CPM Forum
Canadian Notes => Polymer Series => Topic started by: Seth on November 21, 2019, 02:11:04 am
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So it's been one year since the Desmond $10 went into circulation. I figured the next one would come sometime in 2019 but it hasn't happened. At this rate, by the time the last one is issued, it'll be time for a new $10 again.
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It is said by the BoC that the next new denomination would be issued by 2021. Usually the first of a series of press releases doesn't get published until many, many months or one year in advance of release.
Another source cited that a new banknote in this new series would be released every three years.
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I have heard that the BoC is seriously investigating cyrotocurrency and electronic formats so that may determine the physical banknotes future. I hope they continue printing but we are in a digital era.
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Seth, I think you've clued into why I in particular am not shedding any tears if we have to wait a long time for new series!
I have heard that the BoC is seriously investigating cyrotocurrency and electronic formats so that may determine the physical banknotes future. I hope they continue printing but we are in a digital era.
Cryptocurrency may have some good press every once in a while with some tech bros in San Francisco acting like it's the future, but 99% of it is people just holding onto their bitcoin hoping the price rises, and the other 1% is being used as currency for drugs and other illegal products. I wouldn't be surprised if they're working on simpler digital payment methods as an alternative choice, but government backed cash is not going anywhere anytime soon.
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Yes unregulated currencies flexuates and it can be used for illegal purposes but I think they were onto something with the digital currency and blockchaining feature as a valuable cybersecurity feature that banks or the BoC could use.
I wish they would bring back high denomination notes but that is unlikely due to there past usage.
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What happened to the consultation process and vote on the next $5 bill? I thought this would have been underway by now as the Desmond $10 is the first in the new yet unnamed series.
Polymer banknotes will continue to be an integral part of the economy and a source of income for the B.O.C. Despite the various digital options which usually come with a cost, banknote transactions are anonymous and not dependent on a reliable digital network subject to breakdowns or malfunctions.
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What happened to the consultation process and vote on the next $5 bill? I thought this would have been underway by now as the Desmond $10 is the first in the new yet unnamed series.
Polymer banknotes will continue to be an integral part of the economy and a source of income for the B.O.C. Despite the various digital options which usually come with a cost, banknote transactions are anonymous and not dependent on a reliable digital network subject to breakdowns or malfunctions.
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-Good points "Ragpicker"
I believe the BOC announced that 2020 for the new $5 (last year during the new $10 hype) but since no consultation on this new $5 design has been initiated... leaves one to wonder (if that's even realistic/achievable).
I also agree that issuing banknotes is in the BOC best interest. I believe that even Sweden is realizing the value of having cash on hand should a crises occur. I doubt that the BOC would launch into crypto currency exclusively without issuing banknotes. The only other possibility is the retirement of the $5 banknote for a $5 coin.
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The only other possibility is the retirement of the $5 banknote for a $5 coin.
I would be fine with that IF the whole coinage system is redesigned to make all of the coins smaller. Nobody wants a dinner plate-sized $5 coin. A coin worth $1 in 2019 should be no larger than a nickel.
As for digital cash replacing bank notes and coins, I'm not a believer. There will always be a need for physical cash: Church thrift sales, garage sales, Girl Guide cookie sales, poppy fund donations, anywhere when the power goes out, when the payment network goes down, the list goes on and on. I always have at least $100 cash on me. I rarely use it, but I still always have it.
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Another source cited that a new banknote in this new series would be released every three years.
That would take 12 years to do them all, contradicting the BoC's intent to replace note series every 8 years (I think that's what I remember them saying?)
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I've been wondering about this as well and thought it was supposed to be ready for 2020. I also remember the consultation process was supposed to be like it was for the 10$ note and the options to choose from would be iconic Canadians.
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the consultation process was supposed to be like it was for the 10$ note and the options to choose from would be iconic Canadians.
- I remember the same & was under the impression that the $5 would have an iconic Canadian man.
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- I remember the same & was under the impression that the $5 would have an iconic Canadian man.
I found this mockup of the new $5 in a Facebook banknote group. Yes, it is a crude Photoshop design based on the Viola Desmond $10, but what is interesting is that they put Tecumseh on the note. Can he be the other iconic Canadian?
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I don't know if the new $5 bill would have that shade of blue, and I would think the hair of the person featured on the new $5 bill would have some blue instead of the true hair color?
And I thought a press release stated there would be another iconic woman on our new $5 bill?
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- I remember the same & was under the impression that the $5 would have an iconic Canadian man.
And I thought a press release stated there would be another iconic woman on our new $5 bill?
From what I recall at the time, the BOC didn't specify the gender of the person for this next note which leaves the possibilities wide open.
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Here are two quotes from the BoC's annual report of 2022 regarding the new $5 banknote:
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''The next step for the new $5 bank note is to select visual design elements and security features to make the note both beautiful and difficult to counterfeit. The Bank will make these decisions once the Minister of Finance chooses the portrait subject.''
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''Looking forward
In 2023, the Bank will:
begin working on the design and security features for the next $5 bank note, subject to a final decision by the Minister of Finance on the portrait subject''
My question: What have they done during the last couple of years?
And no, the Covid-19 pandemic cannot and will not be excepted as an excuse.
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2.:
''Looking forward
In 2023, the Bank will:
begin working on the design and security features for the next $5 bank note, subject to a final decision by the Minister of Finance on the portrait subject''
This was their position before they launched the $10 (6 years ago). The $5 was supposed to come out a year or so after the $10 (like 2019 or 2020). Do you think this statement suggest another 3 years?
Sometimes I wonder if they're just going to introduce a new coin! ::)
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This was their position before they launched the $10 (6 years ago). The $5 was supposed to come out a year or so after the $10 (like 2019 or 2020). Do you think this statement suggest another 3 years?
Sometimes I wonder if they're just going to introduce a new coin! ::)
Well, if $5 bill demand continues to rise at the rate they're going, a $5 coin may have to be considered because the cost to produce $5 bills by that point will be significant.
We lost the $2 bill in 1996 in favor of a coin equivalent because Canada was in a tough economy at the time, and in the 1995 Federal Budget - delivered in late February 1995 - had many cost-saving measures announced. I had mixed feelings when a $2 coin was announced - one side of me was devastated, while another side of me was happy because of some cashiers refusing to give me $2 bills in my change, including one retailer who - recently at the time - stood firm in his refusal to give me $2 bills in my change, and I even argued with him. He gave me two choices: Take the loonies, or refund my purchase. I reluctantly took the loonies and left in a sour mood. Needless to say, the store lost me as a customer. If this situation happened with me today (loonies vs. toonies, $5 bills vs. $10 bills), and I was faced with such decision, I would take the refund and stop doing business with them. As for that store, it is permanently closed.
But now, it seems like the $2 coin has fallen in decline in the last few years (demand peaked late-90s or early 2000s), and if this is true, that could explain the significant number of $5 bills in circulation today.
Regarding the new $5 bill, I don't think it will take that long to design it, considering technology these days.
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https://www.cbc.ca/news/politics/wilfrid-laurier-5-banknote-1.6906081
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https://www.cbc.ca/news/politics/wilfrid-laurier-5-banknote-1.6906081
So, if I were to hazard a guess, I am thinking that the Bank of Canada decided to keep the current $5 note for a few more years, due to being faced with a complicated decision on who to put on the new $5 note. That said, I think a new vertical banknote of a higher denomination will probably be in the works. I am thinking a new $20 will probably be next, with the new reigning monarch.
And speaking of which, it is now September, and so far no new coins with King Charles on it released to date. Have the Mint actually released any new coins into circulation this year?
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And speaking of which, it is now September, and so far no new coins with King Charles on it released to date.
The process of the artist and his/her effigy proposal is still ongoing. The Mint (or whoever has to make the decision which effigy to chose) hasn't announced a winner yet. I think, we will not see KCIII's effigy on circulation coins dated 2022.
Have the Mint actually released any new coins into circulation this year?
The Ellis MacGill Loonie and the National Indigenous Peoples Day Toonie.
Any other coins needed to meet demand are dated 2022 and have the normal/regular QEII effigy (as I understand it).
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The process of the artist and his/her effigy proposal is still ongoing. The Mint (or whoever has to make the decision which effigy to chose) hasn't announced a winner yet. I think, we will not see KCIII's effigy on circulation coins dated 2022.
The Minister of Finance makes the portrait decision on bank notes. The file seems to be at the bottom of her inbox. She doesn't want to commit to anyone, it seems.
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I agree with Seth’s comment. This impasse is entirely political and the responsibility lies there.
The next Minister of Finance will follow a simple two-step process:
- Throw out the current mess.
- Choose a portrait using common sense.