1873 To 1973 Canadian Dollar Prince Edward Island
Introduction
The Canadian dollar has a rich history dating back to the 19th century. One of the most interesting periods in Canadian dollar history is the period between 1873 and 1973, during which time Prince Edward Island had its own unique currency. This article explores the history of the Prince Edward Island dollar, its design, and its impact on Canadian currency.
Background
Prince Edward Island is one of Canada's smallest provinces and was one of the last to join the country in 1873. Prior to that, the island had its own currency system, with various private banks issuing banknotes to circulate on the island. However, this system was fraught with problems, including counterfeiting, lack of regulation, and a lack of trust in the banks issuing the notes. In 1873, the Prince Edward Island government decided to create its own currency system to address these issues.
The Design of the Prince Edward Island Dollar
The Prince Edward Island dollar was designed by William Henry Griffin, who was a well-known engraver and artist at the time. The design of the note featured a portrait of Queen Victoria on the front and an image of the Charlottetown harbor on the back. The notes were printed in black and white, with the denomination and serial number printed in red ink. The notes were also signed by the Treasurer of the province and the Commissioner of Finance.
Impact on Canadian Currency
The Prince Edward Island dollar was only in circulation for a short period of time, from 1873 to 1890. However, during that time, it had a significant impact on Canadian currency. The notes were widely accepted on the island and were even used in some parts of Nova Scotia and New Brunswick. This helped to establish the Prince Edward Island dollar as a trusted currency and set the stage for the eventual adoption of the Canadian dollar as the country's official currency.
The End of the Prince Edward Island Dollar
In 1890, the Prince Edward Island government decided to discontinue the use of its own currency and adopt the Canadian dollar instead. This decision was made in part due to the cost of maintaining its own currency system and the desire to have a more unified currency across the country. The Prince Edward Island dollar was gradually phased out over the next few years, with Canadian currency taking its place.
Conclusion
The Prince Edward Island dollar may have been a short-lived currency, but it played an important role in Canadian history. Its design, circulation, and eventual discontinuation helped to shape the Canadian currency system we know today. The legacy of the Prince Edward Island dollar lives on in the history books and serves as a reminder of the importance of trust, regulation, and stability in any currency system.