The pound was the currency of
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 ...
until 1871. It was divided into 20 ''
shilling
The shilling is a historical coin, and the name of a unit of modern currencies formerly used in the United Kingdom, Australia, New Zealand, other British Commonwealth countries and Ireland, where they were generally equivalent to 12 pence o ...
s'', each of 12 ''
pence
A penny is a coin ( pennies) or a unit of currency (pl. pence) in various countries. Borrowed from the Carolingian denarius (hence its former abbreviation d.), it is usually the smallest denomination within a currency system. Presently, it is th ...
''. It was replaced by the ''
dollar
Dollar is the name of more than 20 currencies. They include the Australian dollar, Brunei dollar, Canadian dollar, Hong Kong dollar, Jamaican dollar, Liberian dollar, Namibian dollar, New Taiwan dollar, New Zealand dollar, Singapore dollar, U ...
'' in 1871. Initiall
sterling coin
A coin is a small, flat (usually depending on the country or value), round piece of metal or plastic used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in large quantities at a mint in order t ...
circulated, together with locally produced coins and paper money.
Coins
The only coins issued exclusively for Prince Edward Island were issued in 1813. There were two denominations, the 1/– and 5/–. Both were produced by cutting a central plug from a
Spanish dollar
The Spanish dollar, also known as the piece of eight ( es, Real de a ocho, , , or ), is a silver coin of approximately diameter worth eight Spanish reales. It was minted in the Spanish Empire following a monetary reform in 1497 with content ...
(8
real
Real may refer to:
Currencies
* Brazilian real (R$)
* Central American Republic real
* Mexican real
* Portuguese real
* Spanish real
* Spanish colonial real
Music Albums
* ''Real'' (L'Arc-en-Ciel album) (2000)
* ''Real'' (Bright album) (2010)
...
) coin. The plug, stamped with a
sunburst
A sunburst is a design or figure commonly used in architectural ornaments and design patterns and possibly pattern books. It consists of rays or "beams" radiating out from a central disk in the manner of sunbeams. Sometimes part of a sunbur ...
, made the 1/– piece, whilst the similarly stamped ring made the 5/– piece. Due to its shape, the 5/– coin was known as a
holey dollar
Holey dollar is the name given to coins used in the early history of two British settlements: Prince Edward Island (now part of Canada) and New South Wales (now part of Australia). The middle was punched out of Spanish dollars, creating two pa ...
.
Banknotes
In 1790, the Island of St. Jean (as Prince Edward Island was then known) issued Treasury notes in denominations of 1/–, 1/6, 2/6, 5/–, 10/–, 20/– and 40/–. A further issue of Treasury notes was made between 1834 and 1870, with denominations of 5/–, 10/–, £1, £2, and £5.
Along with the Treasury notes, two
chartered banks issued paper money, the ''
Bank of Prince Edward Island
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Because ...
'' which
commenced operations Aug 13, 1854
and the ''
Union Bank of Prince Edward Island''. However, the pounds issued by these two banks had different values relative to sterling. The Bank of Prince Edward Island issued notes in denominations of 5/–, 10/–, £1, £2 and £5 between 1856 and 1863. This pound unit was worth 13s.4d. sterling and the notes also carried the denomination in sterling (3s.4d., 6s.8d., 13s.4d., £1.6s.8d. and £3.6s.8d.). The Union Bank issued notes between 1864 and 1865 denominated in both dollars (worth 4s.2d.) and sterling. Denominations were $1, $2, $5 and $20 (4s.2d., 8s.4d., £1.0s.10d, £4.3s.4d sterling).
See also
*
Prince Edward Island dollar
The Prince Edward Island dollar was a unit of currency used in Prince Edward Island. The dollar replaced the Prince Edward Island pound in 1872 at a rate of 1 pound = 4.866 dollars (equivalent to the Canadian dollar). The dollar was subdivided int ...
References
*
*
External links
Currencies of Canada
Modern obsolete currencies
1871 disestablishments
Economy of Prince Edward Island
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