| POSTAL HISTORY AND CURRENCY
The sovereignty of a nation is usually well illustrated by the evolution of its currency. The face values of stamps correspond to the currency in circulation at the time. The following dates and events are significant in Canadas evolution from a colony to an independent nation. Changes that were made to the currency law were followed by the post office as indicated by the face value of the stamps.
1842 April 27
- The Currency Act of 1841 becomes law, making legal tender the British sovereign, and the American eagle, dollar, and half-dollar. French crowns and half-crowns are no longer legal tender. [169.230]
1850
- With Currency Act of 1850 the Inspector-General for the Province of Canada, Francis Hincks, introduces a bill in Parliament, to amend the Currency Act of 1841, giving the Governor General the power to have coins struck for circulation in Canada. [306.133] [571.26]
August 10
- An Act to amend the 1841 Currency Act receives royal assent, with the signature of Lord Elgin, Governor General of Canada. The Act sets the value of the American dollar in Canada at 5 shillings. The Act also gives Canada's Governor General the power to have silver coins struck for circulation in Canada, in denominations of 5 shillings, 2 shillings 6 pence, 2 shillings, 1 shilling 3 pence, 1 shilling, 6 pence, and 3 pence. These values correspond directly to American currency values of $1, 50c, 40c, 25c, 20c, 10c, and 5c. Gold coins are also provided for, in values of 10 shillings, 12 shillings 6 pence, 1 pound, and 1 pound 5 shillings. The Act is set to become law on January 1, 1851. [176.90] [306.133] [378.182] [571.26]
October 24
- The British Treasury sends a memorandum to the Colonial Office severely criticizing Canadian Inspector-General Francis Hincks' proposed Currency Act of 1850, and demanding its disallowance. [306.134]
October 25
- Colonial Secretary Earl Grey informs Lord Elgin that the Currency Act of 1850 should be disallowed, as it was not contingent on the acceptability of the British Government. [306.134]
November
- Francis Hincks replies to the British Treasury stating reasons for Canada to issue its own coinage, and that the Currency Act of 1850 should be allowed to stand, and let the legislature repeal certain sections if they are deemed inappropriate. [306.134]
December 5
- Earl Grey writes to Lord Elgin, agreeing with Francis Hincks that the Canadian Legislature should have an opportunity to amend the Currency Act of 1850. [306.135]
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1851 February 20
- The British Treasury replies to Francis Hincks' memorandum of November 1850, refusing to budge on the subject of Canadian currency. [306.135]
April 14
1852 June 29
- The British Treasury proposes that a distinctive Canadian coin, the pound currency, and called a "Royal", should be issued. The Royal would be equivalent to four US gold dollars. Silver coins of denominations 1/2 crown, 1 shilling, 1/2 shilling, and 1/4 shilling would be produced. [306.139]
November
- Francis Hincks introduces a new currency Act into the Canadian legislature. The Act specifies that a dollar currency and a pound currency would both be valid. [306.140]
1853 June 14
- The Currency Act, 1853, receives royal assent, allowing coins in denominations of dollars and cents to be struck for Canada, as well as shillings and pence. [16] [39] [176.92] [276.187] [277.109] [306.140]
1858 January 1
- By an Act passed in England, the Province of Canada is put on the decimal system of currency. [35.8] [85] [240.419] [286.250] [378.183] [380.191]
July 1
- The first Canadian coins are minted in England, in denominations of 1c, 5c, 10c, and 20c. The obverse design of the 1 cent piece was originally intended for use in English coinage, but was rejected, due to its similarity to the bronze coinage of Emperor Napoleon III of France. [1]
1859 July
- The first "cents" issue are released #A12-A17.
1867 April 1st
- With the passage of the Post Office Act of 1867 the Post Office Department in Ottawa took full control of all postal affairs. A Cabinet Minister was appointed Postmaster-General.
1870 February 12
- An official proclamation sets April 15 as the last day of grace for US silver coins to circulate in Canada. [55] [350.65]
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