New $5 Coin

News: Welcome to the Canadian Paper Money Forum.

[Since there is a new $5 coin coming out who is buying all the old $5 bills? (As an investment)]

Since there is a new $5 coin coming out who is buying all the old $5 bills? (As an investment)

Yes I Am.

6 (16.2%)

No I Am Not.

17 (45.9%)

I Guess I Will Start.

1 (2.7%)

No That Is Stupid.

13 (35.1%)

Total Members Voted: 1

Since they are making a new $5 coin soon are you or are you not buying the $5 bills? (As an investment)

As far as I know, the BoC is not making a $5 coin any time soon.  Unless someone can provide a link to a source as proof.

As far as I know, the BoC is not making a $5 coin any time soon.  Unless someone can provide a link to a source as proof.

Use this prophecy as proof. lol

Within 6 months of the 2nd from now US presidential election, around 2012.

That's my prediction.  I will look at this post after then, and call it proof.


Okay I am just being a goof :-)

Use this prophecy as proof. lol

Within 6 months of the 2nd from now US presidential election, around 2012.

That's my prediction.  I will look at this post after then, and call it proof.


Okay I am just being a goof :-)

proof? goof? Hey, that rhymes!  Now you just need to write the next couplet 

 A coin dealer in Mississauga told me that the Bank Of Canada will be making a $5 coin THIS YEAR

A coin dealer in Mississauga told me that the Bank Of Canada will be making a $5 coin THIS YEAR

I have not heard any news about that. From what i understand its only in talks. Just like getting rid of the penny. Its all talks, its been in the works for years yet still no action taken and probably no action will be taken anytime soon either. The 5$ bill is here to stay for awhile yet. 

Here is a little proof that they may be getting rid of the $5 Note!

http://www.canada.com/victoriatimescolonist/news/story.html?id=d586286f-8048-4afa-97bc-4298d8f7dc41&k=61257

This has been discussed before as well.

http://www.cdnpapermoney.com/forum/index.php?topic=7235.0

 

Yes, This has been discussed before but I was just showing FogDevil some proof.

And this topic isn't exactly the same as the other post because this one was asking if your were buying more $5 notes as an investment.

"The $5 coin has come up time and time again,” Monica Lamoureux, a senior analyst at the Bank of Canada, said. “However there are no decisions to switch yet.”

With Canada’s constantly growing economy, many officials feel its time to consider the introduction of a $200 bill.

“There is no desire for the $200 note yet because the current structure is meeting Canadians’ needs,” Lamoureux said. “But the report expects that in 10 or 20 years from now it might be necessary.”

Aubry, however, was not as confident in Canada’s ability to accept a $200 bill.

“We shouldn’t release a $200 bill yet because there is still a lot of people afraid of counterfeit,” he said. “We shouldn’t even consider it until people are confident with the $50 and $100 bills.”

Though Aubry believes the system of currency could use some revision, a Ministry of Finance official who wished to remain anonymous confirmed many of these changes are not likely to be addressed.

“The government has no plan to introduce a $5 coin, and no decision has been made about the future of the penny.”

That would be pretty stupid. I already have a hard time handling all the loonies, twoonies aong with smaller coins in my pockets and on my desktop.

A $500/$1000 bill, now that would be something!

A $500/$1000 bill, now that would be something!

 

i cant wait for the $5 coin, time to start collecting 5 dollar notes

I think we are still some time away from the $5.00 coin although I would certainly support it.
As far a buying up all the $5 bankmotes as an investment, I would not rush.
The $1 coin has been around for nearly 25 years and the $1 banknotes are not worth any more.
The $2 coin has been around for 15 years and the $2 banknote has not made anyone rich.
With inflation, the $1 and $2 banknotes have been losing value since the $1 and $2 coins have been in circulation.
Honestly, I can get more for BU $1 and $2 coins than I can for $1 and $2 banknotes.
Think about it before investing in $5 banknotes.

As far a buying up all the $5 bankmotes as an investment, I would not rush.
The $1 coin has been around for nearly 25 years and the $1 banknotes are not worth any more.
The $2 coin has been around for 15 years and the $2 banknote has not made anyone rich.

-Aptly put.  If this coin scenario pans out, than all it means is that in 5-10 years time one will be able to purchase a small snack at some fast-food joint and watch the teenager at the till fluster at the sight of a $5.00 Journey note.

Common notes never increase in value simply because they have been replaced by a new coin/currency.   I truly  doubt there will be any rush to hoard $100 paper notes when the polymers arrive.  Maybe a few seasoned collectors will seek out a 2006 J/D EJE $100 change-over, but I wouldn't put money on it.

The only thing that could happen (when a new currency format is introduced) is a few new collectors enter into the foray of collecting coins or paper money.  That's about as good as it gets I'm afraid.  Hopefully, a new influx of collectors will increase demand, but it is more likely that the same notes will be sought after (notes that are tough to find & desirable to collect). 

I bring up the subject of polymer simply because if there is a switch to a $5.00 coin then logic would suggest that it be near the time of the transition to $5.00 polymer.  Naturally, that would be the logical time to switch, but we have rarely seen logic when it comes to what BOC or the Royal Mint cook up.  So we'll just have to wait and see, and if fortune smiles upon us, they'll figure this out after the $5.00 polymers are printed and there'll be recall or short run of polymer $5.00!