Many people have asked me over the years if Canadian currency was worth anything, and while in times past I would have shrugged it off, I don’t anymore. Why? As of 2007, Canadian money became one of the most traded currencies in the world. I am going to share with you some of its history and how it stands up to the United States.
About Canadian Currency
Canadian currency is much like U.S. currency in that it is always identified by the dollar. In this case you can recognize this currency by its acronym, which is represented as CAD. While it’s similar to U.S. currency, it is clearly marked by the dollar sign, and in some cases is preceded by the letter C to identify it as Canadian.
The year 1841 was the year that Canadian currency was changed to what is known as the Halifax rating system. As a result, the Canadian pound was equal to four U.S. dollars. This also meant that one pound sterling was equal to one Canadian pound. So, at one time the Canadian and British monetary systems were nearly identical. It wasn’t until 1861 that Canada adopted the dollar system.
Is Canadian Currency Worth More Than the US Dollar?
If you wondering about whether or not Canadian currency is worth more than the U.S. dollar, it is! To give you an idea of what it was at today as I am writing, around noon, the Canadian dollar was worth $1.28 to the U.S. dollar’s $1 unit. What does that tell you?
It has been higher, and it could be again as the U.S. dollar goes down. This is why as the dollar goes down in value we see the price of gold go up. The thing you should know is that as the price of gold goes up, it just means that the U.S. dollar is being devalued more and more. This isn’t a good sign, but it does give us an indicator of what to look for from other countries and their monetary system.
I do sell gold bars, and I have had many people ask me if they can purchase gold Mapleleaf coins. This is because they are worth just a bit more than the price of gold in the United States, and they are pretty look at!
You don’t really want gold coins though; you just want to make sure that you are buying gold bullion-PERIOD.
United States Currency vs Canadian Currency
So, all in all, the big question for Americans is how does the United States currency match up with Canadian currency? Today, Canadian and U.S. stocks both dropped which isn’t good, however; once again the Canadian dollar remained at $1.0041 while the U.S. dollar was at 99.59 cents.
There isn’t a race to determine who or what is worth more; however, I can assure you that neither currency will prepare you for the coming economic tragedy. Do you want to protect yourself against super inflation? If so, then CLICK HERE to find out what alternative you need aside from U.S. and Canadian currency.
Tags: Canadian Currency