Canadian Dollar Currency

Synopsis

The official currency is the dollar identical to a list of countries including the USA having the dominant currency as the highest among the dollar currencies. The dollar sign is $ and the subunit is ‘cent’.

The national currency is Canadian dollar and is the most important currencies. The currency code is ISO 4217 and is represented as CAD, where CA represents the country name, while D the currency dollar.

The currency numeric code is 124. The Canadian dollar is symbolized as ‘C$’ as it helps in distinguishing from other dollar denominated currencies.

Sketch

Canadian dollar is considered to be the benchmark for the other currencies in the world. It is one of the heavily traded currencies in the world ranking the 7th position.

The Canadian dollar is prominent for having slang terms such as "buck" slang in American English used in referring the currency unit. "Loonie" represents a dollar and sometimes, to $1 coin as the coin depicts a loon, "toonie", an acquired term from the earlier one used for $2 coin.

There have been myths and misconceptions regarding various currency units such as the $2 coin center to be popped out, a new $10 series was stopped owing to some misprint and so on. All these are mere misconceptions and not the truth.

Canadian dollar has a low inflation rate and this has promoted in acquiring the benchmark currency status. In fact, once it valued over the US dollar, but fell after 1960 and reverted to a fixed rate. Later in 1970 the floating rate was adopted.
Structure

The Canadian dollar uses the decimal system and has 100 parts as sub unit. The Bank of Canada performs the currency flow as the central bank. Banknotes and coinage are issued by this bank and the actual currency notes production is outsourced to the BA international Inc and Canadian Bank Note Company.

The Canadian Royal mint mints the dollar coins in Canada.

At present, the Canadian banknotes are in 5 denominations $5, $10, $20, $50 and $100. The notes have writings in official languages of Canada i.e. French and English. The notes are differentiated on the color schemes such that $5 has blue color, purple color for $10, $20 with green color, red color for $50 and $100 with brown color. These notes have Braille features assisting blind people in recognizing the notes value easily.