Prince Edward Island dollar facts for kids
The Prince Edward Island dollar was a special type of currency (money) used in Prince Edward Island a long time ago. It took the place of the Prince Edward Island pound in 1872. One pound was worth about 4.866 dollars, which was similar to the Canadian dollar at the time. Each dollar was split into 100 cents.
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Coins: What They Looked Like
Only one type of coin was ever made for the Prince Edward Island dollar: a one-cent piece. This coin was created in 1871. Just two years later, Prince Edward Island joined Confederation (became part of Canada).
Both sides of the coin were designed by a person named Leonard Charles Wyon. On the front, you could see Queen Victoria and the words "VICTORIA QUEEN" along with the year.
The back of the coin was made especially for the PEI government. It showed the official seal of the colony. This seal featured a large oak tree, which stood for England. Underneath it were three smaller oak trees, representing Prince Edward Island's three counties. Below the seal, there was a Latin phrase: "PARVA SUB INGENTI". This means "The small beneath the great". Around the seal and phrase, it said "PRINCE EDWARD ISLAND" and the value, "ONE CENT".
These coins were made at the Heaton Mint because the main London Mint was busy making coins for England. However, the "H" mark that usually shows it was made at Heaton is missing from these coins. The coin was mostly made of copper (95%), with a little tin (4%) and zinc (1%). Each coin weighed 5.67 grams and was about 25.40 millimeters wide. The edges were smooth.
Two million of these one-cent coins were made. However, the government of PEI found it hard to get people to use them. It took 10 years for the government to finally get rid of all the coins. The last ones were sold at a 10 percent discount.
Banknotes: Paper Money
Besides coins, there was also paper money called banknotes. The Prince Edward Island Treasury printed notes between 1848 and 1858. These were in values like 5 and 10 shillings, and 1, 2, and 5 pounds.
Later, the Merchant Bank of Prince Edward Island also printed banknotes from 1871 to 1891. These were in dollar amounts: 1, 2, 5, 10, and 20 dollars. They even prepared a sample for a 5 dollar note in 1900, but it was never actually used.
Bank of Prince Edward Island: The First Bank
The Bank of Prince Edward Island (PEI) officially started on April 14, 1856, in Charlottetown. This happened after almost two years of talks with Great Britain to make sure a bank started by a colony was legal. On August 13, 1856, the bank opened its doors. It was the very first bank on the island! Some of the first leaders of the bank included: James Peake, Richard Heartz, Daniel Davies, Henry Haszard, and Daniel Brenan.
In 1857, the Bank of PEI temporarily closed down for three months. The leaders found out that the bank president and cashier had given out loans that were much larger than the bank's money supply. The cashier, William Cundall, stayed with the bank, but the president, Ralph Brecken, resigned.
In 1881, the bank closed for good. This happened after it was discovered that the cashier, Joseph Brecken (who was the son of the former president, Ralph Brecken), had made many irresponsible loans. The bank was then slowly closed down and its assets sold off between 1882 and 1887. The Bank of Prince Edward Island was the first bank in Canada to close down because it ran out of money.
Banknotes Issued by the Bank of PEI
The first paper money from the Bank of PEI was printed on the same day it opened, August 13, 1856. These notes were in values of 5 and 10 shillings, and 1 and 5 pounds. A smaller set of notes was printed in 1859, only including 10 shilling and 2 pound notes.
In 1872, the bank started printing notes in Canadian dollars. These were first dated January 1, 1872, and then reissued with the date January 1, 1877.
| Value | Date | Image |
|---|---|---|
| 1 Dollar | 1877 |
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| 2 Dollars | 1877 |
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| 5 Dollars | 1877 |
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| 10 Dollars | 1872 |
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| 20 Dollars | 1872 |
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