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The pound was the currency of Prince Edward Island until 1871. It was subdivided into 20 shillings, each of 12 pence. It was replaced by the dollar in 1871. British coins circulated, together with locally produced coins and paper money.
The only coins issued exclusively for Prince Edward Island were issued in 1813. There were two denominations, the 1 and 5 shillings. Both were produced by cutting a central plug from a Spanish dollar (8 reales) coin. The plug, stamped with a sunburst, made the 1 shilling piece, whilst the similarly stamped ring made the 5 shillings piece. Due to its shape, the 5 shillings coin was known as a holey dollar.
[edit] Banknotes
In 1790, the Island of St. John (as Prince Edward Island was then known) issued Treasury notes in denominations of 1, 1½, 2½, 5, 10, 20 and 40 shillings. A further issue of Treasury notes was made between 1834 and 1870, with denominations on 5 and 10 shillings, 1, 2 and 5 pounds.
Along with the Treasury notes, two chartered banks issued paper money, the Bank of Prince Edward Island and the Union Bank of Prince Edward Island. However, the pounds issued by these two banks had different values relative to sterling. The Bank of Prince Edward Island issued notes in denominations of 5 and 10 shillings, 1, 2 and 5 pounds between 1856 and 1863. These pounds were worth 13 shillings 4 pence sterling and the notes also carried the denomination in sterling (3s 4d, 6s 8d, 13s 4d, £1 6s 8d and £3 6s 8d). The Union Bank issued notes between 1864 and 1865 denominated in both dollars (worth 4 shillings 2 pence) and sterling. Denominations were 1, 2, 5 and 20 dollars (4s 2d, 8s 4d, £1 10d, £4 3s 4d sterling).
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