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This gold standard re-affirmed the value of British gold sovereigns set in 1841 at £1.4s.4d in local currency, and the American gold eagle at $10 in local dollars. In effect this created a Canadian dollar at par with the United States dollar, and Canadian pound at US$ 4.86 + 2 ⁄ 3. No coinage was provided for under the 1853 act but gold ...
The government fixed the value of the Canadian dollar against the pound sterling ($4.43 buying and $4.47 selling) and also against the US dollar ($1.10 (US$0.9091) buying and $1.11 (US$0.9009) selling). The government also imposed strict currency controls on exchanges with foreign currencies, particularly the United States dollar.
The new Canadian pound was equal to four US dollars (92.88 grains gold), making £1 sterling equal to £1.4s.4d. Canadian. Canadian. Thus, the new Canadian pound was worth 16 shillings and 5.3 pence sterling.
The Prince Edward Island Treasury issued British pound notes (1848–58) in 5 and 10 shilling, and 1, 2, and 5-pound denominations. [2] The Merchant Bank of Prince Edward Island issued banknotes (1871–91) in 1, 2, 5, 10, and 20 dollar denominations [3] (and prepared a proof for a 5 dollar 1900 issue, but it never circulated).
The dollar had broadened its advance last week to sweep over sterling as well, driving it to an eight-month low of $1.2349. The pound was last looking none too steady at $1.2435.
In 1865, Newfoundland adopted the gold standard, and the dollar replaced the pound at a rate of 1 dollar = 4 shillings 2 pence sterling or 1 pound = $4.80, slightly higher than the Canadian dollar (worth 4s 1.3d). The significance of this rating was that two cents was equal to one penny sterling.
The dollar was the currency of New Brunswick between 1860 and 1867. It replaced the pound at a rate of 4 dollars = 1 pound (5 shillings = 1 dollar) and was equal to the Canadian dollar. The New Brunswick dollar was replaced by the Canadian dollar at par when New Brunswick entered the Canadian Confederation.
The dollar was the currency of the Colony of British Columbia between 1865 and 1871. It replaced the British pound at a rate of 1 pound per 4.866 dollars and was equivalent to the Canadian dollar, which replaced it. The dollar was subdivided into 100 cents. No distinct coins were issued, with Canadian coins circulating.