![]() Because it is no longer in circulation, companies are required to round up payments made by customers in cash to the next five cents. In spite of this, the coin can still be used as legal tender. The year 2012 saw the end of the production of Canadian pennies, and the year 2013 saw the distribution of the last last ones. The value of the Canadian dollar has been allowed to freely fluctuate against that of other currencies ever since it was first authorised to do so in the year 1950. In 1871, the federal government of Canada passed the Uniform Currency Act, which resulted in the creation of a single national currency known as the Canadian dollar. A gradual transition to the decimal system occurred over the subsequent years throughout the colonies that would eventually become a part of the Canadian Confederation. In January 1858, the Canadian province announced that all financial transactions would be conducted in dollars and issued the first official Canadian Dollar. In addition to the more common $, the Canadian dollar is also occasionally represented by CA$, Can$, and C$ to differentiate it from other dollar-denominated currencies. The Canadian Dollar (CAD) is the country's legal tender it was first introduced in 1858. You can keep an eye on real-time Canadian dollar price. The live Canadian Dollar rate is INR (61.06 □). This is due to the fact that the Canadian dollar is widely regarded as one of the most stable currencies in the world. Because of its widespread acceptance as a benchmark currency, many national central banks throughout the world keep Canadian dollars in their reserves along with their own currencies. The letter CAD is used to indicate the value of one Canadian dollar, which is also colloquially referred to as a "loonie." There are a total of 100 pennies in 1 CAD. It is commonly abbreviated using the dollar sign ($). ![]() The Canadian dollar is the only money that can be used in Canada. On the reverse of each bill is a picture of a Canadian bird set against a landscape that is meant to evoke the natural habitat of that bird. Quick Facts About the Canadian Dollar Notes Country of Origin
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