Grades 40, 50 and 60 have yield strengths of 40ksi, 50ksi and 60ksi, respectively... Current designation in Canada are grades 300, 350 and 400 for 300MPa, 350MPa and 400MPa, respectively. (1MPa = .145ksi)
In the USA, grade 60 is the most prevalent. Grade 50 I have never used.
Prior to the late 1960's (plus or minus), Grade 40 was used almost exclusively. The 60 grade came into use after that except that small ties and stirrups of #3 bars (3/8" dia) and some #4 bars (1/2" dia) were kept at 40 grade as the 60 grade would not bend at the hook radius required without cracking.
Since that time, the 60 grade was improved and now all our specified rebar is the 60 grade.