Canadian pound

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The pound was the currency in Canada until the colonies decimalized between 1858 and 1871. Although initially based on the British pound, with some British coins circulating, the scarcity of British coins led to the widespread use of Spanish dollars. These were accommodated into the £sd by setting a valuation for these coins. In Canada, the Halifax rating dominated, setting the Spanish dollars equal to 5 shillings. As this was 6 pence more than its value in silver, the Canadian pound was consequently lower in value than sterling. The York rating of 1 Spanish dollar = 8 shillings was used in Upper Canada, officially until its outlawing in 1796, unofficially well into the 19th century. In Prince Edward Island in 1813, some Spanish dollars were holed, producing holey dollars worth five shillings and central plugs worth one shilling.

In 1841, the Province of Canada adopted a new, gold standard. The pound was equal to 4 U.S. dollars, with the British sovereign equal to 1 pound 4 shillings 4 pence. This system persisted until 1858, when the Province of Canada decimalized, with the Canadian dollar equal to the U.S. dollar or 5 shillings of the previous currency.

New Brunswick and Nova Scotia decimalized in 1860, Newfoundland in 1863 and Prince Edward Island in 1871. See New Brunswick dollar, Nova Scotian dollar, and Newfoundland dollar.