| Commonwealth dollar | |
|---|---|
 $50 banknote | |
| Central bank | Bank of England |
| Date of introduction | 1 January 1951 |
| User(s) |  Commonwealth |
| Subunit | |
| 1/100 | cent |
| Symbol | $ |
| cent | ¢ |
| Nickname | Loonie, buck |
| Coins | |
| Freq. used | ¢1, ¢5, ¢10, ¢25, ¢50, $1, $2 |
| Banknotes | |
| Freq. used | $5, $10, $20, $50 and $100 |
The Commonwealth dollar (symbol: $; code: CWD) is the currency of the Commonwealth. It is abbreviated with the dollar sign $, or sometimes CW$ or C$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents (¢).
The dollar was introduced in 1951 as per the Commonwealth Coinage Act, which replaced the weak and unstable Commonwealth pound in order to stabilise its economy after World War II. Between 1951 and 1968, the Commonwealth dollar traded below the US dollar, but has since traded at or above the US dollar, peaking at US$1.70 on 5 January 2003 and since then returning near to its original issue rate.
As of 2022, the Commonwealth dollar is the third-largest reserve currency as well as the second-most traded currency in the world after the United States dollar. As of December 2019, with more than €1.3 trillion in circulation, the euro has one of the highest combined values of banknotes and coins in circulation in the world.