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94-439: The 12,300 square metres (132,000 sq ft) athletic facility features a 11.0 by 9.1 metres (36 by 30 ft) indoor rock climbing wall, Olympic weightlifting equipment, four internationally-sized squash courts, and a four-lane 200 metres (660 ft) indoor track. The athletic centre was opened by McMaster University in 2007. The cost to build the facility was approximately C$ 31 million, with C$ 20 million originating from

188-529: A bank. However, Bank of England notes that are withdrawn from circulation generally cease to be legal tender but remain redeemable for current currency at the Bank of England itself or by post. All paper and polymer issues of New Zealand banknotes issued from 1967 onwards (and 1- and 2-dollar notes until 1993) are still legal tender; however, 1-, 2- and 5-cent coins are no longer used in New Zealand . A cashless society

282-513: A coin struck by the Hudson's Bay Company during the 17th century with a value equal to the pelt of a male beaver  – a "buck". Because of the appearance of the common loon on the back of the $ 1 coin that replaced the dollar bill in 1987, the word loonie was adopted in Canadian parlance to distinguish the Canadian dollar coin from the dollar bill. When the two-dollar coin was introduced in 1996,

376-617: A currency value indicated on them which is far below the value of the metal the coin contains: these coins are known as non-circulating legal tender or NCLT . The Australian dollar , comprising notes and coins, is legal tender in Australia . Australian notes are legal tender by virtue of the Reserve Bank Act 1959 (Cth) s 36(1), without an amount limit. The Currency Act 1965 (Cth) similarly provides that Australian coins intended for general circulation are also legal tender, but only for

470-520: A cut in interest rates made by the Bank of Canada due to concerns about exports to the U.S. Due to its soaring value and new record highs at the time, the Canadian dollar was named the Canadian Newsmaker of the Year for 2007 by the Canadian edition of Time magazine. Since the late 2000s, the Canadian dollar has been valued at levels comparable to the years before its swift rise in 2007. For most of

564-456: A formal monetary agreement with the EU, unilaterally adopted the euro in 2002 as their de facto domestic currency to ensure monetary stability and to continue to avoid the high/hyper inflation seen in preceding decades: this means that the euro is not a legal tender there, however it is treated as such by the government and the people. Legal tender was enacted the first time for gold and silver coins in

658-566: A number of other banks including the Bank of New Zealand , the Bank of New South Wales , the National Bank of New Zealand and the Colonial Bank of New Zealand were created by Acts of Parliament and authorized to issue bank-notes backed by gold, however these notes were not legal tender. The 1893 Bank Note Issue Act allowed the government to declare a bank's right to issue legal tender. This enabled

752-453: A period of time; only Ireland continues to do so. Legally, those coins and banknotes were considered non-decimal sub-divisions of the euro. When the so-called "Swiss" dinar ceased to be legal tender in Iraq , it still circulated in the northern Kurdish regions. Despite lacking government backing, it had a stable market value for more than a decade. This is also true of the paper money issued by

846-751: A replacement for the Indian rupee for circulation exclusively outside the country with the Reserve Bank of India Amendment Act of 1 May 1959. This creation of a separate currency was an attempt to reduce the strain put on India's foreign reserves by gold smuggling. Kuwait and Bahrain eventually replaced the Gulf rupee with their own currencies (the Kuwaiti dinar and the Bahraini dinar ) after gaining independence from Britain in 1961 and 1965, respectively. On 6 June 1966, India devalued

940-697: A series of Hawaii overprint notes as an emergency issue after the attack on Pearl Harbor. The intent of the overprints was to easily distinguish United States dollars captured by the Imperial Japanese Armed Forces in the event of an invasion of Hawaii (which never happened) and render the notes worthless via demonetisation. Demonetisation is currently prohibited in the United States, and the Coinage Act of 1965 applies to all US coins and currency regardless of age. The closest historical equivalent in

1034-452: A specific foreign currency as legal tender, at times as its exclusive legal tender or concurrently with its domestic currency. The term legal tender is from Middle French tendre (verb form), meaning to offer . The Latin root is tendere (to stretch out), and the sense of tender as an offer is related to the etymology of the English word extend (to hold outward). Demonetization

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1128-608: A tax of 10%, per annum, on "all bank notes issued or re-issued by any bank in the Commonwealth after the commencement of this Act, and not redeemed". These Acts effectively put an end to the issue of notes by the trading banks and the Queensland Treasury. The Reserve Bank Act 1959 expressly prohibits persons and states from issuing "a bill or note for the payment of money payable to bearer on demand and intended for circulation". In general, Canadian dollar banknotes issued by

1222-444: A thousand-guilder bill, you have to be able to state how you came by it and provide proof. They can still be used to pay taxes, but only until next week. The five-hundred notes will lapse at the same time. Gies & Co. still had some unaccounted-for thousand-guilder bills, which they used to pay their estimated taxes for the coming years, so everything seems to be above board. Piet Lieftinck 's measure of demonetizing 100-guilder notes

1316-426: A view to curb counterfeiting, tax evasion and the parallel economy . The Reserve Bank of India outlined a scheme for holders of such banknotes to either deposit them into their bank accounts for full, unlimited value, or to exchange the banknotes for new, subject to a cap. New Zealand has a complex history of legal tender. English law applied, as applicable to local circumstances, either from 6 January 1840 (when

1410-407: A wartime measure, nickel was replaced by tombac in the 5¢ coin, which was changed in shape from round to dodecagonal . Chromium-plated steel was used for the 5¢ in 1944 and 1945 and between 1951 and 1954, after which nickel was readopted. The 5¢ returned to a round shape in 1963. In 1935, the 0.800 silver voyageur dollar was introduced. Production was maintained through 1967 with the exception of

1504-605: Is Maundy money . Some currency issuers, particularly the Scottish banks, issue special commemorative banknotes which are intended for ordinary circulation (though no Scottish banknotes nor notes from Northern Ireland are legal tender in the United Kingdom). As well, some standard coins are minted on higher-quality dies as uncirculated versions of the coin, for collectors to purchase at a premium; these coins are nevertheless legal tender. Some countries issue precious-metal coins which have

1598-599: Is an economic state whereby financial transactions are not conducted with money in the form of physical banknotes or coins. Cashless societies have existed, based on barter and other methods of exchange. In modern usage, the term usually refers to financial transactions conducted by transfer of digital information (usually an electronic representation of money) between the transacting parties. Sometimes currency issues such as commemorative coins or transfer bills may be issued that are not intended for public circulation but are nonetheless legal tender. An example of such currency

1692-612: Is at liberty to set the commercial terms upon which payment will take place before the contract for supply of the goods or services is entered into. If a provider of goods or services specifies other means of payment prior to the contract, then there is usually no obligation for legal tender to be accepted as payment. This is the case even when an existing debt is involved. However, refusal to accept legal tender in payment of an existing debt, where no other means of payment/settlement has been specified in advance, conceivably could have consequences in legal proceedings. Australia Post prohibits

1786-425: Is cheaper for Canadian industries to purchase foreign material and businesses. The Bank of Canada currently has no specific target value for the Canadian dollar and has not intervened in foreign exchange markets since 1998. The Bank's official position is that market conditions should determine the worth of the Canadian dollar, although it occasionally makes minor attempts to influence its value. On world markets,

1880-523: Is governed by the Currency Act , which sets out limits of: Retailers in Canada may refuse bank notes without breaking the law. According to legal guidelines, the method of payment has to be mutually agreed upon by the parties involved with the transactions. For example, stores may refuse $ 100 banknotes if they feel that would put them at risk of being counterfeit victims; however, official policy suggests that

1974-400: Is not given back as change. The standard set of designs has Canadian symbols, usually wildlife, on the reverse, and an effigy of Charles III on the obverse . A large number of pennies, nickels, and dimes are in circulation bearing the effigy of Elizabeth II , and occasionally some depicting George VI can be found. It is also common for American coins to be found among circulation due to

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2068-422: Is only available directly from the mint, therefore seeing very little circulation), $ 1 ( loonie ), and $ 2 ( toonie ). The last 1¢ coin ( penny ) to be minted in Canada was struck on May 4, 2012, and distribution of the penny ceased on February 4, 2013. Ever since, the price for a cash transaction is rounded to the nearest five cents. The penny continues to be legal tender, although it is only accepted as payment and

2162-477: Is popular with central banks because of Canada's relative economic soundness, the Canadian government's strong sovereign position, and the stability of the country's legal and political systems. The 1850s in Canada were a decade of debate over whether to adopt a £sd -based monetary system or a decimal monetary system based on the US dollar. The British North American provinces, for reasons of practicality in relation to

2256-428: Is restored as legal tender. Coins and banknotes may cease to be legal tender if new notes of the same currency replace them or if a new currency is introduced replacing the former one. Examples of this are: Thousand-guilder notes are being declared invalid. That'll be a blow to the black marketeers and others like them, but even more to people in hiding and anyone else with money that can't be accounted for. To turn in

2350-452: Is the currency of Canada. It is abbreviated with the dollar sign $ . There is no standard disambiguating form, but the abbreviations Can$ , CA$ and C$ are frequently used for distinction from other dollar -denominated currencies (though C$ remains ambiguous with the Nicaraguan córdoba ). It is divided into 100 cents  (¢). Owing to the image of a common loon on its reverse,

2444-777: Is the de facto legal tender currency in India . The Indian rupee is also legal tender in Nepal and Bhutan , but the Nepalese rupee and Bhutanese ngultrum are not legal tender in India. Both the Nepalese rupee and Bhutanese ngultrum are pegged with the Indian rupee. The Indian rupee used to be an official currency of several other countries, including the Straits Settlements (now Singapore and parts of Malaysia ), Iraq , Kuwait , Bahrain , Qatar ,

2538-411: Is the act of stripping a currency unit of its status as legal tender. It occurs whenever there is a change of national currency: The current form or forms of money is or are pulled from circulation and retired, often to be replaced with new notes or coins. Sometimes, a country completely replaces the old currency with new currency. The opposite of demonetization is remonetization, in which a form of payment

2632-478: The 1963 election . The Canadian dollar returned to a fixed exchange rate regime in 1962 when its value was set at US$ 0.925 , where it remained until 1970. As an inflation -fighting measure, the Canadian dollar was allowed to float in 1970. Its value appreciated and it was worth more than the U.S. dollar for part of the 1970s. The high point was on April 25, 1974, when it reached US$ 1.0443 . The Canadian dollar fell in value against its American counterpart during

2726-530: The Bank of Canada and coins issued under the authority of the Royal Canadian Mint Act are legal tender in Canada . However, commercial transactions may legally be settled in any manner agreed by the parties involved with the transactions. For example, convenience stores may refuse $ 100 bank notes if they feel that would put them at risk of being counterfeit victims; however, official policy suggests that

2820-837: The Central Bank of Ireland and such persons as may be designated by the Minister by order, shall be obliged to accept more than 50 coins denominated in euro or in cent in any single transaction." The Decimal Currency Act, 1970 governed legal tender prior to the adoption of the euro and laid down the analogous provisions as in United Kingdom legislation (all inherited from previous UK law ), namely: coins denominated above 10 pence became legal tender for payment not exceeding £10, coins denominated not more than 10 pence became legal tender for payment not exceeding £5, and bronze coins became legal tender for payment not exceeding 20 pence. The Indian rupee

2914-576: The Confederate States of America during the American Civil War . The Confederate currency became worthless by its own terms after the war, since it could only be redeemed a stated number of years after a peace treaty was signed between the Confederacy and the United States (which never happened, as the Confederacy was defeated and dissolved ). During World War II the United States printed

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3008-575: The Eurozone on 1 January 2002. Although one side of the coins is used for different national marks for each country, all coins and all banknotes are legal tender throughout the eurozone . Although some eurozone countries do not put 1 cent and 2 cent coins into general circulation (prices in those countries are by general understanding always rounded to whole multiples of 5 cent ), 1 cent and 2 cent coins from other eurozone countries remain legal tender in those countries. Council Regulation (EC) No 974/98 limits

3102-716: The French Penal Code of 1807 (art. 475, 11°). In 1870, legal tender was extended to all notes of the Banque de France . Anyone refusing such coins for their whole value would be prosecuted (French Penal Code art. R. 642–3). According to the Economic and Monetary Union Act 1998 of the Republic of Ireland , which replaced the legal tender provisions that had been re-enacted in Irish legislation from previous British enactments, "No person, other than

3196-551: The Halifax rating . The new Canadian pound was equal to four US dollars (92.88 grains gold), making £1  sterling equal to £1.4 s .4 d . Canadian. Thus, the new Canadian pound was worth 16 shillings and 5.3 pence sterling. In 1851, the Parliament of the Province of Canada passed an act for the purposes of introducing a sterling-based unit, with decimal fractional coinage. The idea

3290-581: The Reserve Bank , established in 1934, did not have the right to issue coins as legal tender. Coins had to be issued by the Minister of Finance .) The history of bank notes in New Zealand was considerably more complex. In 1840 the Union Bank of Australia started issuing bank notes under provisions of British law but these were not automatically legal tender. In 1844, ordinances were passed by NZ Parliament making

3384-662: The Trucial States (now the UAE ), Oman , Aden Colony and Aden Protectorate (now parts of Yemen ), British Somaliland , British East Africa , and Zanzibar . In 1837, the Indian rupee was made the sole official currency of the Straits Settlements, as it was administered as a part of India. In 1845, the British replaced the Indian rupee with the Straits dollar after administration of

3478-588: The Union Bank banknotes legal tender and authorizing the government to issue debentures in small denominations, thus creating two sets of legal tender. These debentures were circulated but were traded at a discount to their face value because of distrust of the colonial government amongst the settler population. In 1845 the British Colonial office disallowed the Ordinance, namely the Debentures Act 1844 (NZ), and

3572-444: The chartered banks starting in the 1830s, by several pre- Confederation colonial governments (most notably the Province of Canada in 1866), and after confederation, by the Canadian government starting in 1870. Some municipalities also issued notes, most notably depression scrip during the 1930s. On July 3, 1934, with only 10 chartered banks still issuing notes, the Bank of Canada was founded. This new government agency became

3666-405: The technological boom of the 1990s that was centred in the United States, and was traded for as little as US$ 0.6179 on January 21, 2002, which was an all-time low. Since then, its value against all major currencies rose until 2013, due in part to high prices for commodities (especially oil ) that Canada exports. The Canadian dollar's value against the U.S. dollar rose sharply in 2007 because of

3760-600: The $ 5 and $ 10 denominations began circulation on November 12, 2013. Since 1935, all banknotes are printed by the Ottawa-based Canadian Bank Note Company under contract to the Bank of Canada. Previously, a second company, BA International (founded in 1866 as the British American Bank Note Company), shared printing duties. In 2011, BA International announced it would close its banknote printing business and cease printing banknotes at

3854-420: The 1¢ plated in copper and the others plated in cupro-nickel . In 2012, the multi-ply plated-steel technology was introduced for $ 1 and $ 2 coins as well. Also in that year mintage of the 1¢ coin ceased and its withdrawal from circulation began in 2013. The first paper money issued in Canada denominated in dollars were British Army bills, issued between 1813 and 1815. Canadian dollar banknotes were later issued by

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3948-414: The 2010s, the exchange rate of Canadian to US dollars was approximately US$ 0.70 to Can$ 1.00. Legal tender Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt . Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes

4042-461: The British conquest of Canada in 1760, French coins gradually went out of use, and sou became a nickname for the halfpenny , which was similar in value to the French sou . Spanish dollars and U.S. dollars were also in use, and from 1841 to 1858, the exchange rate was fixed at $ 4 = £1  (or 400¢ = 240 d ). This made 25¢ equal to 15 d , or 30 halfpence ( trente sous ). After decimalization and

4136-501: The Canadian dollar as a stable alternative to the Icelandic króna . Canada was favoured due to its northern geography and similar resource-based economy, in addition to its relative economic stability. The Canadian ambassador to Iceland said that Iceland could adopt the currency; although Iceland ultimately decided not to move on with the proposal. Since 76.7% of Canada's exports go to the U.S., and 53.3% of imports into Canada come from

4230-404: The Canadian dollar have tended to correlate with shifts in oil prices, reflecting the Canadian dollar's status as a petrocurrency owing to Canada's significant oil exports. The Canadian dollar traded at a record high of US$ 2.78 in terms of American greenbacks on July 11, 1864, since the latter was inconvertible paper currency. However, the Canadian dollar remained close to par or 1:1 versus

4324-407: The Canadian dollar historically tended to move in tandem with the U.S. dollar. An apparently rising Canadian dollar (against the U.S. dollar) was decreasing against other international currencies; however, during the rise of the Canadian dollar between 2002 and 2013, it gained value against the U.S. dollar as well as other international currencies. In recent years, dramatic fluctuations in the value of

4418-488: The Coinage Act authorized a specific New Zealand coinage and removed legal-tender status from British coins. In the same year the Reserve Bank of New Zealand was established. The bank was given a monopoly on the issue of legal tender. The Reserve Bank also provided a mechanism through which the other issuers of legal tender could phase out their bank notes. These banknotes were convertible into British legal tender on demand at

4512-505: The Dominion of Canada in 1873. Newfoundland went decimal in 1865, but unlike the Province of Canada, New Brunswick, and Nova Scotia, it decided to adopt a unit based on the Spanish dollar rather than on the U.S. dollar, and there was a slight difference between these two units. The U.S. dollar was created in 1792 on the basis of the average weight of a selection of worn Spanish dollars. As such,

4606-589: The Eurozone. For example, the Netherlands, Italy, Belgium, Finland, and Ireland have de jure or de facto removed the use of 1 cent and 2 cent coins and adopted cash rounding to the nearest multiple of 5 cents. National laws may also impose restrictions as to maximal amounts that can be settled by coins or notes. Kosovo and Montenegro , which are not members of the European Union and the Eurozone and do not have

4700-661: The Governor of New South Wales by proclamation annexed New Zealand) or from 14 January 1840 (when Captain Hobson (of the Royal Navy) was sworn in as Lieutenant-Governor of New Zealand). The English Laws Act 1858 subsequently confirmed that English legislation passed prior to 14 January 1840 was and had been the law of New Zealand, as applicable to local circumstances. The (UK) Coinage Act 1816 therefore applied and British coins were confirmed as legal tender in New Zealand . (Unusually, until 1989,

4794-597: The Province of Canada, New Brunswick, and Nova Scotia united into a federation named Canada . As a result, their respective currencies were merged into a singular Canadian dollar. The Canadian Parliament passed the Uniform Currency Act in April 1871, tying up loose ends as to the currencies of the various provinces and replacing them with a common Canadian dollar. The gold standard was temporarily abandoned during World War I and definitively abolished on April 10, 1933. At

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4888-547: The Province of Canada. Except for 1¢ coins struck in 1859, no more coins were issued until 1870, when production of the 5¢ and 10¢ was resumed and silver 25¢ and 50¢ were introduced. Between 1908 and 1919, sovereigns (legal tender in Canada for $ 4.86 + 2 ⁄ 3 ) were struck in Ottawa with a "C" mintmark. Canada produced its first gold dollar coins in 1912 in the form of $ 5 and $ 10. These coins were produced from 1912 to 1914. The obverse carries an image of King George V and on

4982-655: The Spanish dollar was worth slightly more than the U.S. dollar, and likewise, the Newfoundland dollar , until 1895, was worth slightly more than the Canadian dollar. The Colony of British Columbia adopted the British Columbia dollar as its currency in 1865, at par with the Canadian dollar. When British Columbia joined Canada as its sixth province in 1871, the Canadian dollar replaced the British Columbia dollar. In 1867,

5076-580: The Straits Settlements separated from India earlier in that same year. After partition of India and Pakistan in 1947 , the Pakistani rupee came into existence, initially using Indian coins and Indian currency notes simply overstamped with the word "Pakistan". New coins and banknotes were issued in 1948. The Gulf rupee , also known as the Persian Gulf rupee (XPGR), was introduced by the Government of India as

5170-416: The U.S. dollar for the first time in 30 years, at US$ 1.0052. On November 7, 2007, it hit US$ 1.1024 during trading, a modern-day high after China announced it would diversify its US$ 1.43   trillion foreign exchange reserve away from the U.S. dollar. By November 30, however, the Canadian dollar was once again at par with the U.S. dollar, and on December 4, the dollar had retreated back to US$ 0.98, through

5264-437: The U.S. dollar unit. Hence, when the new decimal coins were introduced in 1858, the colony's currency became aligned with the U.S. currency, although the British gold sovereign continued to remain legal tender at the rate of £1 = Can$ 4.86 + 2 ⁄ 3 right up until the 1990s. In 1859, Canadian colonial postage stamps were issued with decimal denominations for the first time. In 1861, Canadian postage stamps were issued with

5358-424: The U.S., Canadians are interested in the value of their currency mainly against the U.S. dollar. Although domestic concerns arise when the dollar trades much lower than its U.S. counterpart, there is also concern among exporters when the dollar appreciates quickly. A rise in the value of the dollar increases the price of Canadian exports to the U.S. On the other hand, there are advantages to a rising dollar, in that it

5452-612: The UK (Scotland and Northern Ireland) are not legal tender, but one of the criteria for legal protection under the Forgery and Counterfeiting Act is that banknotes must be payable on demand, therefore withdrawn notes remain a liability of the issuing bank without any time limits. In the case of the euro, coins and banknotes of former national currencies were in some cases considered legal tender from 1 January 1999 until various dates in 2002. Most countries continued to exchange pre-euro notes and coins for

5546-679: The US, other than Confederate money, was from 1933 to 1974, when the government banned most private ownership of gold bullion , including gold coins held for non- numismatic purposes. Now, however, even surviving pre-1933 gold coins are legal tender under the 1964 act. Banknotes and coins may be withdrawn from circulation, but remain legal tender. United States banknotes issued at any date remain legal tender even after they are withdrawn from circulation. Canadian 1- and 2-dollar bills remain legal tender even if they have been withdrawn and replaced by coins, but Canadian $ 1,000 bills remain legal tender even if they are removed from circulation as they arrive at

5640-403: The banknotes indefinitely. As of January 1, 2021, the $ 1, $ 2, $ 25, $ 500 and $ 1000 notes issued by the Bank of Canada are no longer legal tender. All other current and prior Canadian dollar banknotes issued by the Bank of Canada remain as legal tender in Canada. However, commercial transactions may legally be settled in any manner agreed by the parties involved. Legal tender of Canadian coinage

5734-469: The case of coins of a denomination greater than $ 10, a payment is a legal tender for no more than the value of a single coin of that denomination. Where more than one amount is payable by one person to another on the same day under one or more obligations, the total of those amounts is deemed to be one amount due and payable on that day. In the People's Republic of China, the official currency renminbi serves as

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5828-422: The close proximity to the United States and the fact that the sizes and colours of the coins are similar. Commemorative coins with differing reverses are also issued on an irregular basis, most often quarters. 50¢ coins are rarely found in circulation; they are often collected and not regularly used in day-to-day transactions in most provinces. In 1858, bronze 1¢ and 0.925 silver 5¢, 10¢ and 20¢ coins were issued by

5922-460: The coin). The French pronunciation of cent (pronounced similarly to English as /sɛnt/ or /sɛn/ , not like the word for hundred, /sɑ̃/ or /sã/ ) is generally used for the subdivision; sou is another, informal, term for 1¢. 25¢ coins in Quebec French are often called trente sous ("thirty cents") because of a series of changes in terminology, currencies, and exchange rates. After

6016-418: The continued strength of the Canadian economy and the U.S. currency's weakness on world markets. During trading on September 20, 2007, it met the U.S. dollar at parity for the first time since November 25, 1976. Inflation in the value of the Canadian dollar has been fairly low since the 1990s. In 2007 the Canadian dollar rebounded, soaring 23% in value. On September 28, 2007, the Canadian dollar closed above

6110-636: The debentures were recalled, not without first causing a panic among holders. In 1847, the Colonial Bank of Issue became the only issuer of legal tender. In 1856, however, the Colonial Bank of Issue was disbanded; and through the Paper Currency Act 1856 the Union Bank was confirmed once again as an issuer of legal tender. The Act also authorized the Oriental Bank to issue legal tender - but this bank ceased operations in 1861. Between 1861 and 1874,

6204-770: The debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt. It is generally only mandatory to recognize the payment of legal tender in the discharge of a monetary debt from a debtor to a creditor. Sellers offering to enter into contractual relationship, such as a contract for the sale of goods, do not need to accept legal tender and may instead require payment using electronic methods, foreign currencies or any other legally recognized object of value. Coins and banknotes are usually defined as legal tender in many countries, but personal cheques , credit cards , and similar non-cash methods of payment are usually not. Some jurisdictions may include

6298-462: The denominations shown in dollars and cents. In 1860, the colonies of New Brunswick and Nova Scotia followed the Province of Canada in adopting a decimal system based on the U.S. dollar unit. In 1871, Prince Edward Island went decimal within the U.S. dollar unit and introduced coins in the denomination of 1 cent. However, the currency of Prince Edward Island was absorbed into the Canadian system shortly afterwards, when Prince Edward Island joined

6392-460: The derivative word toonie ("two loonies") became the common word for it in Canadian English slang. In French , the currency is also called le dollar ; Canadian French slang terms include piastre or piasse (the original word used in 18th-century French to translate "dollar") and huard (equivalent to loonie , since huard is French for "loon," the bird appearing on

6486-409: The dollar coin, and sometimes the unit of currency itself, may be referred to as the loonie by English-speaking Canadians and foreign exchange traders and analysts. Accounting for approximately 2% of all global reserves, as of January 2024 the Canadian dollar is the fifth-most held reserve currency in the world, behind the U.S. dollar , euro , yen , and sterling . The Canadian dollar

6580-489: The end of 2012; since then, the Canadian Bank Note Company has been the sole printer of Canadian banknotes. All banknotes from series prior to the current polymer series are now considered unfit for circulation due to their lacking of any modern security features, such as a metallic stripe. Financial institutions must return the banknotes to the Bank of Canada, which will then destroy them. Individuals may keep

6674-441: The following amounts: The 1c and 2c coins were withdrawn from circulation from February 1992 but remain legal tender. Although the Reserve Bank Act 1959 and the Currency Act 1965 establishes that Australian banknotes and coins have legal tender status, Australian banknotes and coins do not necessarily have to be used in transactions and refusal to accept payment in legal tender is not unlawful. A provider of goods or services

6768-508: The gold or silver US dollar of the time. Unlike other currencies in the Bretton Woods system , whose values were fixed , the Canadian dollar was allowed to float from 1950 to 1962. Between 1952 and 1960, the Canadian dollar traded at a slight premium over the U.S. dollar, reaching a high of US$ 1.0614 on August 20, 1957. The Canadian dollar fell considerably after 1960, and this contributed to Prime Minister John Diefenbaker 's defeat in

6862-466: The government to make such a declaration to assist the Bank of New Zealand when in 1895 the bank encountered financial difficulties that could have led to its failure. In 1914, the Banking Amendment Act gave legal-tender status to bank notes from any issuer and removed the requirement that banks authorized to issue bank notes must redeem them on demand for gold (the gold standard ). In 1933,

6956-622: The increasing trade with the neighbouring United States, had a desire to assimilate their currencies with the American unit, but the imperial authorities in London still preferred sterling as the sole currency throughout the British Empire . The British North American provinces nonetheless gradually adopted currencies tied to the American dollar. In 1841, the Province of Canada adopted a new system based on

7050-415: The notes have occurred since 1935, with new series introduced in 1937, 1954, 1970, 1986, and 2001. In June 2011, newly designed notes printed on a polymer substrate, as opposed to cotton fibre, were announced; the first of these polymer notes, the $ 100 bill, began circulation on November 14, 2011, the $ 50 bill began circulation on March 26, 2012, the $ 20 denomination began circulation on November 7, 2012, and

7144-420: The number of coins that can be offered for payment to fifty. Governments that issue the coins must establish the euro as the only legal tender. Due to variations on the legislative meaning of legal tender in various member states and the ability of contract law to overrule the status of legal tender, it is possible for merchants to choose to refuse to accept euro banknotes and coins within specific countries within

7238-436: The outbreak of World War II , the exchange rate to the U.S. dollar was fixed at Can$ 1.10 = US$ 1.00. This was changed to parity in 1946. In 1949, sterling was devalued and Canada followed, returning to a peg of Can$ 1.10 = US$ 1.00. However, Canada allowed its dollar to float in 1950, whereupon the currency rose to a slight premium over the U.S. dollar for the next decade. But the Canadian dollar fell sharply after 1960 before it

7332-743: The protection of the public. Queensland Treasury notes were issued by the Queensland Government and were legal tender in that state. Notes of both categories continued in circulation until 1910, when the Commonwealth Parliament passed the Australian Notes Act 1910 and the Bank Notes Tax Act 1910 . The Australian Notes Act 1910 prohibited the circulation of state notes as money, and the Bank Notes Tax Act 1910 imposed

7426-409: The public and the visually unappealing ones were melted. In 1920, the size of the 1¢ was reduced and the silver fineness of the 5¢, 10¢, 25¢ and 50¢ coins was reduced to 0.800 silver/.200 copper. This composition was maintained for the 10¢, 25¢ and 50¢ piece through 1966, but the debasement of the 5¢ piece continued in 1922 with the silver 5¢ being entirely replaced by a larger nickel coin. In 1942, as

7520-456: The retailers should evaluate the impact of that approach. In the case that no mutually acceptable form of payment can be found for the tender, the parties involved should seek legal advice. Canadian dollars, especially coins, are accepted by some businesses in the northernmost cities of the United States and in many Canadian snowbird enclaves, just as U.S. dollars are accepted by some Canadian businesses. In 2012, Iceland considered adopting

7614-421: The retailers should evaluate the impact of that approach. In the case that no mutually acceptable form of payment can be found for the tender, the parties involved should seek legal advice. Under the Currency Act , there are limits to the value of a transaction for which only coins are used. A payment in coins is a legal tender for no more than the following amounts for the following denominations of coins: In

7708-599: The reverse is a shield with the arms of the Dominion of Canada. Gold from the Klondike River valley in the Yukon accounts for much of the gold in the coins. Two years into the coin's production World War I began and production of the coins stopped in favour of tighter control over Canadian gold reserves. Most of the 1914 coins produced never reached circulation at the time and some were stored for more than 75 years until being sold off in 2012. The high quality specimens were sold to

7802-689: The rupee. To avoid following this devaluation, several of the states using the rupee adopted their own currencies. Qatar and most of the Trucial States adopted the Qatar and Dubai riyal , whilst Abu Dhabi adopted the Bahraini dinar . Only Oman continued to use the Gulf rupee until 1970, with the government backing the currency at its old peg to the pound. Oman later replaced the Gulf rupee with its own rial in 1970. On 8 November 2016, Prime Minister Narendra Modi announced that existing INR 500 and INR 1000 banknotes would no longer be accepted as legal tender with

7896-512: The sending of coins or banknotes, of any country, except via registered post . In 1901, notes in circulation in Australia consisted of bank notes payable in gold coin and issued by the trading banks, and Queensland Treasury notes. Bank notes circulated in all states except Queensland , but were not legal tender except for a brief period in 1893 in New South Wales . There were, however, some restrictions on their issue and other provisions for

7990-560: The sole issuer of all federal notes. In 1935, it issued its first series of notes in denominations of $ 1, $ 2, $ 5, $ 10, $ 20, $ 25, $ 50, $ 100, $ 500 and $ 1000. The $ 25 note was a commemorative issue, released to mark the Silver Jubilee of King George V . In 1944, the chartered banks were prohibited from issuing their own currency, with the Royal Bank of Canada and the Bank of Montreal among the last to issue notes. Significant design changes to

8084-805: The university's student unions. In 2018 the athletic centre was involved in an unsuccessful litigation filed by a former student for an alleged injury from using the facility. In May 2018, a jury panel of the Ontario Superior Court of Justice found the university not liable for any claims, with the decision later upheld by the Ontario Court of Appeal . The indoor track was closed for construction in 2018 and scheduled to be reopened in 2020. 43°16′00″N 79°54′57″W  /  43.266769°N 79.915752°W  / 43.266769; -79.915752 Canadian dollar The Canadian dollar ( symbol : $ ; code : CAD ; French : dollar canadien )

8178-537: The unlimited legal tender for all transactions. It is illegal for any public institution or individual to refuse the currency when settling public or private debts. In June 2021, El Salvador became the first country to accept Bitcoin as legal tender, after the Legislative Assembly had voted 62–22 to pass a bill submitted by President Nayib Bukele classifying the cryptocurrency as such. Euro coins and banknotes became legal tender in most countries of

8272-426: The war years between 1939 and 1945. In 1967 both 0.800 silver/0.200 copper and, later that year, 0.500 silver/.500 copper 10¢ and 25¢ coins were issued. 1968 saw further debasement: the 0.500 fine silver dimes and quarters were completely replaced by nickel ones mid-year. All 1968 50¢ and $ 1 coins were reduced in size and coined only in pure nickel. Thus, 1968 marked the last year in which any circulating silver coinage

8366-511: The withdrawal of halfpenny coins, the nickname sou began to be used for the 1¢ coin , but the idiom trente sous for 25¢ endured. Coins are produced by the Royal Canadian Mint 's facilities in Winnipeg , Manitoba , and Ottawa , Ontario , in denominations of 5¢ ( nickel ), 10¢ ( dime ), 25¢ ( quarter ), 50¢ ( 50¢ piece ) (though the 50¢ piece is no longer distributed to banks and

8460-421: Was again pegged in 1962 at Can$ 1.00 = US$ 0.925. This was sometimes pejoratively referred to as the "Diefenbuck" or the "Diefendollar", after the then Prime Minister, John Diefenbaker . This peg lasted until 1970, with the currency's value being floated since then. Canadian English , similar to American English , used the slang term " buck " for a former paper dollar. The Canadian origin of this term derives from

8554-426: Was aimed at war profiteers . Individual coins or banknotes can be demonetised and cease to be legal tender (for example, the pre-decimal United Kingdom farthing or the Bank of England 1 pound note), but the Bank of England does redeem all Bank of England banknotes by exchanging them for legal tender currency at its counters in London (or by post) regardless of how old they are. Banknotes issued by retail banks in

8648-438: Was issued in Canada. In 1982, the 1¢ coin was changed to dodecagonal, and the 5¢ was further debased to a cupro-nickel alloy. In 1987 a $ 1 coin struck in aureate-plated nickel was introduced. A bimetallic $ 2 coin followed in 1996. In 1997, copper-plated zinc replaced bronze in the 1¢, and it returned to a round shape. This was followed, in 2000, by the introduction of even cheaper plated-steel 1¢, 5¢, 10¢, 25¢ and 50¢ coins, with

8742-405: Was provided for under the 1853 act. Sterling coinage was made legal tender and all other silver coins were demonetized. The British government in principle allowed for a decimal coinage but nevertheless held out the hope that a sterling unit would be chosen under the name of "royal". However, in 1857, the decision was made to introduce a decimal coinage into the Province of Canada in conjunction with

8836-565: Was that the decimal coins would correspond to exact amounts in relation to the U.S. dollar fractional coinage. In response to British concerns, in 1853, an act of the Parliament of the Province of Canada introduced the gold standard into the colony, based on both the British gold sovereign and the American gold eagle coins . This gold standard was introduced with the gold sovereign being legal tender at £1 = US$ 4.86 + 2 ⁄ 3 . No coinage

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