In the nineteenth century,most commodity-backed money in Canada was:

Question

Quizplus · Accepted Answer

In the nineteenth century, most commodity-backed money in Canada was issued by private banks and redeemable for gold. The government did not have a central bank until the establishment of the Bank of Canada in 1934. The Bank of Canada did not start issuing banknotes until 1935. Until then, private banks issued their own banknotes which were backed by bullion or government bonds. These banknotes were widely accepted as a means of payment and were redeemable for gold.

In the Nineteenth Century,most Commodity-Backed Money in Canada Was