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[34] [38] The next year, 1858, the first Canadian decimal coins were released. Minted at the Royal Mint in London, they were issued in the name of "Canada", with an effigy of Queen Victoria on the obverse. The coins were in denominations of one-cent, five-cents, ten-cents, twenty-cents and fifty-cents. [28] [34]
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.
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.
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 ...
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 ...
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 ...
With the passing of the Currency Act on 1 August 1854, the Province of Canada introduced a decimal currency. Coins were struck in 1-, 5-, 10- and 20-cent denominations. The new Canadian dollar was equal in value to the New Brunswick dollar , which was introduced in 1852.
The twenty-five cent coin has borne a caribou on its reverse since the current coin designs were introduced in 1937. [2] The twenty-five cent coin is the coin which is most frequently used for commemorative purposes. For the list of commemorative twenty-five cent coins issued by the Mint, see: Quarter (Canadian coin).