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The Prince Edward Island dollar was a unit of currency used in Prince Edward Island. The dollar replaced the Prince Edward Island pound in 1872 at a rate of 1 pound = 4.866 dollars (equivalent to the Canadian dollar). The dollar was subdivided into 100 cents.
Coins
Only one type of coin, the one-cent piece, was struck for the Prince Edward Island dollar, in 1871. PEI entered Confederation two years later.
Both sides of the coin were designed by Leonard Charles Wyon. The obverse had Queen Victoria, with inscription "VICTORIA QUEEN" and the date. The reverse was specially made for the PEI government. It had the seal of the colony—a large oak tree, sympolising England, sheltering three younger ones, which symbolised Prince Edward Island's three counties. Below the seal was located the Latin phrase "PARVA SUB INGENTI", translated as "The small beneath the great". Around the seal and phrase was written "PRINCE EDWARD ISLAND", and the denomination, "ONE CENT".
The coin was the produced at the Heaton Mint, due to the London Mint having to strike domestic coins. However, the "H" mint mark is missing. The coin is composed of 95% Cu. 4% Sn, and 1% Zn. It has a weight of 5.67 grams and a diameter of 25.40 mm. It has a plain edge.
Two million one-cent pieces were minted. PEI's government would experience difficulties in placing the coins in circulation—10 years were needed for the government to get rid of them. The last of the coins were sold at a 10 percent discount.