| Newfoundland dollar |
 |
 |
| $1 |
$2 |
|
| ISO 4217 Code |
NFD |
| User(s) |
 Newfoundland |
| Subunit |
|
| 1/100 |
cent |
| Symbol |
$ or NF$ |
| cent |
¢ |
| Coins |
1¢, 5¢, 10¢, 20¢, 25¢, 50¢, $2 |
| Banknotes |
25¢, 40¢, 50¢, 80¢, $1, $2, $5, $10, $20, $50 |
| Central bank |
Department of Finance and Customs |
| This infobox shows the latest status before this currency was rendered obsolete. |
The dollar was the currency of the colony and Dominion of Newfoundland from 1865 until 1949, when Newfoundland became a province of Canada. It was subdivided into 100 cents.
History
In 1865, the dollar replaced the pound at a rate of 1 dollar = 4 shillings 2 pence (50 pence), slightly higher than the Canadian dollar (worth 4s 1.3d). The significance of this rating was that two cents would be equal to one penny sterling. It was seen as a compromise between adopting the British system or the American system. It also had the effect of aligning the Newfoundland unit to the dollar unit in the British Eastern Caribbean colonies. The West Indian dollar was directly descended from the Spanish Dollar (Pieces of Eight). In 1895, following a banking crisis, the Canadian banks moved into Newfoundland and the value of the Newfoundland dollar was adjusted to set it equal to the Canadian dollar, a devaluation of 1.4%. The Newfoundland dollar was replaced by the Canadian dollar at par when Newfoundland joined Canada in 1949.
The other British North American colonies adopted the American unit around the same time that Newfoundland adopted the West Indian unit. The small disparity between the American unit and the West Indian unit was due to the fact that in 1792, Hamilton at the US treasury took an average weight of worn Spanish Dollars to be the new American unit of currency.
Coins
-
In 1865, coins were introduced in denominations of 1, 5, 10 and 20 cents, and 2 dollars. The 1 cent was struck in bronze, the 5, 10 and 20 cents in silver and the 2 dollars (also denominated as "Two Hundred Cents" and "One Hundred Pence") in gold. Silver 50 cents were introduced in 1870, with the 20 cents replaced by a 25 cents coin in 1917. A smaller 1 cent coin was introduced in 1938.
Banknotes
  |
| Union Bank $2 note |
Commercial Bank $20 note |
In 1865, one chartered bank, the Commercial Bank of Newfoundland began issuing notes denominated in pounds and dollars, using a rate of 4 dollars = 1 pound. As this rate matches the rate used in Canada at the time, it may be that these notes were not intended for use as Newfoundland dollars. In the 1880s, both the Commercial Bank and the Union Bank of Newfoundland issued notes denominated solely in dollars. Denominations of 2, 5, 10, 20 and 50 dollars were issued. However, in 1894, both banks crashed.
The Department of Public Works introduced government cash notes in 1901 in denominations of 40, 50 and 80 cents, 1 and 5 dollars. In 1910, 25 cents and 2 dollars were added. In 1920, the Treasury introduced 1 and 2 dollars notes.
See also
References
- Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801-1991, 18th ed., Krause Publications. ISBN 0873411501.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues, Colin R. Bruce II and Neil Shafer (editors), 7th ed., Krause Publications. ISBN 0-87341-207-9.
- Pick, Albert (1990). Standard Catalog of World Paper Money: Specialized Issues, Colin R. Bruce II and Neil Shafer (editors), 6th ed., Krause Publications. ISBN 0-87341-149-8.
External links
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Currencies named dollar or similar |
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| Circulating |
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| Circulating, formerly a.k.a. dollar |
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| Obsolete |
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| Obsolete, a.k.a. dollar |
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| Conceptual |
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| Virtual |
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| Fictional |
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| Private |
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| See also |
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Newfoundland
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