The pound was the currency of Newfoundland until 1865. It was subdivided into 20 shilling

Shilling

The shilling is a unit of currency used in some current and former British Commonwealth countries. The word shilling comes from scilling, an accounting term that dates back to Anglo-Saxon times where it was deemed to be the value of a cow in Kent or a sheep elsewhere. The word is thought to derive...

s, each of 12 pence

Penny

A penny is a coin or a type of currency used in several English-speaking countries. It is often the smallest denomination within a currency system.-Etymology:...

. The Newfoundland pound was equal to the British pound and British coins circulated, supplemented by locally produced tokens and banknotes. In 1865, the dollar

Newfoundland dollar

The dollar was the currency of the colony and Dominion of Newfoundland from 1865 until 1949, when Newfoundland became a province of Canada. It was subdivided into 100 cents.-History:...

 was introduced at a rate of 1 dollar = 4 shillings 2 pence.

Tokens

Tokens for 1 farthing and ½ penny were privately produced between 1841 and 1860.

Banknotes

In 1854, the Union Bank of Newfoundland introduced 1 pound notes. The same denomination was issued by the Commercial Bank of Newfoundland from 1857. Both banks continued to issue notes denominated in pounds after the introduction of the dollar, although they did issue dollar notes in the 1880s.