Selkirk Settlers – "Hudson Bay Blankets"
The initial paper currency of “Red River” was known as “Hudson Bay Company Blankets” which came in pound (British Pound Sterling notes). The physical dimensions of this paper currency was certainly much bigger than today’s paper bills , in 2009. The blankets were in denominations of 5 an 1 , five shillings and one shilling. The value of the 1 British Pound “Blanket” would be about $ 5 to $ 10 dollars Canadian currency valuations today. In those days when the HBC Hudson Bay Company , the historic British fur trading empire , dominated the Manitoba Red River regions and their environs , a shilling was one twentieth ( 1/ 20th) of that one pound note and there were 240 pence ( pennies) , to that pound note and notes.
Although the HBC was called the banker for the Red River and the Selkirk Settler’s settlement areas, there were more than distinct advantages as well as financial rewards for operating within the local Hudson’s Bay Company financial and banking systems. For example the HBC’s banking policies could be used to enforce it’s fur trading monopoly and monopolies . At first the HBC allowed only “petty trade” to exist and clamped down severely on anyone , anybody and any emerging Manitoba enterprises who challenged its power to regulate trade to its advantage.
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