Canadian pound

The pound (symbol £ or C£) 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 linked to British currency.

History

In North America, the scarcity of British coins led to the widespread use of Spanish dollars. These Spanish dollars were accommodated into a pounds, shillings, and pence (£sd) accounts system, by setting a valuation for these coins in terms of a pound unit. At one stage, two such units were in widespread use in the British North American colonies. The Halifax rating dominated, and it set the Spanish dollar equal to 5 shillings. As this was 6 pence more than its value in silver, the Halifax pound was consequently lower in value than the pound sterling which was actually the original basis for the pounds, shillings, and pence accounting system. The York rating of 1 Spanish dollar = 8 shillings was used in Upper Canada, officially until its outlawing in 1796, but unofficially well into the 19th century.