Canada has an extensive history with regard to its currencies. Prior to European contact, indigenous peoples in Canada used items such as wampum and furs for trading purposes, which continued when trade with Europeans began. Wampum and beaver pelts were considered currency. During the period of French colonization, coins were introduced, as well as one of the first examples of paper currency by a western government. During the period of British colonization, additional coinage was introduced, as well as banknotes. The Canadian colonies gradually moved away from the British pound and adopted currencies linked to the United States dollar. With Confederation in 1867, the Canadian dollar was established. By the mid-20th century, the Bank of Canada was the sole issuer of paper currency, and banks ceased to issue banknotes. Canada began issuing its own coins shortly after Confederation. In the 20th century, Canada has issued many commemorative coins into circulation, temporarily replacing current coinage designs. There also exists a long history of numismatic coin issues. Indigenous peoples and trade The original inhabitants of Canada were the First Nations and Inuit who traded in goods on a bartering basis. Various items played the role of currency, such as copper, wampum and beaver pelts. Wampum belts, made of numerous tiny shells, were used by indigenous peoples in eastern Canada to measure wealth and as gifts. Wampum belts were also used as currency during the early colonial period, and were recognised as legal tender in the early Dutch and British colonies. Indigenous peoples also traded furs with European traders for trade goods such as weapons, cloth, food, silver items, and tobacco. During the long period of the fur trade, the beaver pelt was universally accepted as a medium of exchange by indigenous peoples and European traders alike, to the point that beaver pelts, called "Made Beavers", were used as a unit of account by the Hudson Bay Company, to establish consistent pricing of all its trade goods. The Ojibwe in eastern Canada were noted for mining and trade in copper. Special objects, such as copper shields, had special economic and social value. The Haidas of the west coast used copper shields as a measure of status and wealth. New France: 1608–1763 Chronic shortage of coins With the foundation of Quebec in 1608, French settlement and trade began. The early French colonists bartered goods and also used French coins. The basic unit of currency