The history of the Canadian dollar

Any country is proud of its currency, and Canada is no exception. There is indeed reason to be proud, as the Canadian dollar, or CAD, is one of the most stable world currencies. What is the secret of such success and what is the history of the development of this monetary unit?

Since Canada is one of the world's largest exporters of raw materials, it is much more profitable for importing countries to settle in local currency than to convert money at the rates of local banks. In terms of popularity, CAD, of course, cannot compete with the US dollar or the euro, but it occupies an honorable seventh place in the list of world currencies. The value of this monetary unit is influenced by many factors, but the enviable stability of the exchange rate forces many large countries to store their monetary reserves in Canadian dollars.

So, how did the history of monetary circulation in Canada begin? At first, monetary units issued for the Spanish colonies were used – reales, or, as they were also called, Spanish dollars. But already in 1841, freedom-loving Canada decided to create its own money. This currency has long been backed by gold and consisted of five shillings. Due to the multinational nature of the local population, different names of this currency are still used. For example, French Canadians call it in the French manner: a dollar is a "piastre" and a cent is a "sou".

There were also various types of army money in use in Canada, and some municipalities issued their own versions of banknotes. Finally, when the Bank of Canada was founded in 1935, the coins and banknotes were brought to uniformity. Initially, the issue of banknotes in denominations from 1 to 1000 conventional units was launched. Currently, it is practiced to issue paper money from 5 to 100 cu. As for coins, you can find 1 and 2 dollars in circulation, as well as cents (from 1 to 50).

The CAD design is laconic. The banknotes depict famous personalities who have performed outstanding deeds in the history, politics and culture of the country. In 2011, a turning point occurred in the field of CAD production, the production of so-called plastic money began. We are talking about polymer banknotes, which have improved wear resistance and a long service life. Polymer money has enhanced anti-counterfeiting features that cannot be applied to paper banknotes.

The CAD rate depends on the US economy and global trends in the value of monetary units. But despite the economic crises, fluctuations in the exchange rate are insignificant, which makes the Canadian dollar one of the most stable currencies. https://www.campeoesdofutebol.com.br/a_ascensao_das_skins_de_cs2.html