Short Title

Marginal note:Short title

1 This Act may be cited as the Currency Act.

Interpretation

Marginal note:Definitions

2 In this Act,

Minister

Minister means the Minister of Finance. (ministre)

subsidiary coin

subsidiary coin[Repealed, R.S., 1985, c. 35 (3rd Supp.), s. 16]

PART ICurrency 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.

4 to 6 [Repealed, R.S., 1985, c. 35 (3rd Supp.), s. 17]

Current Coins and Notes

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.

Marginal note:Current notes

7.1 A note is current for the amount of its denomination in the currency of Canada if it was issued under the authority of the Bank of Canada Act.

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 that are current under section 7.1.

• Marginal note:Limitation

  (2) A tender of 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 tender of payment referred to in subsection (1) may consist of not more than one coin, and the tender of 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.

• (4) [Repealed, 2012, c. 19, s. 388]

Marginal note:Calling in of coins and notes

• 9 (1) The Governor in Council may, by order, call in

  • (a) coins of any date and denomination that are current under section 7; and

  • (b) any notes that are current under section 7.1.

• Marginal note:Effect of call in

  (2) Despite sections 7 and 7.1, a coin or note that has been called in is not current.

Marginal note:Redemption of coins

• 9.01 (1) The Governor in Council may make regulations for the redemption by the Minister of coins of the currency of Canada that are or that have at any time been current in Canada.

• Marginal note:Payments for redemption of coins

  (2) Payments for the redemption of coins, including related costs, shall be made out of the Consolidated Revenue Fund on the authorization of the Minister.

Marginal note:Amounts received from issue of coins

9.1 All amounts received from the issue of coins of the currency of Canada must be paid into the Consolidated Revenue Fund.

Counterfeit Coins

Marginal note:Defacement of counterfeit coins

10 Every officer employed in the collection of the revenue in Canada shall cause to be cut, broken or defaced every counterfeit coin that is paid to the officer in payment of an amount payable to Her Majesty, and shall forthwith forward the counterfeit coin to the Minister.

Melting Coins

Marginal note:Melting down coins

• 11 (1) No person shall, except in accordance with a licence granted by the Minister, melt down, break up or use otherwise than as currency any coin that is current and legal tender in Canada.

• Marginal note:Offence and punishment

  (2) Every person who contravenes subsection (1) or any condition attached to a licence referred to in that subsection is liable on summary conviction to a fine not exceeding two hundred and fifty dollars or to imprisonment for a term not exceeding twelve months or to both, and, in addition to any fine or imprisonment imposed, the court may order that the articles by means of or in relation to which the offence was committed be forfeited to Her Majesty.

Accounts, Contracts and other Matters Relating to Money

Marginal note:Public accounts and statements

12 All public accounts established or maintained in Canada shall be in the currency of Canada, and any reference to money or monetary value in any indictment or other legal proceedings shall be stated in the currency of Canada.

Marginal note:Contracts, etc.

• 13 (1) Every contract, sale, payment, bill, note, instrument and security for money and every transaction, dealing, matter and thing relating to money or involving the payment of or the liability to pay money shall be made, executed, entered into, done or carried out in the currency of Canada, unless it is made, executed, entered into, done or carried out in

  • (a) the currency of a country other than Canada; or

  • (b) a unit of account that is defined in terms of the currencies of two or more countries.

• Marginal note:Previous contracts, etc.

  (2) Notwithstanding subsection (1), every contract, sale, payment, bill, note, instrument and security for money and every transaction, dealing, matter and thing relating to money or involving the liability to pay money that was made, executed or entered into, done or carried out before October 15, 1952 shall, in so far as anything remained or remains to be or may be executed, done or carried out thereunder on or after that date, be construed and operate without reference to this Act.