The Canadian dollar is the official currency of Canada. First introduced in 1858, since that moment all accounting is made in the national currency.
Origins and history
Canada decided to start using the dollar instead of the sterling pound due to the dissemination of the so-called Spanish dollar or peso in North America during the XVIII century and the early XIX, and also due to the standardisation of American dollar. The region of Québec was a real advocate for the use of the dollar (the Bank of Montreal issued banknotes in dollars in 1817), while the Atlantic colonies which had stronger links with the United Kingdom, were not so in favour.
The province of Canada stated that all accounts would be made in dollars from January 1858 and ordered the issue of the first official Canadian dollars in that same year. The colonies, which would join the Canadian Confederation soon, gradually adopted a decimal system in the following years.
Finally, the government approved the Uniform Currency Act in April 1871 to replace the currencies of the different provinces under one single Canadian dollar for all of them. The golden standard was officially abolished on the 10th April 1933.
Current Canadian dollar coins and banknotes
Today, we have banknotes of 5, 10, 20, 50 and 100 dollars.
Regarding coins, there are 1, 5, 10, 25 and 50 cent, and 1 and 2 dollars.
Did you know?
Interesting facts:
- The Central Bank of Canada was founded in 1934.
- The currencies of 1 Canadian dollar are nicknamed loonies, from the name of the aquatic bird appearing on the reverse. Also, this name is often used referred to the monetary unit, in general.
- The 2-dollar coins, featuring a polar bear are called twonies or toonies, based on the the word loonie and the word two.
Why changing currency with us is better than with your bank?
 Global Exchange | Your high-street bank | |||
|---|---|---|---|---|
| Number of curencies available | We have more than 13 currencies. We are specialists. | Only the most common ones. They don't pay much attention to this service and, moreover, they will always try to get you to leave with Dollars. | ||
| Currency availability | Immediate availability at our airport offices on the day of your trip. | The branch requests it from Head Office and it may take quite a long time to have the currency available, or they may not even have it. | ||
| Cost of the transaction | Only the exchange rate, with no commissions, and if you book online we guarantee you the best price. | Your bank's margin plus a commission. | ||
| Fractional currency so you can pay comfortably | Of course, because we think of you and your needs when you set foot in a foreign country. | No. Be prepared to hear refusals and complaints in a foreign language when you present a "large" bill. | ||
| Delivery options | We offer you the possibility of picking up your order at the airport. | You have to go to the bank twice: once to request the currency and once to pick it up, if they can get it for you, so you have to keep track of your money. | ||
| Opening hours | We are open 24 hours a day, 7 days a week. | Monday to Friday, from 8:30 am to 2:30 pm. |