The pound was the currency of Prince Edward Island until 1871. It was subdivided into 20 shillings, each of 12 pence. It was replaced by the dollar in 1871. British coins circulated, together with locally produced coins and paper money.
Coins
The only coins issued exclusively for Prince Edward Island were issued in 1813. There were two denominations, the 1 and 5 shilling. Both were produced by cutting a central plug from a Spanish dollar (8 real) coin. The plug, stamped with a sunburst, made the 1 shilling piece, whilst the similarly stamped ring made the 5 shilling piece. Due to its shape, the 5 shilling coin was known as a holey dollar.
References
Prince Edward Island pound Wikipedia(Text) CC BY-SA