Newfoundland pound facts for kids
The pound was the money used in Newfoundland until 1865. It was divided into 20 shillings, and each shilling had 12 pence. The Newfoundland pound was worth the same as the British pound. British coins were used there, along with special local tokens and banknotes. In 1865, a new currency called the dollar was introduced. One dollar was equal to 4 shillings and 2 pence, or 50 pence.
Tokens: Special Local Coins
Sometimes, regular coins weren't enough, so people made their own special coins called tokens. These tokens were produced by private companies, not the government.
- In 1829, a token worth 1 farthing was made.
- Tokens worth ½d (half a penny) were made in 1841, 1846, and 1860.
Banknotes: Paper Money
Banknotes are paper money. In Newfoundland, banks started printing their own notes.
- In 1854, the Union Bank of Newfoundland started printing notes worth £1 (one pound).
- The Commercial Bank of Newfoundland also started issuing £1 notes from 1857.
Even after the dollar was introduced, both banks continued to print notes in pounds, shillings, and pence. However, they also started issuing dollar notes in the 1880s.
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