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Following the return to the gold standard, British and United States gold coins, government of Canada notes, and Canadian coins were legal tender. Bank notes ceased to be legal tender. However, the return was short-lived. Britain went off the gold standard in September 1931, during the depths of the Great Depression. Canada followed suit by ...
These were promissory notes issued directly by the government. They came into wide usage during the war (1812–1815) to make up for the lack of bullion in Upper and Lower Canada. Unlike the card money used in the late 17th century, army bills could be and were in fact exchanged for gold coin once the war had ended.
Except for 1¢ coins struck in 1859, no more coins were issued until 1870, when production of the 5¢ and 10¢ was resumed and silver 25¢ and 50¢ were introduced. Between 1908 and 1919, sovereigns (legal tender in Canada for $ 4.86 + 2 ⁄ 3) were struck in Ottawa with a "C" mintmark. Canada produced its first gold dollar coins in 1912 in the ...
According to the Royal Canadian Mint, the official term for the coin is the one-cent piece, but in practice the terms penny and cent predominate. [citation needed] Penny was likely readily adopted because the previous coinage in Canada (up to 1858) was the British monetary system, where Canada used British pounds, shillings, and pence as coinage alongside U.S. decimal coins.
Civil War-era coins made big headlines over the summer when a Kentucky man unearthed hundreds of lost gold coins and became about $2 million richer because of it. His discovery, made in a ...
In 2000, the Royal Canadian Mint lent a series of the new plated 10¢, 25¢ and 50¢ issues to the vending industry for testing purposes. These coins were issued with the letter P below the Queen's effigy. Some of these coins were not returned to the RCM by the vendors and it is possible some were sold to collectors at a considerable premium. [41]
However, because there was a delay in new master dies being shipped from the UK to reflect this change, the Mint continued to produce 1947 year coins with a small Maple Leaf by the date to denote they were actually minted in 1948. Eventually the new Obverse dies did arrive, and they began to mint the 1948 dollars midway through the year.
The belief is that most of the 50-cent coins from 1920 and 1921 were melted (amounting to approximately 480,392 coins). [citation needed] The reason for the melting was that new coins were needed for 1929 and if coins from 1920 and 1921 were released into circulation, people would suspect counterfeit coins. According to legend, only 50 of these ...