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The dollar became the official monetary unit of the Province of Canada on 1 January 1858 and the official currency of Canada after Confederation. Its "spot" or current market value has approximated the US$ until the former's recent decline, the significant exception being during the US Civil War, when the Canadian dollar rose to US$1.45. From 1879 to 1914 Canadian and American currencies were on the gold standard and were therefore each defined by fixed and equal units of gold.