Artifact #6: 1870 Dollar Bill

Citation:

British American Bank Note Co. Ltd. Canada, Dominion of Canada, 1 Dollar: July 1, 1870. Banknote. Bank of Canada Museum, ID 1964.0088.00867.000. https://www.bankofcanadamuseum.ca/collection/artefact/view/1964.0088.00867.000/canada-dominion-of-canada-1-dollar-july-1-1870.

Label:

This is a one-dollar bill that was issued by the Dominion of Canada in 1870, three years after the initial four provinces were united. It represents an early step towards a unified national currency. Before Confederation, the British colonies used a variety of different currencies, some of which were British pounds, U.S. dollars, and locally issued bank notes for each colony. The mixture of these different currencies created financial confusion and inefficiencies. Introducing a standardized currency was part of Canada’s efforts to strengthen its economy and unify the provinces under a single currency system.

The creation of a national currency was directly tied to the economic motives for Confederation, as the nation aimed to have economic stability across all of the newly united provinces. A centralized currency system simplified trade, supported infrastructure projects such as the Intercolonial Railway, and enforced Canada’s separation from British and American financial systems. This dollar bill symbolizes the early development of Canada’s economic independence, a key motive of Confederation.

Bibliography:

McGillivray, Donald G. "Money in Canada." The Canadian Encyclopedia. Historica Canada. Last modified December 1, 2023. https://www.thecanadianencyclopedia.ca/en/article/money.