Both were produced by cutting a central plug from a Spanish dollar (8 real) coin.
However, the pounds issued by these two banks had different values relative to sterling.
The Bank of Prince Edward Island issued notes in denominations of 5/–, 10/–, £1, £2 and £5 between 1856 and 1863.
The Union Bank issued notes between 1864 and 1865 denominated in both dollars (worth 4s.2d.)
You can help Wikipedia by expanding it.This Prince Edward Island-related article is a stub.