The Canadian dollar (CAD) is the official currency of Canada, divided into 100 cents. Banknotes are issued in 5, 10, 20, 50, and 100 denominations, while coins are available in 1, 5, 10, 25, and 50 cents, as well as 1 and 2 dollars. Adopted in 1850, the Canadian dollar was based on the US dollar due to strong trade ties. Initially, there was debate about using the British pound, but the dollar was ultimately chosen.