![CAN-S1929c-Bank of Prince Edward Island-1 Dollar (1877)](https://upload.wikimedia.org/wikipedia/commons/9/97/CAN-S1929c-Bank_of_Prince_Edward_Island-1_Dollar_%281877%29.jpg)
The Prince Edward Island dollar was a unit of
currency
A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins.
A more general def ...
used in
Prince Edward Island
Prince Edward Island (PEI; ) is one of the thirteen Provinces and territories of Canada, provinces and territories of Canada. It is the smallest province in terms of land area and population, but the most densely populated. The island has seve ...
. The dollar replaced the
Prince Edward Island pound The pound was the currency of Prince Edward Island until 1871. It was divided into 20 '' shillings'', each of 12 '' pence''. It was replaced by the ''dollar'' in 1871. Initiall sterling coin circulated, together with locally produced coins and pape ...
in 1872 at a rate of 1 pound = 4.866 dollars (equivalent to the
Canadian dollar
The Canadian dollar ( symbol: $; code: CAD; french: dollar canadien) is the currency of Canada. It is abbreviated with the dollar sign $, there is no standard disambiguating form, but the abbreviation Can$ is often suggested by notable style ...
). The dollar was subdivided into 100 ''
cent
Cent may refer to:
Currency
* Cent (currency), a one-hundredth subdivision of several units of currency
* Penny (Canadian coin), a Canadian coin removed from circulation in 2013
* 1 cent (Dutch coin), a Dutch coin minted between 1941 and 1944
* ...
s''.
Coins
![Prince Edward Island cent](https://upload.wikimedia.org/wikipedia/commons/1/15/Prince_Edward_Island_cent.jpg)
Only one type of coin, the one-cent piece, was struck for the Prince Edward Island dollar, in 1871. PEI entered Confederation two years later. Both sides of the coin were designed by
Leonard Charles Wyon
Leonard Charles Wyon (23 November 1826 – 20 August 1891) was a British Engraving, engraver of the Victorian era most notable for his work on Jubilee coinage, the gold and silver coinage struck for the Golden Jubilee of Victoria of the United ...
. The obverse had
Queen Victoria
Victoria (Alexandrina Victoria; 24 May 1819 – 22 January 1901) was Queen of the United Kingdom of Great Britain and Ireland from 20 June 1837 until Death and state funeral of Queen Victoria, her death in 1901. Her reign of 63 years and 21 ...
, with inscription "VICTORIA QUEEN" and the date. The reverse was specially made for the PEI government, showing the seal of the colony—a large oak tree, symbolising England, sheltering three younger ones, which symbolised Prince Edward Island's three counties. Below the seal was located the Latin phrase "PARVA SUB INGENTI", translated as "The small beneath the great". Around the seal and phrase was written "PRINCE EDWARD ISLAND", and the denomination, "ONE CENT". The coin was produced at the
Heaton Mint
The Birmingham Mint was a coining mint and metal-working company based in Birmingham, England. Formerly the world's largest privately-owned mint, the company produced coins for many foreign nations including France, Italy, China, and much of the ...
, due to the
London Mint
London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a major se ...
having to strike domestic coins. However, the "H" mint mark is missing. The coin is composed of 95%
copper
Copper is a chemical element with the symbol Cu (from la, cuprum) and atomic number 29. It is a soft, malleable, and ductile metal with very high thermal and electrical conductivity. A freshly exposed surface of pure copper has a pinkis ...
. 4%
tin
Tin is a chemical element with the symbol Sn (from la, stannum) and atomic number 50. Tin is a silvery-coloured metal.
Tin is soft enough to be cut with little force and a bar of tin can be bent by hand with little effort. When bent, t ...
, and 1%
zinc
Zinc is a chemical element with the symbol Zn and atomic number 30. Zinc is a slightly brittle metal at room temperature and has a shiny-greyish appearance when oxidation is removed. It is the first element in group 12 (IIB) of the periodi ...
. It has a weight of 5.67 grams and a diameter of 25.40 mm. It has a plain edge, and a
coin orientation
Coin orientation (or coin alignment or variations of these) is the relation of the vertical orientation of the images on the obverse and reverse sides of coins to one another. The two basic relations are called ''medallic orientation'' and ''coi ...
. Two million one-cent pieces were minted. PEI's government would experience difficulties in placing the coins in circulation—10 years were needed for the government to get rid of them. The last of the coins were sold at a 10 percent discount.
Banknotes
The Prince Edward Island Treasury issued
British pound
Sterling (abbreviation: stg; Other spelling styles, such as STG and Stg, are also seen. ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound ( sign: £) is the main unit of sterling, and t ...
notes (1848–58) in 5 and 10 shilling, and 1, 2, and 5-pound denominations. The Merchant Bank of Prince Edward Island issued banknotes (1871–91) in 1, 2, 5, 10, and 20 dollar denominations (and prepared a proof for a 5 dollar 1900 issue, but it never circulated).
Bank of Prince Edward Island
The Bank of Prince Edward Island (PEI) incorporated on 14 April 1856 in
Charlottetown
Charlottetown is the capital and largest city of the Canadian province of Prince Edward Island, and the county seat of Queens County. Named after Queen Charlotte, Charlottetown was an unincorporated town until it was incorporated as a city in ...
,
after nearly two years of negotiations with Great Britain over the legality of a colony-established bank. On 13 August 1856 the bank opened for business, and was the first bank established on the island. The founding directors included
James Peake Daniel Davies, Henry Haszard, an
Daniel Brenan
In 1857 the Bank of PEI temporarily closed (citing a provision in their original charter, they suspended all financial transactions for three months) after the directors discovered that the bank president and cashier had made loans that exceeded their capital. The cashier (William Cundall) remained at the bank while the president (Ralph Brecken) resigned.
In 1881, after it was discovered that the cashier (Joseph Brecken, son of former president Ralph Brecken) had made irresponsibly large loans, the bank was closed, and liquidated over the next several years (1882–87). The Bank of Prince Edward Island was the first in Canada to file for bankruptcy.
Issuance
The bank's first issue of paper currency was dated the same day (13 August) and included 5 and 10 shilling notes, and 1 and 5 pound notes. A shorter issue of notes in 1859 only included the 10 shilling and 2 pound denominations. The 1872 issue in Canadian dollars (below) was initially dated 1 January 1872 (and then reissued again 1 January 1877).
See also
*
Prince Edward Island pound The pound was the currency of Prince Edward Island until 1871. It was divided into 20 '' shillings'', each of 12 '' pence''. It was replaced by the ''dollar'' in 1871. Initiall sterling coin circulated, together with locally produced coins and pape ...
References
Footnotes
Notes
Sources
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External links
Currency Reforms
{{Portal bar, Canada, Money, Numismatics
Currencies of Canada
Modern obsolete currencies
1871 establishments in Canada
1873 disestablishments in North America
19th-century economic history
Economy of Prince Edward Island