sabrinam's blog

The Growth of the First Bank on Prince Edward Island

This is a list of the growth of the Island's first bank between the years 1858 and 1881. The people must have been happy when the dividend (what they got back) numbers got higher! I know I would!

Prince Edward Island's First Bank

Image depicts a group of men with two horses and empty carts outside of the Merchants Bank and an unidentified hardware and lumber store in Montague, Prince Edward Island, ca. 1905.

In the spring of 1854, the people of PEI decided they needed a bank of their own. The closest bank was in Halifax! They sent the bill (a bill asks for legal action from Britain) to Britain on May 1, 1855, but the bill was rejected. The king said that it didn't have all the financial agreements it was supposed to have.

The Holey Dollar

The 3D image (PEI Coin 3D) shows a 1 cent coin. This is just one of the many coins used at this time. Another example is the Holey Dollar. The Holey dollar is a Spanish coin. It had a crown on it, and it was a grey brown color. It was also pretty big. Prince Edward Islanders wanted their own currency, but it was harder than they thought.

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