Canadian dollar- general information
Quick links to notes:
- 5 Canadian dollar Polymer note
- 10 Canadian dollar Polymer note
- 20 Canadian dollar Polymer note
- 50 Canadian dollar Polymer note
- 100 Canadian dollar Polymer note
- 5 Canadian dollar
- 10 Canadian dollar
- 20 Canadian dollar
- 50 Canadian dollar
- 100 Canadian dollar
The Canadian dollar (sign: $; ISO code: CAD) is the currency of Canada. Currently the Canadian dollar is the 6th most traded currency in the world foreign exchange markets behind the US dollar, the Euro, the Yen, the Pound sterling and the Swiss franc with 5.2% of the world's daily share. As a reserve currency Canadian dollar is ranked 6th. It is abbreviated with the dollar sign $, or C$ to distinguish it from other dollar denominated currencies. One Canadian dollar is divided into 100 cents. Canadian English, like American English, uses the slang term "buck" for a dollar.
Canadian dollar banknotes issued by the Bank of Canada are legal tender in Canada. Canadian dollars, especially coins, are accepted by some businesses in the northernmost cities of the United States and in many Canadian enclaves. All notes issued by the Bank of Canada since 1935 have legal tender status and retain their full value.
The commercial transactions may legally be settled in any manner agreed by the parties involved.
Retailers in Canada may refuse to take bank notes without breaking the law. According to canadian legislation, the method of payment has to be mutually agreed upon by the parties involved with the transactions. For example, stores may refuse $100 bank notes if they feel that would put them at risk of being counterfeit victims; however, official policy suggests that the retailers should evaluate the impact of that approach. In the case that no mutually acceptable form of payment can be found for the tender, the parties involved should seek legal advice.
The first paper money issued in Canada denominated in dollars were British Army bills, issued between 1813 and 1815. Canadian dollar notes were later issued by the chartered banks starting in the 1830s, by several pre-confederation colonial governments (most notably the Province of Canada in 1866), and after confederation, by the Dominion of Canada starting in 1870. Some municipalities also issued notes, most notably depression scrip during the 1930s. In 1935, with only 10 chartered banks still issuing notes, the Bank of Canada was founded. It took over the federal issuance of notes from the Dominion of Canada. It began issuing notes in denominations of $1, $2, $5, $10, $20, $25, $50, $100, $500 and $1000. In 1944, the chartered banks were prohibited from issuing their own currency, with the Royal Bank of Canada and the Bank of Montreal among the last to issue notes. Significant design changes to the notes have occurred since 1935, with new series introduced in 1937, 1954, 1970, 1986, and 2001.
In June 2011, newly designed notes printed on a polymer substrate, as opposed to cotton fibre, were announced. Canada's polymer bank notes represent an exceptional combination of design and technology. The main objective when issuing any new bank note series is security—to stay ahead of counterfeiting In order to provide a secure means of payment that Canadians can use with confidence. Leading-edge security features, such as detailed holographic images within large transparent windows, make the new polymer not both difficult to counterfeit and easy to check. The first of these polymer notes, the $100 bill, began circulation in November 2011, the $50 bill began circulation in March 2012, 20 canadian dollar bill in November 2012. The notes of 5 an 10 Canadian dollars will begin circulation in November 2013.
All banknotes are currently printed by the Canadian Bank Note Company and BA International Inc, under contract to the Bank of Canada.
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