I have read this morning in the Calgary Sun, that they are thinking of replacing the $5 bills with coins. Not for sure yet, though. I hope that they don't. First of all, the wallet will even get heavier with all those coins that we have already. And second, all our marked $5 will go out of circulation. That would be a shame :(
Did anybody else hear about it?
Here is the article in the Sun:
TORONTO – The Royal Canadian Mint will again consider a $5 circulating coin this year, spokesman Phil Taylor says. The federal coin-making agency conducts surveys of consumers and businesses "every two or three years" to determine the denominations and sizes of coins needed to keep Canadian commerce rolling, he said.
"One of the questions that invariably comes up is a $5 coin and we'll be checking that, too," Taylor said.
Canadian $5 and $10 gold coins, introduced during a mining boom in Northern Ontario before the First World War, circulated in limited numbers and remain on hold in central chartered bank vaults.
Silver dollars and other coins with denominations between three cents and $350 have been sold as non-circulating collectibles since the gold centennial $20 coin was issued in 1967.
But speculation about a $5 coin jangling in pockets across Canada has regularly surfaced since the loonie was introduced in 1987.
That has been rumoured for several years now. Will it actually happen only time will tell. Personally I am not to fond of the idea. The coins that we have now are bad enough…..
I think it will take another 5 - 10 years b4 they actually change to a $5 coin.
I think it will suck when they do it, but I am sure it will happen. Question isn't will it happen, but when will it happen.
I dont see it happening but ask me again in 10 years and I might say somthing diffrent.
This is what I have seen about your question:
See FAQ #8
Basically its up to the Canadian Government.
Well somebody in the federal government really should be getting rid of the 1 cent coin before they do anything else. I think it is silly we still have them considering the how little value they have today. And from living in a country without pennies for half a year, I can attest to the fact is so nice without them. Any other opinions out there on this?
with the cost of making a penny I would agree..
doesn't it cost something like 4.5 cents to make 1 penny?
not many people even use pennies.. they just accumilate at home.
I agree that living without pennies would be okay. I'm wondering, though, what would happen with taxes (GST, PST)in order to accomodate iterations of 5 cents. Any ideas on this?
Every thing would be priced to come to 5 cent multiples..
I think pennies have one great purpose, to play ramoli!! Everyone always has some kind of container filled with pennies, and they work great in this game!!
I agree that they should get rid of pennies. They are a pain ..and lots of stores don't even care if you have the exact cents, they give 5 cents change. Everywhere you see a dish "need a penny, leave a penny".
Other than rumoli (ramoli) and a few other games. Pennies are kinda silly to have.
As for when the prices when you buy stuff like BDKINGSTON said prices are slightly adjusted to match the 5 cent marks. It isn't a dificult thing to do, and a bonus is that companies make that couple extra cents on each item, so companies would be for it. As for the taxes itself. It would stay the same. at the end of the month all the government really cares about is the \(\) not the pennies.
Interest at banks is a different story. pretty tough to keep interest at a spot where you don't need pennies, but without having to stock pennies, Banks would save thoughsands of dollars a year. So when you close your account I am sure they would be happy to give you that extra few cents to round it to a nickle. As it is, unless you are closing your account, not many people take every last penny out of their account. Infact, with most bank machines only giving $20 bills out now, there is on average about $9 in any account that is "cleaned out".
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