Prince Edward Island dollar
Encyclopedia
The dollar was the currency of Prince Edward Island
between 1871 and 1873. It replaced the pound
at a rate of 1 pound = 4.866 dollars and was equivalent to the Canadian dollar
, which replaced it in 1873. The dollar was subdivided into 100 cent
s.
Both sides of the coin were designed by Leonard Charles Wyon
. The observe had Queen Victoria
, with inscription "VICTORIA QUEEN" and the date. The reverse was specially made for the PEI government. It had the seal of the colony—a large oak tree, sympolising England, sheltering three younger ones, which symbolised Prince Edward Island's three counties. Below the seal was located the Latin phrase "PARVA SUB INGENTI", translated as "The small beneath the great". Around the seal and phrase was written "PRINCE EDWARD ISLAND", and the denomination, "ONE CENT".
The coin was the produced at the Heaton Mint, due to the London Mint
having to strike domestic coins. However, the "H" mint mark is missing. The coin is composed of 95% Cu
. 4% Sn
, and 1% Zn
. It has a weight of 5.67 grams and a diameter of 25.40 mm. It has a plain edge.
Two million one-cent pieces were minted. PEI's government would experience difficulties in placing the coins in circulation—10 years were needed for the government to get rid of them. The last of the coins were sold at a 10 percent discount.
, the Bank of Prince Edward Island and the Union Bank of Prince Edward Island began issuing dollar notes in denominations of 1, 2, 5, 10 and 20 dollars. The private banks went on to issue notes in Canadian dollars, the first of which were earlier notes with "Canadian Currency" overstamped on them.
Prince Edward Island
Prince Edward Island is a Canadian province consisting of an island of the same name, as well as other islands. The maritime province is the smallest in the nation in both land area and population...
between 1871 and 1873. It replaced the pound
Prince Edward Island pound
The pound was the currency of Prince Edward Island until 1871. It was subdivided into 20 shillings, each of 12 pence. It was replaced by the dollar in 1871. British coins circulated, together with locally produced coins and paper money.-Coins:...
at a rate of 1 pound = 4.866 dollars and was equivalent to the Canadian dollar
Canadian dollar
The Canadian dollar is the currency of Canada. As of 2007, the Canadian dollar is the 7th most traded currency in the world. It is abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies...
, which replaced it in 1873. The dollar was subdivided into 100 cent
Cent (currency)
In many national currencies, the cent is a monetary unit that equals 1⁄100 of the basic monetary unit. Etymologically, the word cent derives from the Latin word "centum" meaning hundred. Cent also refers to a coin which is worth one cent....
s.
Coins
Only one type of coin, the one-cent piece, was struck for the Prince Edward Island dollar, in 1871. PEI entered Confederation two years later.Both sides of the coin were designed by Leonard Charles Wyon
Leonard Charles Wyon
Leonard Charles Wyon was a British engraver of the Victorian era most notable for his work on the gold and silver coinage struck for the Golden Jubilee of Queen Victoria in 1887 and the bronze coinage of 1860 with the second head portrait, in use from 1860 to 1894.-Career:The eldest son of chief...
. The observe had Queen Victoria
Victoria of the United Kingdom
Victoria was the monarch of the United Kingdom of Great Britain and Ireland from 20 June 1837 until her death. From 1 May 1876, she used the additional title of Empress of India....
, with inscription "VICTORIA QUEEN" and the date. The reverse was specially made for the PEI government. It had the seal of the colony—a large oak tree, sympolising England, sheltering three younger ones, which symbolised Prince Edward Island's three counties. Below the seal was located the Latin phrase "PARVA SUB INGENTI", translated as "The small beneath the great". Around the seal and phrase was written "PRINCE EDWARD ISLAND", and the denomination, "ONE CENT".
The coin was the produced at the Heaton Mint, due to the London Mint
Royal Mint
The Royal Mint is the body permitted to manufacture, or mint, coins in the United Kingdom. The Mint originated over 1,100 years ago, but since 2009 it operates as Royal Mint Ltd, a company which has an exclusive contract with HM Treasury to supply all coinage for the UK...
having to strike domestic coins. However, the "H" mint mark is missing. The coin is composed of 95% Cu
Copper
Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish...
. 4% Sn
Tin
Tin is a chemical element with the symbol Sn and atomic number 50. It is a main group metal in group 14 of the periodic table. Tin shows chemical similarity to both neighboring group 14 elements, germanium and lead and has two possible oxidation states, +2 and the slightly more stable +4...
, and 1% Zn
Zinc
Zinc , or spelter , is a metallic chemical element; it has the symbol Zn and atomic number 30. It is the first element in group 12 of the periodic table. Zinc is, in some respects, chemically similar to magnesium, because its ion is of similar size and its only common oxidation state is +2...
. It has a weight of 5.67 grams and a diameter of 25.40 mm. It has a plain edge.
Two million one-cent pieces were minted. PEI's government would experience difficulties in placing the coins in circulation—10 years were needed for the government to get rid of them. The last of the coins were sold at a 10 percent discount.
Banknotes
In 1872, Treasury notes were issued in denominations of 10 and 20 dollars. The same year, two chartered banksBanking in Canada
Banking in Canada is widely considered the most efficient and safest banking system in the world, ranking as the world's soundest banking system for the past three years according to reports by the World Economic Forum. Released at October 2010, Global Finance magazine put Royal Bank of Canada at...
, the Bank of Prince Edward Island and the Union Bank of Prince Edward Island began issuing dollar notes in denominations of 1, 2, 5, 10 and 20 dollars. The private banks went on to issue notes in Canadian dollars, the first of which were earlier notes with "Canadian Currency" overstamped on them.