The was the currency of
New France
New France (french: Nouvelle-France) was the area colonized by France in North America, beginning with the exploration of the Gulf of Saint Lawrence by Jacques Cartier in 1534 and ending with the cession of New France to Great Britain and Spa ...
, the French colony in modern-day
Canada
Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tot ...
. It was subdivided into 20 , each of 12 . The New France was a French colonial currency, distinguished by the use of paper money.
History
After an initial period during which barter prevailed, the
French began to circulate. In order to encourage coins into the colony, those circulating in New France were valued at a premium, creating a (French in
Modern French
French ( or ) is a Romance language of the Indo-European family. It descended from the Vulgar Latin of the Roman Empire, as did all Romance languages. French evolved from Gallo-Romance, the Latin spoken in Gaul, and more specifically in No ...
) worth less than the French currency (, in Modern French). The premium was set at one-eighth in 1664, raised to one-third in 1680.
A History of the Canadian Dollar
The New France currency was distinguished by the extensive use of paper money
A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand.
Banknotes were originally issued ...
. However, early issues did not maintain their value. In 1717, the premium for coins was abolished, the card money was redeemed at half its face value and the New France was set equal to the French . Further paper money was issued. In the 1750s, the backing of paper money by coins was discontinued, causing the hoarding of coins. Following the British conquest of New France, the paper money lost its value and the was replaced by the pound.
Coins
A variety of coins circulated in New France, including Spanish dollars
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 ...
, Spanish and Spanish colonial . In 1670, silver 5 and 15 were introduced for use in New France. In 1709, billon 30- coins were issued in the colony, followed by billon 15 in 1711. Copper 9 followed in 1722. In 1738, billon 1- and 2- coins were introduced in France which also circulated in New France. These coins were also known as and 1 .
Banknotes
In 1685, "card money" was introduced. These were simple notes, hand written on the back of playing cards, which were used due to a shortage of coins. The first issue was redeemed after 3 months. Despite the French authorities' displeasure, further issues were made into the 1690s. Inflation reduced the card money's value, until it was redeemed at half face value in 1717.
In the 1720s, the government introduced promissory notes, known as . Card money was reintroduced in 1729. Denominations of 6, 12 and 24 were issued in 1729, followed by 30 in 1733, 20 in 1734, 3 in 1742, and and 15 in 1749. In 1753, treasury notes were introduced (also known as ). 48- notes were introduced in 1753, followed by 20 in 1754, 3 and 24 in 1756, 12 and 96 in 1757, and 6 in 1758.
References
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External links
French Coinage for Canada and Louisiana
{{Pound (currency)
Modern obsolete currencies
New France
Economic history of France
Currencies of North America
Currencies of Canada