The Halifax rating was first used in Halifax, hence the name. It began in 1758. 1 Spanish silver dollar weighing 420 grains was worth 5 shillings using the Halifax rating. The rating continued to be used until the mid-1800s.

Meanwhile, in Upper Canada, they used the York rating. The York rating valued a Spanish silver dollar at 8 shillings.

An act in 1821 set the official price for all of Canada: 5 shillings per Spanish silver dollar. Even after this act, though, the York rating remained in some rural areas.

An event in 1792 encouraged both colonies to favour the use of dollars. The US dollar was introduced. The US dollar was modelled after the Spanish sliver dollars.