It took Canadians a while to get used to having loonies and toonies weighing down pockets and purses, but now they might have to get used to a $5 coin.
A 5 dollar coin makes sense to me; however, the elimination of the penny does not.
Why eliminate the penny is prices will still have a 1 cent denomination? Why eliminate all one cent denominations, leading to 2 cent denominations for pricing. We could then just artificially double the value of the dollar, so that two past dollars would by one future dollar, and two past pennies would buy 1 future penny? thus the need for a penny again.
Agree as well. A $5 coin is unnecessary. If the royal Canadian Mint is going to use the line that it's cheaper to change bills to coins then they might as well start doing the same to every bill in our currency.
Can we have a fish on it, a BC salmon or something, so we can call it a "Fin"?! its important we keep our puns (loony with a loon, toony worth two) it's a part of Canadian tradition!
"Canadian_Mind" said A 5 dollar coin makes sense to me; however, the elimination of the penny does not.
From a current economic standpoint, it does unfortunately make sense. It costs around $6 to make a penny now, and there are around 600 pennies for every person in Canada. You do the math.
Why eliminate the penny is prices will still have a 1 cent denomination? Why eliminate all one cent denominations, leading to 2 cent denominations for pricing. We could then just artificially double the value of the dollar, so that two past dollars would by one future dollar, and two past pennies would buy 1 future penny? thus the need for a penny again.
I think getting rid of the penny is going to cause some seriously bad pricing issues, because any way you shake it, somebody ends up losing money where they wouldn't have previously.
The sad thing is, a $5 coin would STILL be lighter than any of the stupid coins here in the UK haha
That 50p coin sure is a biggie! I personally like the chunkiness of the £1 coin though.
Why eliminate the penny is prices will still have a 1 cent denomination? Why eliminate all one cent denominations, leading to 2 cent denominations for pricing. We could then just artificially double the value of the dollar, so that two past dollars would by one future dollar, and two past pennies would buy 1 future penny? thus the need for a penny again.
A $5.00 coin is too "Euro".
$1000 coins anyone?
like some bills in my wallet instead of coins .
A 5 dollar coin makes sense to me; however, the elimination of the penny does not.
From a current economic standpoint, it does unfortunately make sense. It costs around $6 to make a penny now, and there are around 600 pennies for every person in Canada. You do the math.
Why eliminate the penny is prices will still have a 1 cent denomination? Why eliminate all one cent denominations, leading to 2 cent denominations for pricing. We could then just artificially double the value of the dollar, so that two past dollars would by one future dollar, and two past pennies would buy 1 future penny? thus the need for a penny again.
I think getting rid of the penny is going to cause some seriously bad pricing issues, because any way you shake it, somebody ends up losing money where they wouldn't have previously.