Final answer:
The currency in circulation in Canada today is option e) not officially backed by any physical commodity like gold or silver.
Step-by-step explanation:
The currency that is circulation in Canada today is not officially backed by gold, silver, the U.S. dollar, the Euro, or any other physical commodity(option e).
Up until the early 1970s, many national currencies were backed by precious metals like gold and silver. This meant that currencies had their worth denominated in a physical commodity, and, at times, you could exchange paper money for a set amount of that commodity. However, in the modern era, most currencies, including the Canadian dollar, are fiat money, meaning they are not backed by physical commodities but rather by the government that issues them, and their value comes from the trust that people have in the currency and the issuing government.
Historically, currencies like the U.S. dollar were once backed by gold, as seen in the era of the 'Silver Certificate,' where holders could exchange their dollars for silver. The US economy once linked the value of its dollar to gold, promising that every dollar was equivalent to a fraction of an ounce of gold. This was known as the gold standard and was used to instill confidence in the money's value. But today, the value of currency is generally determined by market forces, including supply and demand, in the domestic and international financial markets.