Canadians have a quirky national identity, but one thing we’re not is confused about what our money is called. It’s called Canadian dollars, and it’s abbreviated as CAD or C$ (in the rest of the world). The symbol used to denote the cents is ¢. What is money called in canada?
The basic unit of Canadian currency is the dollar, which is divided into 100 smaller units known as cents. Sometimes called pennies in English Canada, these coins can be differentiated from their American counterparts because they feature a picture of a young Queen Elizabeth II on one side and on the other side, a picture depicting an aspect of Canadian culture or history
What Is the Currency of Canada?
Currency in Canada is called the Canadian Dollar and abbreviated as CAD. The currency sign is $, which you’ll see on your bills and coins.
The Canadian dollar is subdivided into 100 cents and can be written as $1 or C$1.
The nickel is the smallest coin in circulation, and it’s often referred to as a nickel. It has been produced since 1922 with five different designs:
- 1922–1956 – King George V
- 1957–1964 – Queen Elizabeth II (Diefenbaker)
- 1965–1996 – Queen Elizabeth II, short-haired portrait after her 1964 visit to Canada as part of her Silver Jubilee celebrations. A commemorative design was used for the 1967 Centennial of Canadian Confederation.
- 1997–2003 – Queen Elizabeth II, long-haired portrait from 1966 onward. This design was also used for a commemorative design in 2002 celebrating 125 years of confederation and 50 years since the last change in coinage design (1967).
- 2004 onwards: Stylized maple leaf on outer rim with Canada spelled out across centre and date at bottom (except for 2004).
- The Canadian ten cent coin is called a dime. It’s worth 10 cents, and it’s made of a nickel-plated steel.
- Dimes are about the size of a US nickel or UK 5p coin. They’re coloured silver, which is much more practical than the copper colour of the US penny or British 1p coin!
The coins are 25 cents, or simply “25 cent piece.” The quarter is also called a “quarter dollar,” and there are four quarters in every dollar. So if you have $1.00, it means that you have 100 cents (or pennies). Twenty-five of those would be a quarter of $1.00: 25 x .25 = 0.25 x 1 = 0.25 x 100 = 25 cents!
To put it another way: one hundred pennies equal one dollar; four nickels equal one dime; two dimes equal one quarter; five pennies is half an American penny (1/20th); twenty-five cent pieces make up seven-and-a-half American pennies (3/20th), or two-fifths of a Canadian penny (2/20th).
A fifty-cent piece is called a quarter. It’s worth 1/4 of a dollar and 25 cents, but only 5 cents if it’s Canadian. In other words, you can’t make change for 5 cents or 50 cents by giving someone back 6 of the same coin. To do that you’d have to give them back 2 dimes instead.
One Dollar (Loonie)
The Canadian dollar is known as the Canadian Dollar, or CAD for short. The symbol for the Canadian dollar is $, and it’s divided into 100 cents. In Canada, you’ll find coins worth 5 cents (called a nickel), 10 cents (a dime), 25 cents (a quarter) and 1 dollar (called a loonie). There are also 5-dollar bills called fives.
Canada has just one type of banknote: the $20 bill ($20).
Two Dollars (Toonie)
The toonie is a two dollar coin. It’s worth two dollars. It’s worth two loonies, but it weighs less than a loonie: 7.8 grams versus 15 grams for the one-dollar coin (the loonie). The toonie is made of pure silver and has an outer ring of nickel that makes it magnetic, which makes it more difficult to counterfeit than other coins.
Canadian money is called Canadian Dollars, or CAD for short. It’s subdivided into 100 cents or pennies.
- Canadian money is called Canadian Dollars, or CAD for short. It’s subdivided into 100 cents or pennies.
- The Canadian dollar is also called the loonie (because of a common bird in Canada), toonie (a slang word used by Canadians), and buck (because of its similarity to the American Dollar).
What is money called in canada?
Money, money, money! So much to say about it, so little time. We’ve tried our best to cover the most important topics in this article—the main currency in Canada and some of the different denominations—but there are still plenty more things we didn’t get a chance to mention. Luckily for you, we have a whole community of curious readers and expert writers here at Knoowy who can help answer any questions you might have. Just click on one of the links below (or even better, all three!) and start exploring some more about what Canadian money is called today.