Newfoundland 2 dollar coin minted in London. Newfoundland's two dollar coin was broadly used not only in Newfoundland, but also in Eastern Canada in general. The supply of the coins "virtually disappeared" in 1894, when Newfoundland's banks and monetary system collapsed. With paper banknotes being distrusted, the gold coins were hoarded, as well as two next-highest Newfoundland denominations, the silver 50-cent and 20-cent pieces. With its two-dollar coin, Newfoundland became the only British colony to issue circulating gold coinage apart from Sydney Mint which issued Australian sovereigns from 1855 onwards. Gold coinage was used in Canada and other British domains. For example, in the
United States $1 Coin Act of 1997 nickels, paper dimes, paper quarters, and when they have coins for one-, two-, five-, ten-, twenty-, fifty-, even one-hundred-dollar bills, then I'll be convinced that they truly believe in giving choice to the American people—when we have a choice in every single piece of currency that we have. Where is the logic as to why only the one-dollar bill should be the only choice?" Kolbe also pointed to the success of Canadian loonie, which was extremely unpopular at the time it was introduced. He said that because of the US's antiquated currency system, more and more universities and other communities