The Canadian dollar is the official currency in Canada. In 2007, it was recognized as one of the top 10 most traded currencies worldwide, as it ranked 7th place overall. It has many nicknames including piastre and Huard in French, while its English nicknames are buck and Loonie. The money in this country comes in different coin denominations including the 1-cent, 5-cent and 10-cent coins. In terms of bank notes, the most frequently used are the Canadian five-dollar bill, Canadian ten-dollar bill as well as the Canadian $50-bill. Let’s take a closer look at the other interesting things about Canadian money including how much it is worth in America.
The Value of Canadian Dollar in America
How much is Canadian money worth in America? The value of Canadian money changes almost every day. As of July 2009, the equivalent of one Canadian dollar is close to 0.859107 U.S. dollar. This only shows that the current value of a Canadian dollar is slightly lower than the value of its counterpart in the United States. The Bank of Canada is the sole issuer of banknotes in the country.
Additional Information and Other Interesting Details
The Province of Canada issued various kinds of coins in 1858 including the 1-cent made from bronze as well as the 5-cent, 10-cent and 20-cent coins, all of which were made from .925 silver. Between 1912 and 1914, it issued $5-coin and $10-coin, both of which contained gold. The size of the 1-cent coin was reduced in 1920. The Royal Canadian Mint is the sole producer of Canadian coins. Its headquarters is located within the City of Winnipeg in Manitoba, Canada.
From 1950 to 1962, the Canadian dollar had a floating exchange rate. From 1952 until 1960, it even traded higher than the U.S. dollar. On August 20, 1957, it reached its peak at the value of US$1.0614. However, it experienced a massive decline in value after 1960. This event led to the defeat of then-Prime Minister John Diefenbaker in the 1963 election. In 1962, the Canadian dollar assumed a fixed exchange rate system, with its value fixed at US$0.925.
In 1970, the Canadian government once again allowed their money to float, the reason of which was to fight off the bad economic effects of inflation. Because of that decision, the value of the Canadian dollar increased, which made it higher than the U.S. dollar. On April 25, 1974, it even reached the high value of US$1.0443. However, its value would soon fall against the U.S. dollar in the 1990s, a period when the so-called technological boom was in effect.