No $5 coins for us!

News: Welcome to the Canadian Paper Money Forum.

Hi,

I read in today's Toronto Star that the government has backed off a plan to replace the $5 note.  The article said that part of the proceeds of the coin would be used to support Canadian athletes.  

This, however, was not enough reason to convince the public to adopt the idea even though the switch would hace resulted in "millions of dollars worth of savings".

It seems that Canadians are fed up with the amount of change in their pockets and I for one am glad that people have finally said no to another coin.

it seems that our fiver is safe...at least for the time being.

cheers,
Dean.

$5 coin? 'Ridiculous'  

Last Updated Mon, 22 Aug 2005 07:03:57 EDT

CBC News

There won't be a $5 coin jingling in your pocket any time soon.

The federal government said it won't replace the $5 bill with a more economical coin. The Royal Canadian Mint suggested that the savings could be used to help fund Canada's Olympic athletes.

The Finance Department commissioned a poll to see what the public thinks about a new coin. Environics Research held focus groups in early May in Halifax, Hamilton and Winnipeg.

"The proposal to direct these savings to the athletes was greeted with notable hostility," Environics said in a June 2005 report, obtained by The Canadian Press.

Members of the focus group said a $5 coin would mean too much heavy change even if the new coin were lighter than loonies and toonies.

A study by the Bank of Canada in 1994 said the government had saved $487 million in the first five years after the introduction of the loonie. Coins are more durable than paper money and stay in circulation longer.

Whew!  I'm glad there won't be a $5 coin issued whatsoever.  I guess we will see new $5 bills for many years to come.  Hopefully our next new $5 bill design (or any other new design) will be composed primarily of polymer.

Hopefully, we may see new $5 bills with upgraded security features someday!  Bring em on!

 - Cathy -

To bad they didnt start minting em along side the bills.

If the government wants to save money on our currency, they should eliminate the penny, and replace our paper money with polymer, just like the Aussies.  Long live the fiver.