Canadian unit of currency is called Canadian Dollar. A common name for Canadian Dollar among economists and Canadian people is Loonie derived from Common Loon the name of a bird that its image appears on the face of Canadian one-dollar coins. Another common name for Canadian dollar is buck. Hudson’s Bay Company (HBC) struck a coin in 17th century with a value equal to the pelt of a male beaver or rather a “buck”. The term remained as a slang referring to the unit of currency and now refers to both Canadian and US dollars. A Canadian dollar is divided into 100 cents.
The following coins are widely used in Canada.
- Penny = 1 cent
- Nickel = 5 cents
- Dime = 10 cents
- Quarter = 25 cents
- Loonie = 1 dollar or rather 100 cents
- Toonie = 2 dollars
The word Toonie is derived from combining the words Two and Loonie. Fifty cent coins are issued in limited edition. You may rarely find them in everyday transactions. You may, however, find 50 cent (half dollar) coins in commemorative collections.
Canadian paper money which are called banknotes or notes are commonly offered in 5 dollar, 10 dollar, 20 dollar, 50 dollar, and 100 dollar denominations. It is not common to encounter a $500 note which is the highest valued banknote issued in Canada.
Most ATM (Automated Teller Machines) also known as ABM (Automated Banking Machines) carry $20 notes only. The Canadian Bank Note Company issued a new version of $20 notes a few years ago to cope with the large number of counterfeit $20 notes in circulation.
Many Canadian stores do not accept $100 and/or $50 notes. If you carry a large banknote you may refer to a nearby bank to convert it to smaller ones.
The Value of Canadian Dollar
The value of Canadian dollar is very close to American dollar nowadays. A high rate for Canadian dollar has negative long-term effects on Canadian economy. Many of Canadian products end up in US markets: The higher the value of Canadian dollar, the higher the price of Canadian products in the United States.
The following widget unofficially converts Canadian Dollar to most currencies of the world, and vice versa.
Persian version (not a word for word translation)