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Prince Edward Island dollar

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Title: Prince Edward Island dollar  
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Subject: Canadian dollar, Newfoundland dollar, Currency Museum (Canada), Economy of Prince Edward Island, Nova Scotian pound
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Prince Edward Island dollar

The dollar was the currency of Prince Edward Island between 1871 and 1873. It replaced the pound at a rate of 1 pound = 4.866 dollars and was equivalent to the Canadian dollar, which replaced it in 1873. The dollar was subdivided into 100 cents.

Coins

Only one type of coin, the one-cent piece, was struck for the Prince Edward Island dollar, in 1871. PEI entered Confederation two years later.

Both sides of the coin were designed by Leonard Charles Wyon. The obverse had Queen Victoria, with inscription "VICTORIA QUEEN" and the date. The reverse was specially made for the PEI government. It had the seal of the colony—a large oak tree, sympolising England, sheltering three younger ones, which symbolised Prince Edward Island's three counties. Below the seal was located the Latin phrase "PARVA SUB INGENTI", translated as "The small beneath the great". Around the seal and phrase was written "PRINCE EDWARD ISLAND", and the denomination, "ONE CENT".

The coin was the produced at the Heaton Mint, due to the London Mint having to strike domestic coins. However, the "H" mint mark is missing. The coin is composed of 95% Cu. 4% Sn, and 1% Zn. It has a weight of 5.67 grams and a diameter of 25.40 mm. It has a plain edge.

Two million one-cent pieces were minted. PEI's government would experience difficulties in placing the coins in circulation—10 years were needed for the government to get rid of them. The last of the coins were sold at a 10 percent discount.

Banknotes

In 1872, Treasury notes were issued in denominations of 10 and 20 dollars. The same year, two chartered banks, the Bank of Prince Edward Island and the Union Bank of Prince Edward Island began issuing dollar notes in denominations of 1, 2, 5, 10 and 20 dollars. The private banks went on to issue notes in Canadian dollars, the first of which were earlier notes with "Canadian Currency" overstamped on them.

See also

References

External links

  • Currency Reforms
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