In the latest issue of Canadian Coin News (Vol. 63, No. 16), Jesse Robitaille concludes his three-part series tracing the evolution of money – and this time, he examines how one dramatic moment in 1971 forever changed the way Canadians understand currency.
When U.S. President Richard Nixon stunned the world by cutting the dollar’s link to gold, it sent economic shock waves across every major economy. For Canada, the “Nixon Shock” marked both a turning point and a test, as the federal government’s earlier decision to let the Canadian dollar float suddenly positioned the country as a leader in modern monetary policy.
The story delves into how Ottawa navigated the fallout, from the rise of the “Third Option” under Pierre Trudeau’s government to the long-term effects of floating exchange rates and shifting global alliances. Readers will also discover how this period set the stage for the fiat money system that defines today’s financial world.
Robitaille connects the dots from the collapse of the Bretton Woods system to today’s emerging Central Bank Digital Currencies, showing how lessons from 1971 continue to shape Canada’s approach to money, innovation, and economic sovereignty.
Find How the Nixon Shock Reshaped Canada’s Money and other timely features in the Oct. 14 issue of Canadian Coin News. Available now in print and digital editions – subscribe today to stay informed on the stories that define Canada’s numismatic and monetary history.