Canada, and the printer of this currency is the Canadian Bank Note Company. Money is minted by the Royal Canadian Mint. Up until 1971, there were actually a lot of loose ends existing in the form of slightly different forms of currency in different provinces. This was solved by the passing of the Uniform Currency Act.

This was passed in April of 1971, and it replaced all of the various differences in currency among the provinces with the official Canadian Dollar. Since then, the Canadian dollar has remained the standard currency for the country of Canada, and is even used as a reserve among some United States banks.

The external sites discussed on the homepage can not only help convert US dollars to pounds, but also Canadian dollars to Yen, or any other currency conversion.