Currency
Bills were, and still are, issued in $$1, $$2, $$5, $$10, $$20, $$50, and $$100 denominations. Each bears the image of a distinct figure from Salt Spring history, such as Henry Wright Bullock ($$1 bill), Matilda Naukana Harris ($$2 bill), and Sylvia Stark ($$5 bill). Along with the figure is a quote by Albert Einstein: "How I wish that somewhere there existed an Island for those who are wise and of good will! In such a place even I would be an ardent patriot." In the centres are landscape shots of various locations on the island. The reverse of the bills feature paintings from local artists including Robert Bateman.
The Salt Spring Dollar is exchanged at par with the Canadian dollar, and used at very few businesses throughout the island. They were given the distinct symbol $$, to denote Salt Spring Island Issued. The Salt Spring Island Monetary Foundation backs the currency with Canadian dollars.
A currency is a standardization of money in any form when in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state. Under this definition, U.S. dollars (US$), euros (€), Indian rupee (₹), Japanese yen (¥), and pounds sterling (£) are examples of (government-issued) fiat currencies. Currencies may act as stores of value and be traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are defined by governments, and each type has limited boundaries of acceptance.
Dollar is the name of more than 20 currencies. They include the Australian dollar, Brunei dollar, Canadian dollar, Hong Kong dollar, Jamaican dollar, Liberian dollar, Namibian dollar, New Taiwan dollar, New Zealand dollar, Singapore dollar, United States dollar, and several others. The symbol for most of those currencies is the dollar sign $ in the same way as many countries using peso currencies.
The Canadian dollar is the currency of Canada. It is abbreviated with the dollar sign $, or sometimes CA$, Can$ or C$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents (¢).
The króna[ˈkʰrouːna] or krona is the currency of Iceland. Iceland is the second smallest country by population, after the Seychelles, to have its own currency and monetary policy.
The pound sterling, known in some contexts as the British pound, the pound, or sterling, is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha. It is subdivided into 100 pence. The "pound sterling" is the oldest currency in continuous use. Some nations that do not use sterling also have currencies called the pound.
The Hong Kong dollar is the official currency of the Hong Kong Special Administrative Region of the People's Republic of China. It is subdivided into 100 cents or 1000 mils. The Hong Kong Monetary Authority is the monetary authority of Hong Kong and the Hong Kong dollar.
The Singapore dollar is the official currency of Singapore. It is divided into 100 cents. It is normally abbreviated with the dollar sign $, or S$ to distinguish it from other dollar-denominated currencies. The Monetary Authority of Singapore (MAS) issues the banknotes and coins of the Singapore dollar.
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 North American monetary union is a theoretical economic and monetary union of three North American countries: Canada, the United States of America and Mexico.
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.
Early American currency went through several stages of development during the colonial and post-Revolutionary history of the United States. John Hull was authorized by the Massachusetts legislature to make the earliest coinage of the colony, the willow, the oak, and the pine tree shilling in 1652.
The Tuvaluan dollar is the currency 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.
Canada has an extensive history with regard to its currencies. Prior to European contact, indigenous peoples in Canada used items such as wampum and furs for trading purposes, which continued when trade with Europeans began.
The pound was the unit of account for 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, worth 1⁄2 penny. Although the pounds, shillings, and pence accounting system had its origins in the British pound sterling, the Canadian pound was never formally linked to the British currency.
The dollar was the currency of British Columbia between 1865 and 1871. It replaced the British pound at a rate of 1 pound per 4.866 dollars and was equivalent to the Canadian dollar, which replaced it. The dollar was subdivided into 100 cents. No distinct coins were issued, with Canadian coins circulating.
The United States dollar is the official currency of the United States and several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents. U.S. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color.
Salt Spring Island or Saltspring Island is one of the Gulf Islands in the Strait of Georgia between mainland British Columbia, Canada and Vancouver Island.
Fiat money is a type of currency that is not backed by any commodity such as gold or silver, and typically declared by a decree from the government to be legal tender. Throughout history, fiat money was sometimes issued by local banks and other institutions. In modern times, fiat money is generally established by government regulation.
Salt Spring or Salt Springs may refer to:
