Currency Act (R.S.C., 1985, c. C-52)

Act current to 2012-05-02 and last amended on 2005-12-30. Previous Versions

Currency Act

R.S.C., 1985, c. C-52

An Act respecting Currency

SHORT TITLE

Marginal note:Short title

1. This Act may be cited as the Currency Act.

  • R.S., c. C-39, s. 1;
  • 1984, c. 9, s. 2.

INTERPRETATION

Marginal note:Definitions

2. In this Act,

“Minister”

« ministre »

“Minister” means the Minister of Finance.

“subsidiary coin”

“subsidiary coin”[Repealed, R.S., 1985, c. 35 (3rd Supp.), s. 16]

  • R.S., 1985, c. C-52, s. 2;
  • R.S., 1985, c. 35 (3rd Supp.), s. 16;
  • 1996, c. 16, s. 60;
  • 1999, c. 4, s. 9.

PART I

CURRENCY AND COINAGE

Monetary Unit

Marginal note:Monetary unit

  • 3. (1) The monetary unit of Canada is the dollar.

  • Marginal note:Denominations

    (2) The denominations of money in the currency of Canada are dollars and cents, the cent being one hundredth of a dollar.

  • R.S., 1985, c. C-52, s. 3;
  • 1999, c. 4, s. 10.

4. to 6. [Repealed, R.S., 1985, c. 35 (3rd Supp.), s. 17]

Current Coins

Marginal note:Current coins

  • 7. (1) A coin is current for the amount of its denomination in the currency of Canada if it was issued under the authority of

    • (a) the Royal Canadian Mint Act; or

    • (b) the Crown in any province of Canada before it became part of Canada and if the coin was, immediately before October 15, 1952, current and legal tender in Canada.

  • Marginal note:Defaced coins not current

    (2) No coin that is bent, mutilated or defaced, or that has been reduced in weight otherwise than by abrasion through ordinary use, shall pass current.

  • R.S., 1985, c. C-52, s. 7;
  • 1999, c. 4, s. 11.

Legal Tender

Marginal note:Legal tender

  • 8. (1) Subject to this section, a tender of payment of money is a legal tender if it is made

    • (a) in coins that are current under section 7; and

    • (b) in notes issued by the Bank of Canada pursuant to the Bank of Canada Act intended for circulation in Canada.

  • Marginal note:Limitation

    (2) A payment in coins referred to in subsection (1) is a legal tender for no more than the following amounts for the following denominations of coins:

    • (a) forty dollars if the denomination is two dollars or greater but does not exceed ten dollars;

    • (b) twenty-five dollars if the denomination is one dollar;

    • (c) ten dollars if the denomination is ten cents or greater but less than one dollar;

    • (d) five dollars if the denomination is five cents; and

    • (e) twenty-five cents if the denomination is one cent.

  • Marginal note:Coins of denominations greater than ten dollars

    (2.1) In the case of coins of a denomination greater than ten dollars, a payment referred to in subsection (1) may consist of not more than one coin, and the payment is a legal tender for no more than the value of a single coin of that denomination.

  • Marginal note:Different amounts payable on the same day

    (3) For the purposes of subsections (2) and (2.1), where more than one amount is payable by one person to another on the same day under one or more obligations, the total of those amounts is deemed to be one amount due and payable on that day.

  • Marginal note:Exceptions

    (4) A coin that has been called in is not legal tender.

  • R.S., 1985, c. C-52, s. 8;
  • R.S., 1985, c. 35 (3rd Supp.), s. 18;
  • 1999, c. 4, s. 12.