Silver Price in Canadian Dollars

The Canadian dollar (CAD) is the national currency of Canada. Like the US dollar, it uses the ‘$’ symbol. It is divisible into 100 cents.

Canada introduced the Canadian pound in 1841. At that time it was fixed at four US dollars. In 1853 it was backed by a gold standard linked to the British gold sovereign and gold American Eagle at a peg of $4.86 US dollars.

The Uniform Currency Act of 1871 replaced the Canadian pound as well as various provincial currencies with the Canadian dollar. It was at first pegged to gold and further on pegged to the US dollar. It was floated in 1970.

Silver prices in Canadian dollars hover around $33 per ounce.

Sovereigns were originally minted in silver and their lesser cent divisibles in copper and silver. Canadian gold $1 and $5 coins were minted between 1912 and 1914. The silver purity of coins was gradually reduced, being replaced over time with steel, nickel and copper. In 1968 the coins of Canada ceased to contain any precious metals.

The Royal Canadian Mint is the official mint of Canada. It produces the country’s fiat money metal alloy coins. It also produces gold and silver bullion. Coins popular with investors are the gold (since 1979) and silver (since 1988) Canadian maples. The gold maple is 0.9999 fine gold.