New France was the area colonized by France in North America during a period beginning with the exploration of the Gulf of Saint Lawrence by Jacques Cartier in 1534 and ending with the cession of New France to Great Britain and Spain in 1763 under the Treaty of Paris. At its peak in 1712, the territory of New France sometimes known as the French North American Empire or Royal New France, consisted of five colonies, each with its own administration: Canada, the most developed colony and divided into the districts of Québec, Trois-Rivières and Montréal. In the sixteenth century, the lands were used to draw from the wealth of natural resources such as furs through trade with the various indigenous peoples. In the seventeenth century, successful settlements began in Acadia, in Quebec by the efforts of Champlain. By 1765, the population of the new Province of Quebec reached 70,000 settlers; the 1713 Treaty of Utrecht resulted in France relinquishing its claims to mainland Acadia, the Hudson Bay and Newfoundland to England.
France established the colony of Île Royale, now called Cape Breton Island, where they built the Fortress of Louisbourg. Acadia had a difficult history, with the British causing the Great Upheaval with the forced expulsion of the Acadians in the period from 1755 to 1764; this has been remembered on July 28 each year since 2003. Their descendants are dispersed in the Maritime Provinces of Canada, in Maine and Louisiana in the United States, with small populations in Chéticamp, Nova Scotia and the Magdalen Islands; some went to France. In 1763, France had ceded the rest of New France, except the islands of Saint Pierre and Miquelon, to Great Britain and Spain at the Treaty of Paris, which ended the Seven Years' War. Britain received Canada and the parts of French Louisiana which lay east of the Mississippi River – except for the Île d'Orléans, granted to Spain, along with the territory to the west – the larger portion of Louisiana. In 1800, Spain returned its portion of Louisiana to France under the secret Treaty of San Ildefonso.
However, French leader Napoleon Bonaparte in turn sold it to the United States in the Louisiana Purchase of 1803, permanently ending French colonial efforts on the North American mainland. New France became absorbed within the United States and Canada, with the only vestige remaining under French rule being the tiny islands of Saint Pierre and Miquelon. In the United States, the legacy of New France includes numerous placenames as well as small pockets of French-speaking communities. In Canada, institutional bilingualism and strong Francophone identities are arguably the most enduring legacy of New France. Around 1523, the Florentine navigator Giovanni da Verrazzano convinced King Francis I to commission an expedition to find a western route to Cathay. Late that year, Verrazzano set sail in Dieppe. After exploring the coast of the present-day Carolinas early the following year, he headed north along the coast anchoring in the Narrows of New York Bay; the first European to visit the site of present-day New York, Verrazzano named it Nouvelle-Angoulême in honour of the king, the former count of Angoulême.
Verrazzano's voyage convinced the king to seek to establish a colony in the newly discovered land. Verrazzano gave the names Francesca and Nova Gallia to that land between New Spain and English Newfoundland. In 1534, Jacques Cartier planted a cross in the Gaspé Peninsula and claimed the land in the name of King Francis I, it was the first province of New France. The first settlement of 400 people, Fort Charlesbourg-Royal, was attempted in 1541 but lasted only two years. French fishing fleets continued to sail to the Atlantic coast and into the St. Lawrence River, making alliances with Canadian First Nations that became important once France began to occupy the land. French merchants soon realized the St. Lawrence region was full of valuable fur-bearing animals the beaver, which were becoming rare in Europe; the French crown decided to colonize the territory to secure and expand its influence in America. Another early French attempt at settlement in North America took place in 1564 at Fort Caroline, now Jacksonville, Florida.
Intended as a haven for Huguenots, Caroline was founded under the leadership of René Goulaine de Laudonnière and Jean Ribault. It was sacked by the Spanish led by Pedro Menéndez de Avilés who established the settlement of St. Augustine on 20 September 1565. Acadia and Canada were inhabited by indigenous nomadic Algonquian peoples and sedentary Iroquoian peoples; these lands were full of valuable natural resources, which attracted all of Europe. By the 1580s, French trading companies had been set up, ships were contracted to bring back furs. Much of what transpired between the indigenous population and their European visitors around that time is not known, for lack of historical records. Other attempts at establishing permanent settlements were failures. In 1598, a French trading post was established on Sable Island, off the coast of Acadia, but was unsuccessful. In 1600, a trading post was established at Tadoussac. In 1604, a settlement w
1935 Series (banknotes)
The 1935 Series was the first series of banknotes of the Canadian dollar issued by the Bank of Canada. They were first circulated on 11 March 1935, the same day that the Bank of Canada started operating. Two sets of banknotes were printed for each denomination, one in French for Quebec, one in English for the rest of Canada; this is the only series issued by the Bank of Canada with dual unilingual banknotes. The Bank of Canada issued a press release in February 1935 announcing details of the banknotes to "prevent possible confusion" amongst the public and as a protective measure against counterfeiting; the Bank of Canada Act which had established the Bank of Canada resulted in the repeal of the Finance Act and the Dominion Notes Act. With the introduction of the 1935 Series into circulation, the Dominion of Canada banknotes were withdrawn from circulation by the Bank of Canada from 1935 to 1950, which replaced the Department of Finance as the nation's exclusive issuer of banknotes; the Government of Canada intended to release the banknotes on the same day as the official opening of the Bank of Canada.
It required months of work and preparation for the design and production of the banknote series. Designs for the banknotes were created by the Canadian Bank Note Company and the British American Bank Note Company, both of which had designed and printed the preceding Dominion of Canada banknotes. All but the commemorative $25 banknote began circulating on 11 March 1935, the same day that the Bank of Canada started operating. All banknotes contained the words "Ottawa, Issue of 1935" centrally at the top of the obverse, except for the $20 banknote, in which the words appeared below the serial number; this is the only Bank of Canada series that includes $25 and $500 banknotes, the only series that includes the official seal of the Bank of Canada. The $500 banknote was a "carry-over from Dominion of Canada bank notes", is the only Bank of Canada banknote series to include this denomination. Other than the language in which they were printed, the English and French banknotes were the same. In May 1935, deputy governor of the Bank of Canada John Osborne wrote a letter to a colleague in England in which he stated that "the English-speaking population is inclined to mutilate the French notes, the French population complains they cannot get enough of their own notes".
All banknotes in the series measure 152.4 by 73.025 millimetres shorter and wider than the 1914, 1918, 1928, 1934 Federal Reserve Notes in circulation in the United States at the time, were described by The Ottawa Evening Citizen as a "novelty to Canada". They were printed on a material consisting of 75% linen and 25% cotton manufactured by the Howard Smith Paper Mills; the banknotes were printed in greater variation of colour than the Dominion of Canada banknotes, issued. These were green for the $1 banknote, blue for the $2 banknote, orange for the $5 banknote, dark purple for the $10 banknote, rose for the $20 banknote, reddish brown for the $50 banknote, dark brown for the $100 banknote, sepia for the $500 banknote, olive for the $1000 banknote. In April 1935, an article in The St. Maurice Valley Chronicle of Trois-Rivières stated that the appearance of the obverse of the $1 and $2 banknotes were too similar the green hue of the $1 banknote and the blue hue of the $2 banknote, it stated that the colours of the reverse were more distinct, but could be "confused in artificial light".
The same article stated that the similarity between the English and French versions of the banknotes was a positive feature. For the 1937 Series banknotes, the Bank of Canada would change the colour of the $2 banknote to terracotta red to address the issue; the design of the banknotes was in a similar formal baroque style of the earlier Dominion of Canada banknotes, with wide variation between the denominations in the series. The central numerals on the obverse of each denomination have a distinct background design, each with a portrait to the left; the corner numerals and decoration are different for each banknote denomination. The royal portraits used for the engravings were based on older photographs of each member of the royal family, who were said to "appear younger than their years on the new notes". Depicted on the $1 banknote was George V; the portrait and design was approved by Edgar Nelson Rhodes on 10 May 1934. Queen Mary appeared on the $2 banknote, her portrait based on a photograph by Hay Wrighton, engraved by Will Ford of the American Bank Note Company and master engraver Harry P. Dawson of the BABN.
The portrait of Edward, Prince of Wales wearing a colonel's uniform on the $5 banknote was based on a Department of External Affairs photograph taken by British photographer Vandyke and engraved by Dawson. On the $10 banknote was a portrait of Princess Mary based on a photograph by official British Royal Family photographer Richard Speaight and engraved by Dawson. Princess Elizabeth at the age of 8 appears on the $20 banknote, the portrait based on a Marcus Adams photograph from 1934 for which an engraving was created by master engraver Edwin Gunn of ABN; the portrait of Prince Albert, Duke of York wearing an admiral's uniform on the $50 banknote was based on a photograph taken by Bertram Park, for which an engraving was made by Robert Savage of ABN. It was subsequently used on six of the banknotes of the 1937 Series; the $100 banknote includes a portrait of Prince Henry, Duke of Gloucester wearing the captain's uniform of the 10th Royal Hussars based on a photograph by Vandyke for which Ford created an engraving.
The portrait of John A. Macdonald wearing a fur-collared coat and engraved by Ford is on the $500 banknote (and was used on the $10
The Spanish dollar known as the piece of eight, is a silver coin, of 38 mm diameter, worth eight Spanish reales, minted in the Spanish Empire following a monetary reform in 1497. The Spanish dollar was used by many countries as the first international/world currency because of its uniformity in standard and milling characteristics; some countries countersigned the Spanish dollar. The Spanish dollar was the coin upon which the original United States dollar was based, it remained legal tender in the United States until the Coinage Act of 1857; because it was used in Europe, the Americas, the Far East, it became the first world currency by the late 18th century. Aside from the U. S. dollar, several other currencies, such as the Canadian dollar, the Japanese yen, the Chinese yuan, the Philippine peso, several currencies in the rest of the Americas, were based on the Spanish dollar and other 8-real coins. Diverse theories link the origin of the "$" symbol to the columns and stripes that appear on one side of the Spanish dollar.
The term peso was used in Spanish to refer to this denomination, it became the basis for many of the currencies in the former Spanish colonies, including the Argentine, Chilean, Costa Rican, Dominican, Guatemalan, Mexican, Paraguayan, Puerto Rican, Salvadoran and Venezuelan pesos. Of these, "peso" remains the name of the official currency in Argentina, Colombia, Dominican Republic, Mexico and Uruguay. Millions of Spanish dollars were minted over the course of several centuries, they were among the most circulating coins of the colonial period in the Americas, were still in use in North America and in South-East Asia in the 19th century. In the 16th century, Count Hieronymus Schlick of Bohemia began minting a coin known as a Joachimsthaler, named for Joachimsthal, the valley in the Ore Mountains where the silver was mined. Joachimstaler was shortened to taler, a word that found its way into Norwegian and Swedish as daler, Russian as талер, Czech and Slovene as tolar, Polish as talar, Dutch as daalder, Amharic as ታላሪ, Hungarian as tallér, Italian as tallero, Greek as τάληρο, Spanish tálero and English as dollar.
The Joachimsthaler weighed 451 Troy grains of silver. So successful were these coins that similar thalers were minted in France; the Burgundian Cross Thaler depicted the Cross of Burgundy and was prevalent in the Burgundian Netherlands that were revolting against the Spanish king and Duke of Burgundy Philip II. After 1575, the Dutch revolting provinces replaced the currency with a daalder depicting a lion, hence its Dutch name leeuwendaalder. To facilitate export trade, the leeuwendaalder was authorized to contain 427.16 grains of.750 fine silver, lighter than the large denomination coins in circulation. It was more advantageous for a Dutch merchant to pay a foreign debt in leeuwendaalders rather than in other heavier, more costly coins. Thus, the leeuwendaalder or lion dollar became the coin of choice for foreign trade, it became popular in the Middle East, colonies in the east and west. They circulated throughout the English colonies during the 17th and early 18th centuries. From New Netherland the lion dollar spread to all thirteen colonies in the west.
English speakers began to apply the word "dollar" to the Spanish peso or "piece of eight" by 1581, widely used in the British North American colonies at the time of the American Revolution, hence adopted as the name and weight of the US monetary unit in the late 18th century. After the introduction of the Guldengroschen in Austria in 1486, the concept of a large silver coin with high purity spread throughout the rest of Europe. Monetary reform in Spain brought about the introduction of an 8-real coin in 1497. In 1537 the Spanish escudo gold coin was introduced, worth 16 reales; the Gold Doubloon was worth 32 reales or 2 escudos. It is this divisibility into 8 which caused the silver coins to be named "pieces of eight". In the following centuries, the coin was minted with several different designs at various mints in Spain and the New World, having gained wide acceptance beyond Spain's borders. Thanks to the vast silver deposits that were found in Potosí in modern-day Bolivia and to a lesser extent in Mexico, to silver from Spain's possessions throughout the Americas, mints in Mexico and Peru began to strike the coin.
The main New World mints for Spanish dollars were at Potosí, Mexico City, silver dollars from these mints could be distinguished from those minted in Spain by the Pillars of Hercules design on the reverse. In the 19th century, the coin's denomination was changed to 20 reales and 2 escudos. Spain's adoption of the peseta in 1869 and its joining the Latin Monetary Union meant the effective end of the last vestiges of the Spanish dollar in Spain itself. However, the 5-peseta coin was smaller and lighter but was of high purity silver. In the 1990s, commemorative 2000-peseta coins were minted, similar in size and weight to the 8 reales and with high fineness. Following independence in 1821, Mexican coinage of silver reales an
The sol called a sou, is the name of a number of different coins, for accounting or payment, dating from Antiquity to today. The name is derived from the solidus, its longevity of use anchored it in many expressions of the French language. The solidus is a coin made of 4.5 g of gold, created by emperor Constantine to replace the aureus. Doing honour to its name, the new currency earns the reputation of unalterability, crossing unchanged the decline and fall of the Western Roman Empire, the great invasions and the creation of Germanic kingdoms throughout Europe. Facing a shortage of gold, a new "stabilization" is introduced by Charlemagne: from on the solidus no longer represents 1/12th of the Roman gold pound but 1/20th of the Carolingian silver pound instead; the sou itself is divided into 12 denarii and one denarius is worth 10 asses. But for rare exceptions, the denarius will in practice be the only ones in circulation. Charlemagne's general principle of 12 denarii worth one sol and of twenty sols worth one pound is kept with many variants according to the alloy used and the dual metal gold:silver sometimes used for some issues.
In fact, only members of the money changers corporation could find their way among the equivalences and the many currencies used in Europe at each period, therefore were unavoidable for many commercial operations. The name evolves. Solidus becomes soldus solt in the 11th century sol in the 12th century. In the 18th century the spelling of sol is adapted to sou so as to be closer to the pronunciation that had become the norm for several centuries. In 1795, the livre was replaced by the franc and the sou became obsolete as an official currency division; the term "sou" survived as a slang term for 1/20 of a franc. Thus the large bronze 5-centime coin was called "sou", the "pièce de cent sous" meant five francs and was called "écu"; the last 5-centime coin, remote souvenir inherited from the "franc germinal", is removed from circulation in the 1940s, but the word "sou" keeps being used. In Canada, the word "sou" is used in everyday language and means the division of the Canadian dollar; the official term is "cent".
The one cent coins have the vernacular name of "sou noir" and the 25 cents that of "thirty sous". "Échanger quatre trente sous pour une piastre" therefore means changing something for an identical thing, as the "piastre" is the common name for the Canadian dollar. In Switzerland, a hundred-sou coin is a five-Swiss-franc coin and a four-sou coin is a twenty-Swiss-centime coin; the word sou remains in informal language in the terms "ten, twenty... sous". Used for over a thousand years, the word "sou" is rooted in the French language and expressions. Les sous, plural, is a synonym for money. "Se faire des sous". «Une affaire de gros sous » is big money business. « Être sans le sou », « ne pas avoir sou vaillant », « n'a pas un sou en poche », « n'avoir ni sou ni maille »: "not having one penny", having no money at all. About one, always short of money or always asking for some, one says that « Il lui manque toujours 3 sous pour faire un franc ». Sometimes it is said "missing 19 sous to have one franc", with one franc worth 20 sous.
S. version: "he always needs a penny to have a round dollar". « Je te parie cent sous contre un franc », meaning "I am sure about". « Un sou est un sou », there is no small profit, equivalent to "a penny saved is a penny earned". « Sou par sou » or « sou à sou », little by little. "Être près de ses sous". « On lui donnerait cent sous à le voir », "one would give him 100 sous upon sight", for someone whose appearance inspires pity. « S'ennuyer « à cent sous l'heure » or « à cent sous de l'heure », being bored. When something is worth « trois francs six sous », it is cheap. « Un objet de quatre sous » is of lesser value, thus the "3 Groschen Opera from Brecht has become "l'Opéra de 4 sous". When one « n'a pas deux sous de jugeote », one "doesn't have an ounce of common sense". A « machine à sous » is a hole in the wall. "Le sou a sweetener for a buyer. « Pas ambigu/fier/modeste/courageux/... pour un sou » is "not at all ambiguous/proud/modest/courageous/...". Solidus Roman and Byzantine coinage Bezant Nomisma Hoxne Hoard Solidus and slash punctuation marks "Sou".
Encyclopædia Britannica. 1911
The pound was the unit of account for currency of the Canadas until 1858. It was subdivided into each of 12 pence. In Lower Canada, the sou was used, worth 1⁄2 penny. Although the pounds and pence accounting system had its origins in the British pound sterling, the Canadian pound was never formally linked to the British currency. In North America, the scarcity of British coins led to the widespread use of Spanish dollars; these Spanish dollars were accommodated into a pounds and pence accounts system, by setting a valuation for these coins in terms of a pound unit. At one stage, two such units were in widespread use in the British North American colonies; the Halifax rating dominated, it set the Spanish dollar equal to 5 shillings. As this was 6 pence more than its value in silver, the Halifax pound was lower in value than the pound sterling, the original basis for the pounds and pence accounting system; the York rating of one Spanish dollar being equal to eight shillings was used in Upper Canada until it was outlawed in 1796, but unofficially well into the 19th century.
In 1825, an Imperial Order-in-Council was made for the purposes of causing sterling coinage to circulate in the British colonies. The idea was that this order-in-council would make the sterling coins legal tender at the exchange rate of 4s 4d per Spanish dollar; this rate was in fact unrealistic and it had the adverse effect of driving out what little sterling-specie coinage was circulating. Remedial legislation was introduced in 1838 but it was not applied to the British North American colonies due to recent uprisings in Upper and Lower Canada. In 1841, the Province of Canada adopted a new system based on the Halifax rating; the new Canadian pound was equal to 4 U. S. dollars, making one pound sterling equal to £1 4s 4d Canadian. Thus, the new Canadian pound was worth 16s 5.3d sterling. The earliest Canadian postage stamps were denominated in this Halifax unit; the 1850s was a decade of wrangling over whether to adopt a sterling monetary system or a decimal monetary system based on the US dollar.
The local population, for reasons of practicality in relation to the increasing trade with the neighbouring United States, had an overwhelming desire to assimilate the Canadian currency with the American unit, but the imperial authorities in London still preferred the idea of sterling to be the sole currency throughout the British Empire. In 1851, the Canadian parliament passed an act for the purposes of introducing a sterling unit in conjunction with decimal fractional coinage; the idea was that the decimal coins would correspond to exact amounts in relation to the US dollar fractional coinage. The authorities in London refused to give consent to the act on technical grounds; this was the last time that the imperial authorities in London questioned Canada's internal jurisdiction. As a compromise, in 1853 an act of the Canadian parliament introduced the gold standard into Canada, based on both the British gold sovereign and the American gold eagle coins; this gold standard was introduced with the gold sovereign being legal tender at £1 = US$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. Dollar transactions were legalized; the British government in principle allowed for a decimal coinage but held out the hope that a sterling unit would be chosen under the name of royal. However, in 1857 the decision was made to introduce a decimal coinage into Canada in conjunction with the US dollar unit. Hence, when the new decimal coins were introduced in 1858, Canada's currency became aligned with the US currency, although the British gold sovereign continued to remain legal tender at the rate of £1 = 4.86 2⁄3 right up until the 1890s. In 1859, Canadian postage stamps were issued with decimal denominations for the first time. In the year 1861, New Brunswick and Nova Scotia followed Canada in adopting a decimal system based on the US dollar. In the following year, Canadian postage stamps were issued with the denominations shown in dollars and cents. In 1865, Newfoundland introduced the gold standard in conjunction with decimal coinage, but unlike in the cases of the Province of Canada, New Brunswick, Nova Scotia, it decided to adopt a unit based on the Spanish dollar rather than on the US dollar, there was a slight difference between these two units.
The US dollar was created in 1792 on the basis of the average weight of a selection of worn Spanish dollars. As such, the Spanish dollar was at a slight discount to the US dollar, the Newfoundland dollar, while it existed, was at a slight discount to the Canadian dollar. Newfoundland was the only part of the British Empire to introduce its own gold standard coin. A Newfoundland gold two dollar coin was minted intermittently until Newfoundland adopted the Canadian monetary system in 1894, following the Newfoundland banking crash. In 1867, New Brunswick, Nova Scotia united in a federation called Canada and the three currencies were united. In 1871, Prince Edward Island went decimal within the US dollar unit and introduced coins for 1 cent. However, the currency of Prince Edward Island was absorbed into the Canadian system shortly afterwards when Prince Edward island joined Canada. Both Upper Canada and Lower Canada issued copper tokens. Between 1835 and 1852, the Bank of Montreal, the Banque du Peuple, the City Bank and the Quebec Bank issued 1- and 2-sou tokens for use in Lower Canada.
The Bank of Upper Canada issued 1⁄2- and 1-penny tokens between 1850 and 1857. On notes issued by the charter
The denier or penny was a medieval coin which takes its name from the Frankish coin first issued in the late seventh century. Its appearance represents the end of gold coinage, which, at the start of Frankish rule, had either been Byzantine or "pseudo-imperial". Silver would be the basis for Frankish coinage from on; the denier was minted in France and parts of the Italian peninsula for the whole of the Middle Ages, in states such as the patriarchate of Aquileia, the Kingdom of Sicily, the Republic of Genoa, the Republic of Siena, the crusader state Kingdom of Jerusalem, among others. Around AD 755, amid the Carolingian Reforms, Pepin the Short introduced a new currency system, adjusted so that 12 pence equaled one shilling and 20 shillings equaled one pound. Three deniers equaled one liard. Only the denier was an actual coin; this system and the denier itself served as the model for many of Europe's currencies, including the British pound, Italian lira, Spanish dinero and the Portuguese dinheiro.
In Ancien Régime France, the denier was used as a notional measure of interest rates on loans. Thus, a rate of 4% would be expressed as "denier 25". Denarius dinar dinero penny pfennig
Penny (Canadian coin)
In Canada, a penny is a coin worth one cent, or 1⁄100 of a dollar. According to the Royal Canadian Mint, the official national term of the coin is the "one-cent piece", but in practice the terms penny and cent predominate. "penny" referred to a two-cent coin. When the two-cent coin was discontinued, penny took over as the new one-cent coin's name. Penny was readily adopted because the previous coinage in Canada was the British monetary system, where Canada used British pounds and pence as coinage alongside U. S. decimal coins and Spanish milled dollars. In Canadian French, the penny is known by the loanword cent. Slang terms include cenne noire, or sou noir, although common Quebec French usage is sou. Production of the penny ceased in May 2012, the Royal Canadian Mint ceased the distribution of them as of February 4, 2013. However, like all discontinued currency in the Canadian monetary system, the coin remains legal tender. Once distribution of the coin ceased, vendors were no longer expected to return pennies as change for cash purchases, were encouraged to round purchases to the nearest five cents.
Non-cash transactions are still denominated to the cent. Like all Canadian coins, the obverse depicts the reigning Canadian monarch at the time of issue; the final obverse depicts Queen Elizabeth II. A special reverse side, depicting a rock dove, was issued in 1967 as part of a Centennial commemoration, it was designed by the Canadian artist Alex Colville and its use in 1967 marked the only time the 1937 maple leaf design was not used for the penny before it was discontinued in 2012. The maple twig depicted on the coin is botanically incorrect; the phyllotaxis of the twig on the coin is alternate while maples in fact always have opposite leaves. The 2012 coin had smooth edge, as was the case for most of the penny's history; this was done to help the visually impaired identify the coin. However, the new copper-plated zinc coin proved difficult to plate in the twelve-sided shape, so the Mint switched back to a round shape; the first Canadian cent had a diameter of 1 inch and a weight of 1⁄100 pound.
These cents were issued to bring some kind of order to the Canadian monetary system, until 1858, relied on British coinage and commercial tokens, U. S. currency and Spanish milled dollars. The coin's specifications were chosen with the intention of the coins being useful as measuring tools. However, their light weight compared to the bank and merchant halfpenny tokens available at the time was a serious hindrance to their acceptance by the public; some of the coins were sold at a 20% discount, were inherited by the Dominion government in 1867. Fresh production of new cents was not required until 1876; the large cents of 1858–1920 were larger than modern one-cent coins and slightly larger than the modern 25¢ piece. After Confederation, these large cent coins were struck on the planchet of the British halfpenny and were the same value. Pennies were issued sporadically in the third quarter of the 19th century, they were used in the Province of Canada, New Brunswick, Nova Scotia upon Confederation in 1867.
New Brunswick and Nova Scotia had issued their own coinage prior to that date, with British Columbia, Prince Edward Island, Newfoundland continuing to issue "pennies" until they joined Confederation. The coin was reduced in size to its current size to match the size of the American penny; the rare 1936 dot cent is as notable in Canadian numismatics as the 50¢ piece of 1921. There were four minted specimens of this coin, produced with the dot to show they were made in 1937 while the mint was waiting for new dies due to a delay caused by the abdication of King Edward VIII and the need to create new dies for his successor, George VI; the last one sold at Heritage Auctions in January 2010 for over US$400,000. It was graded specimen 66 by the Professional Coin Grading Service. Three known examples are in private collections, the fourth is not in the Ottawa Currency Museum. In contrast to the 1936 issues, the 1948 cents dated 1947 and specially marked are common; these 1947 Maple Leaf coins were made while the dies were being changed to show George VI was no longer Emperor of India, as the title of "Emperor of India" was dropped from the titles of the Crown per article 7.2 of the Parliament of the United Kingdom's Indian Independence Act 1947.
From May 2006 to October 2008, all circulation Canadian pennies from 1942 to 1996 had a melt value of over $0.02 CAD based on the increasing spot price of copper in the commodity markets. The break-even price for a 2.8 g solid copper penny is $1.61 USD/lb, with prices during this period reaching as high as $4 USD/lb. There had been repeated debate about ceasing production of the penny because of the cost of producing it and a perceived lack of usefulness. In mid-2010 the Standing Senate Committee on National Finance began a study on the future of the one-cent coin. On December 14, 2010, the Senate finance committee recommended the penny be removed from circulation, arguing that a century of inflation had eroded the v