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Inflation in the value of the Canadian dollar has been fairly low since the 1990s. In 2007 the Canadian dollar rebounded, soaring 23% in value. [38] On September 28, 2007, the Canadian dollar closed above the U.S. dollar for the first time in 30 years, at US$1.0052. [43]
Banknotes of the Canadian dollar are the banknotes or bills (in common lexicon) of Canada, denominated in Canadian dollars (CAD, C$, or $ locally). Currently, they are issued in $5, $10, $20, $50, and $100 denominations. All current notes are issued by the Bank of Canada, which released its first series of notes in 1935.
The $2 banknote was withdrawn at the same time that the coin was released. Unlike several U.S. attempts to introduce a dollar coin, the new coins were quickly accepted by the public, owing largely to the fact that the Bank of Canada and the government forced the switch by removing the $1 and $2 bills from circulation.
The current 100-dollar note was put into circulation through major banks in November 2011, made of a durable polymer instead of the traditional paper notes. [1] The notes are dominantly brown in colour; the front design of the note features former prime minister Robert Borden and the design on the back depicts the discovery of insulin .
The value of the dollar continued to be set by reference to the British sovereign and the American eagle, at the rate of 4.8666 Canadian dollars equal to £1, and ten Canadian dollars equal to the ten-dollar American eagle, the same rates as set in the 1853 Province of Canada legislation. [54] [56]
The Canadian ten-dollar note is one of the most common banknotes of the Canadian dollar. The current $10 note is purple, and the obverse features a portrait of Viola Desmond , a Black Nova Scotian businesswoman who challenged racial segregation at a film theatre in New Glasgow, Nova Scotia , in 1946.
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In 2005, the Canadian government polled its citizens on the idea of retiring the five-dollar note, replacing it with a five-dollar coin. The money saved in making the coin would then fund the Canadian Olympic team. Canadians resoundingly rejected and ridiculed the idea of a five-dollar coin. [4]