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The Coinage Act of 1853, 10 Stat. 160, was a piece of legislation passed by the United States Congress which lowered the silver content of the silver half dime, dime, quarter dollar, and half dollar, and authorized a three dollar gold piece.
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The gold sovereign was legal tender at a rating of £1 equal to $4.8666 Canadian, and the $10 eagle was rated at $10 Canadian. No coinage was provided for under the 1853 act. Sterling coinage was made legal tender, and all other silver coins were demonetized, although they continued to circulate. Dollar transactions were legalized.
Coinage Act 1891 (54 & 55 Vict. c. 72) Coinage Act 1920 (10 & 11 Geo. 5 c. 3) Coinage Act 1946 (9 & 10 Geo. 6 c. 74) Coinage Act 1971, made provisions for decimalisation of the pound sterling; Coinage (Measurement) Act 2011, amended the Coinage Act 1971 to allow the method for measuring and confirming the weight of coins to be set by proclamation
The Royal Canadian Mint refers to the coin as the "1-cent coin", but in practice the terms penny and cent predominate. [6] 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.
The first coinage minted for what would later become the Canadian Confederation originated in legislation enacted in 1853. Per the Act 16 Vict. c. 158, the Province of Canada was to issue "dollars, cents, and mills" that would co-circulate with English shillings and pence. [1]
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