coins in cents, and the unit of account for the government was to be in dollars and cents. All court judgments were to be issued in dollars and cents. However, since the Nova Scotia legislation set the exchange rate as £1 equal to $5, the Nova Scotia system was not compatible with the Canadian and New Brunswick systems, which gave a slightly lower value to the pound. Nova Scotia also ordered coins from the Royal Mint in 1860, but like New Brunswick, the first shipment of Nova Scotia coins did not arrive until 1862. Newfoundland Prior to 1865, Newfoundland used the Newfoundland pound, equal in value to the pound sterling. In 1865, Newfoundland switched to a decimal system, the Newfoundland dollar, and started to release its own coinage, in denominations of one-cent, five-cent, ten-cent, twenty-cent and two-dollar coins. The Newfoundland decimal coinage represented fractions of the Spanish dollar that was used in British Guiana. This had the benefit of making one penny sterling exactly equal to two new Newfoundland cents, which was seen as a compromise between those who wanted Newfoundland to adopt the British system and those who wanted Newfoundland to adopt the United States system. However, it meant that the Newfoundland dollar was worth slightly more than the Canadian dollar (one Newfoundland dollar was worth 1.014 Canadian dollars), so the Newfoundland and Canadian currencies were not easily convertible. Although the Newfoundland government issued coinage, it left the issue of bank notes to the two private banks in Newfoundland: the Union Bank and the Commercial Bank. By the late 19th century, both of those banks were badly managed and in very weak financial condition. When there was a downturn in the cod industry, the banks failed on Monday, December 10, 1894, known as Black Monday. Both banks closed their doors permanently that day and their notes became worthless, triggering a financial crisis on the island. The Government of Newfoundland passed legislation guaranteeing payment on the bank notes of the two insolvent banks, but at depreciated values. The Government also introduced legislation to set the value of the Newfoundland dollar the same as the Canadian dollar. Canadian banks moved in quickly following the crash, in 1894 and early 1895. The net effect was that the Newfoundland monetary system became integrated with the Canadian system. British Columbia In 1867, the Colony of British Columbia enacted a statute to implement decimal currency