Editing Canadian dollar (section)

====Province of Canada====
[[File:CAN-S1666-Colonial Bank of Canada, Toronto-1 Dollar (1859).jpg|thumb|A [[Province of Canada]] one-dollar note issued by the Colonial Bank of Canada, 1859]]
{{unreferenced section|date=March 2024}}

In 1841, the [[Province of Canada]] adopted a new system based on the [[Halifax rating]]. The new [[Canadian pound]] was equal to four US dollars (92.88 [[grain (mass)|grains]] gold), making £1&nbsp;[[pound sterling|sterling]] equal to £1.4''s''.4''d''. Canadian. Thus, the new Canadian pound was worth 16 shillings and 5.3 pence sterling.

In 1851, the [[Parliament of the Province of Canada]] passed an act for the purposes of introducing a sterling-based unit,{{citation needed|date=March 2024}} with decimal fractional coinage. The idea was that the decimal coins would correspond to exact amounts in relation to the U.S. dollar fractional coinage.

In response to British concerns, in 1853, an act of the Parliament of the Province of Canada introduced the [[gold standard]] into the colony,{{citation needed|date=March 2024}} based on both the British [[gold sovereign]] and the [[Eagle (United States coin)|American gold eagle coins]]. This gold standard was introduced with the gold sovereign being [[legal tender]] at £1 = US${{frac|4.86|2|3}}. No coinage was provided for under the 1853 act. Sterling coinage was made legal tender and all other silver coins were demonetized. The British government in principle allowed for a decimal coinage but nevertheless held out the hope that a sterling unit would be chosen under the name of "royal".{{citation needed|date=March 2024}} However, in 1857, the decision was made to introduce a decimal coinage into the Province of Canada in conjunction with the U.S. dollar unit. Hence, when the new decimal coins were introduced in 1858, the colony's currency became aligned with the U.S. currency,{{citation needed|date=March 2024}} although the British gold sovereign continued to remain legal tender at the rate of £1 = Can${{frac|4.86|2|3}} right up until the 1990s. In 1859, Canadian colonial postage stamps were issued with decimal denominations for the first time. In 1861, Canadian postage stamps were issued with the denominations shown in dollars and cents.