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.Īlthough the $1 coin was introduced in 1935, it was not until the introduction of the “loonie” that the banknote was withdrawn from circulation. In 1935, with only ten chartered banks still issuing notes, the Bank of Canada was founded and began issuing notes in denominations of $1, $2, $5, $10, $20, $50, $100, $500 and $1000. The last 25¢ notes, known as shinplasters due to their small size, were dated 1923. The government issued $5 notes from 1912. To facilitate purchases below $5 without using Dominion notes, Molsons Bank issued $6 and $7 notes in 1871. The Bank Act of 1871 limited the smallest denomination the chartered banks could issue to $4, increased to $5 in 1880. $50 and $100 notes followed in 1872 but the bulk of later government note production was of $1 and $2 note, with $4 added in 1882.ĭenominations of $500, $1000, $5000 and $50,000 were issued after 1896 for bank transactions only. In 1870, following Confederation, the Dominion of Canada introduced 25¢ notes along with new issues of $1, $2, $500 and $1000. In 1866, the Province of Canada began issuing its own paper money, in denominations of $1, $2, $5, $10, $20, $50, $100 and $500. Notes were produced for the government by the Bank of Montreal between 18, in denominations of $4, $5, $10, $20, $50 and $100. See Canadian chartered bank notes for more information.Īfter its establishment in 1841, the Province of Canada began issuing paper money. After 1858, only dollar denominations were used. Until 1858, many notes were issued denominated in both shillings/pounds and dollars (5 shillings = $1).

Others, including the Montreal Bank (later called the Bank of Montreal), issued notes for several decades. Large numbers of chartered banks were founded in the 1830s, 1850s, 1860s and 1870s, although many issued paper money for only a short time. The first banknotes were issued in 1817 by the Montreal Bank. These were emergency issues due to the War of 1812. The first paper money issued in Canada denominated in dollars were British Army Bills, issued between 18 in denominations between $1 and $400.

Canada also has a sizable manufacturing sector, centered in Central Canada, with the automobile industry especially important. Canada is unusual among developed countries in the importance of the primary sector, with the logging and oil industries being two of Canada’s most important. As of 2007, the Canadian dollar was the 7th most traded currency in the world.Ĭanada has the tenth largest economy in the world (measured in US dollars at market exchange rates) is one of the world’s wealthiest nations, and a member of the Organization for Economic Co-operation and Development (OECD) and Group of Eight (G8).Īs with other developed nations, the Canadian economy is dominated by the service industry, which employs about three quarters of Canadians. It is normally abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies. The Canadian dollar (sign: $ code: CAD) is the currency of Canada.

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