Newfoundland 2 dollar coin that resulted in Newfoundland being a self-governing colony, free to make its own decisions on internal matters, such as coinage, independently of the UK government. Newfoundland 2 dollar coin The Newfoundland 2 dollar coin was issued in intermittent years between 1865 and 1888. It was the only circulation gold coin issued by a British colony. Although few coins were issued, it was broadly used in Newfoundland and Eastern Canada. The coin became scarce in 1894 because of hoarding following the collapse of Newfoundland's banks and monetary system. Prior to Canadian confederation in 1867, provinces and colonies had separate currencies. Having
Trade dollar (United States coin) decline and the intrinsic value of the coins fell below one dollar, bullion depositors began having their silver struck as trade dollars and selling them wholesale to be distributed throughout the country. Bullion producers opted to coin their silver into trade dollars because the Coinage Act of 1873 specified that silver brought to the Mint could only be struck as such or cast into bars. Congress considered raising the five-dollar legal tender limit on trade dollars, but instead passed a bill that officially demonetized the trade dollar on July 22, 1876; the Secretary of the Treasury was directed by the