The Halifax rating was a valuation of the
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 ...
in the
£sd
£sd (occasionally written Lsd, spoken as "pounds, shillings and pence" or pronounced ) is the popular name for the pre-decimal currencies once common throughout Europe, especially in the British Isles and hence in several countries of the ...
accounting system. It set the Spanish dollar at a value of 5
shillings
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 or ...
(60 pence) and was established c.1750 in
Halifax,
Nova Scotia
Nova Scotia ( ; ; ) is one of the thirteen provinces and territories of Canada. It is one of the three Maritime provinces and one of the four Atlantic provinces. Nova Scotia is Latin for "New Scotland".
Most of the population are native Eng ...
. The rating was set 6 pence higher than the actual silver content of the coins, in an effort to keep the coins in circulation, as there was no advantage to melting the coins for their bullion content.
The Halifax rating was used officially in
Upper and
Lower Canada
The Province of Lower Canada (french: province du Bas-Canada) was a British colony on the lower Saint Lawrence River and the shores of the Gulf of Saint Lawrence (1791–1841). It covered the southern portion of the current Province of Quebec an ...
until 1841 when the gold standard was adopted for 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, ...
; however,
United Empire Loyalists
United Empire Loyalists (or simply Loyalists) is an honorific title which was first given by the 1st Lord Dorchester, the Governor of Quebec, and Governor General of The Canadas, to American Loyalists who resettled in British North America dur ...
brought the
York rating into Upper Canada, where it persisted well into the 19th century despite its outlawing (in favour of the Halifax rating) in 1796.
Currencies of Canada
Economic history of Ontario
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