![]() $1 | |
Unit | |
---|---|
Symbol | $ |
Denominations | |
Subunit | |
1⁄100 | cent |
Symbol | |
cent | ¢ |
Banknotes |
|
Coins |
|
Demographics | |
Replaced | Prince Edward Island pound |
Replaced by | Canadian dollar |
User(s) | ![]() |
Issuance | |
Central bank | Merchant Bank of Prince Edward Island |
Valuation | |
Pegged with | Canadian dollar at par |
This infobox shows the latest status before this currency was rendered obsolete. |
The Prince Edward Island dollar was a unit of currency used in Prince Edward Island. The dollar replaced the Prince Edward Island pound in 1872 at a rate of 1 pound = 4.866 dollars (equivalent to the Canadian dollar). The dollar was subdivided into 100 cents .
Only one type of coin, the one-cent piece, was struck for the Prince Edward Island dollar, in 1871. PEI entered Confederation two years later. Both sides of the coin were designed by Leonard Charles Wyon. The obverse had Queen Victoria, with inscription "VICTORIA QUEEN" and the date. The reverse was specially made for the PEI government, showing the seal of the colony—a large oak tree, symbolising England, sheltering three younger ones, which symbolised Prince Edward Island's three counties. Below the seal was located the Latin phrase "PARVA SUB INGENTI", translated as "The small beneath the great". Around the seal and phrase was written "PRINCE EDWARD ISLAND", and the denomination, "ONE CENT". The coin was produced at the Heaton Mint, due to the London Mint having to strike domestic coins. However, the "H" mint mark is missing. The coin is composed of 95% copper. 4% tin, and 1% zinc. It has a weight of 5.67 grams and a diameter of 25.40 mm. It has a plain edge, and a coin orientation. Two million one-cent pieces were minted. PEI's government would experience difficulties in placing the coins in circulation—10 years were needed for the government to get rid of them. The last of the coins were sold at a 10 percent discount. [1]
The Prince Edward Island Treasury issued British pound notes (1848–58) in 5 and 10 shilling, and 1, 2, and 5-pound denominations. [2] The Merchant Bank of Prince Edward Island issued banknotes (1871–91) in 1, 2, 5, 10, and 20 dollar denominations [3] (and prepared a proof for a 5 dollar 1900 issue, but it never circulated). [4]
The Bank of Prince Edward Island (PEI) incorporated on 14 April 1856 in Charlottetown, [5] after nearly two years of negotiations with Great Britain over the legality of a colony-established bank. [6] On 13 August 1856 the bank opened for business, [7] and was the first bank established on the island. [8] The founding directors included: James Peake, Richard Heartz, Daniel Davies, Henry Haszard, and Daniel Brenan. [9]
In 1857 the Bank of PEI temporarily closed (citing a provision in their original charter, they suspended all financial transactions for three months) after the directors discovered that the bank president and cashier had made loans that exceeded their capital. [7] The cashier (William Cundall) remained at the bank while the president (Ralph Brecken) resigned. [10]
In 1881, after it was discovered that the cashier (Joseph Brecken, son of former president Ralph Brecken) had made irresponsibly large loans, the bank was closed, and liquidated over the next several years (1882–87). [11] The Bank of Prince Edward Island was the first in Canada to file for bankruptcy. [12]
The bank's first issue of paper currency was dated the same day (13 August) and included 5 and 10 shilling notes, and 1 and 5 pound notes. [13] A shorter issue of notes in 1859 only included the 10 shilling and 2 pound denominations. [14] The 1872 issue in Canadian dollars (below) was initially dated 1 January 1872 (and then reissued again 1 January 1877). [14]
Value | Date | Image |
---|---|---|
1 Dollar | 1877 | |
2 Dollars | 1877 | |
5 Dollars | 1877 | |
10 Dollars | 1872 | |
20 Dollars | 1872 |
The shilling is a historical coin, and the name of a unit of modern currencies formerly used in the United Kingdom, Australia, New Zealand, other British Commonwealth countries and Ireland, where they were generally equivalent to 12 pence or one-twentieth of a pound before being phased out during the 1960s and 1970s.
The Sri Lankan Rupee is the currency of Sri Lanka. It is subdivided into 100 cents, but cents are rarely seen in circulation due to its low value. It is issued by the Central Bank of Sri Lanka. The abbreviation Re (singular) and Rs (plural) is generally used, the World Bank suggests SL Rs as a fully disambiguating abbreviation for distinction from other currencies named "rupee".
The British West Indies dollar (BWI$) was the currency of British Guiana and the Eastern Caribbean territories of the British West Indies from 1949 to 1965, when it was largely replaced by the East Caribbean dollar, and was one of the currencies used in Jamaica from 1954 to 1964. The monetary policy of the currency was overseen by the British Caribbean Currency Board (BCCB). It was the official currency used by the West Indies Federation. The British West Indies dollar was never used in British Honduras, the Cayman Islands, the Turks and Caicos Islands, the Bahamas, or Bermuda.
The pound was the currency of Australia from 1910 until 14 February 1966, when it was replaced by the Australian dollar. Like other £sd currencies, it was subdivided into 20 shillings, each of 12 pence.
The Bermudian dollar is the official currency of the British Overseas Territory of Bermuda. It is subdivided into 100 cents. The Bermudian dollar is not normally traded outside Bermuda, and is pegged to the United States dollar at a one-to-one ratio. Both currencies circulate in Bermuda on an equal basis.
The Trinidad and Tobago dollar is the currency of Trinidad and Tobago. It is normally abbreviated with the dollar sign $, or alternatively TT$ to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents. Cents are abbreviated with the cent sign ¢, or TT¢ to distinguish from other currencies that use cents. Its predecessor currencies are the Trinidadian dollar and the Tobagonian dollar.
The dollar has been the currency of Liberia since 1943. It was also the country's currency between 1847 and 1907. It is normally abbreviated with the sign $, or alternatively L$ or LD$ to distinguish it from other dollar-named currencies. It is divided into 100 cents.
The dollar has been the currency of Barbados since 1935. Globally its currency has the ISO 4217 code BBD, however, unofficially in Barbados the International vehicle registration code BDS is also commonly used, a currency code that is otherwise reserved for Bangladesh outside Barbados. As such the present Barbados dollar has the official ISO 4217 code of BB which matches the [dot] .bb Cc-TLD domain names classification for Barbados under ISO 3166, plus D for dollar in the foreign exchange market. The Barbadian dollar is considered as a currency which can be divided into 100 cents, though the 1 cent coin is in the process of being phased out.
Holey dollar is the name given to coins used in the early history of two British settlements: Prince Edward Island and New South Wales. The middle was punched out of Spanish dollars, creating two parts: a small coin, known as a "dump" in Australia, and a "holey dollar". This was one of the first coins struck in Australia.
Newfoundland, as a separate British colony, produced its own decimal currency between 1865 and 1947. The Coins of Newfoundland are of historical importance as Newfoundland was a British colony until 1907, and a Dominion until 1949, when Newfoundland and Labrador became the tenth province of Canada.
The Tuvaluan dollar is one of the currencies of Tuvalu, whose unofficial international currency code is TVD. Tuvalu has never had banknotes of its own, and has been issuing coins since 1976. However, the Tuvaluan dollar is used as a unit of account, and is pegged to the Australian dollar at parity. From 1966 to 1976, Tuvalu officially used the Australian dollar. In 1976, Tuvalu began issuing its own coins, which continue to circulate alongside Australian coins. Tuvalu continues to use Australian banknotes. Tuvaluan coins are not legal tender in Australia. Similar to the Faroese króna's relationship to the Danish krone and the Panamanian balboa's relationship to the United States dollar, the Tuvaluan dollar is not an independent currency, but a variation of the Australian dollar.
The daler was the currency of the Danish West Indies between 1849 and 1917, and of the United States Virgin Islands between 1917 and 1934.
The dollar was the currency of the Raj of Sarawak from 1858 to 1953. It was subdivided into 100 cents. The dollar remained at par with the Straits dollar and its successor the Malayan dollar, the currency of Malaya and Singapore, from its introduction until both currencies were replaced by the Malaya and British Borneo dollar in 1953.
The dollar was the currency of the colony of Newfoundland and, later, the Dominion of Newfoundland, from 1865 until 1949, when Newfoundland became a province of Canada. It was subdivided into 100 cents.
The history of Canadian currencies began with Indigenous peoples in Canada prior to European contact, when they used items such as wampum and furs for trading purposes. The Indigenous peoples continued to use those items as currency when trade with Europeans began. During the period of French colonization, coins were introduced, as well as one of the first examples of paper currency by a western government. During the period of British colonization, additional coinage was introduced, as well as banknotes. The Canadian colonies gradually moved away from the British pound and adopted currencies linked to the United States dollar. With Confederation in 1867, the Canadian dollar was established. By the mid-20th century, the Bank of Canada was the sole issuer of paper currency, and banks ceased to issue banknotes.
The dollar was the currency of New Brunswick between 1860 and 1867. It replaced the pound at a rate of 4 dollars = 1 pound and was equal to the Canadian dollar. The New Brunswick dollar was replaced by the Canadian dollar at par when New Brunswick entered the Canadian Confederation.
The dollar was the currency of Nova Scotia between 1860 and 1871. It replaced the Nova Scotian pound at a rate of 5 dollars = 1 pound and was consequently worth less than the Canadian dollar. The Nova Scotian dollar was replaced by the Canadian dollar at a rate of 73 Canadian cents = 75 Nova Scotian cents, thus maintaining the difference between the two currencies established in 1860.
The pound was the currency of the Canadas until 1858. It was subdivided into 20 shillings (s), each of 12 pence (d). In Lower Canada, the sou was used, equivalent to a halfpenny. Although the £sd accounting system had its origins in sterling, the Canadian pound was never at par with sterling's pound.
The Australian sixpence circulated from 1910 up until the decimalisation of Australian Currency in 1966. The coins were initially minted in England; however, Australia began to mint their own from the year of 1916 at branches of the Royal Mint in Sydney and Melbourne. The coins which made up Australia's pre-decimal currency were identical to British currency in the characteristics of weight and size. The Coinage Act of 1909–1947, authorised the issue of Australian coins in the select denominations, including the sixpence. By 1916 all silver denominations, including the sixpence, could be minted at the Royal Mint branch in Melbourne. Unique Australian currency was created with decimalisation in 1966.
The pound was the currency of Prince Edward Island until 1871. It was divided into 20 shillings, each of 12 pence. It was replaced by the dollar in 1871. Initially sterling coin circulated, together with locally produced coins and paper money.