Canada considers $5 coin

[Sunspace]

From the National Post: The winds of change could bring $5 coin:

…the federal government has studied the introduction of a new $5 coin to replace the bill. The Bank of Canada prepared an “optimal denomination structure” report in 2005 and as part of it, used two different theoretical financial models to analyze our coin and bank note system.

One model… concluded that by 2005 the elimination of the penny was warranted and recommended the introduction of a $5 coin and a $200 bill sometime between 2005 and 2021.

Interesting.

[Kid_A_1]

Great…I just see the interviews on the news tonight with random Canadians on the street. I’m sure Global will devote 5 minutes to it.

I definitely think it’s interesting and worth reporting on but I’d like to see the how and why reported, not what Joe Canadian thinks about it.

[Lissla_Lissar]

I knew it! I knew it!
In ten more years we’ll have $10 coins that you can use as bread plates. Or tea saucers.

[Sunspace]

@Lissla Lissar

In ten more years we’ll have $10 coins that you can use as bread plates. Or tea saucers.

I’m fine with going to a rounded 5c price structure, and ditching the penny (except for collectors). We could make a mint off recycling the copper in the older pennies and the steel in the newer ones.

But I don’t think they’d go to a $10 coin, unless they start trimming that million-dollar coin the Mint put out in the spring… and even if they did, I don’t think they’d make it much bigger.

Though I keep thinking of a German 5-mark coin I have at home… it was bigger than a toonie.

And if we do get a five-dollar coin, what are we going to call it? The foonie?

[Mindfield]

Jeez. Yet more change to weigh down my pocket. And of course it will have to be larger than the Twonie. Frankly, I like my $5 bills. I really don’t think there’s a need to turn it into a coin. The $2 bill, sure, I could kinda see that, but don’t mess with the fiver.

And I don’t think they’ll ever get rid of the penny.

[Mindfield]

@Sunspace

And if we do get a five-dollar coin, what are we going to call it? The foonie?

I propose one of the following:

1. The Coonie (based on the French cinq)
2. The Poonie (based on the Greek pente or penta)
3. The Moonie (based on its presumed size)
4. The Roonie (as an homage to our former bechinned PM, or maybe Mickey)

[Giles]

@Mindfield

And of course it will have to be larger than the Twonie.

Not necessarily: the Australia $2 coin is smaller than the $1 coin, even though it’s the same colour. In addition, you could go the British way by making a coin distinctive by not being circular (even though for slot machines it needs to have a constant diameter).

[meek]

@Sunspace

… And if we do get a five-dollar coin, what are we going to call it? The foonie?

I like “Cinqy” ~ (French for five). It sounds cooler, and why not let the francophones name one.

[sub] Then again maybe not…[/sub]
.

[Giles]

@meek

I like “Cinqy” ~ (French for five). It sounds cooler, and why not let the francophones name one.

[sub] Then again maybe not…[/sub]
.

So, how long before the anglophones call it “kinky”?

[Flutterby]

I wouldn’t mind being rid of the penny.

Maybe then we’d be free of them strewn about the ground like litter (and my cumpulsion to stop and pick them up).

But a five dollar coin? No thanks. My change purse is already heavy as it is.

[Rysto]

@Mindfield

3. The Moonie (based on its presumed size)

That’s already another name for the twonie. It’s got the Queen on the front with a bear behind.

[Leaffan]

I’m all for it. The savings when the Loonie was introduced were $500 million in the first 5 years. I just looked in my pocket and the two Loonies I have are dated 1990 and 1991. How many bills would we have gone through in 17 years?

And I’ve hated pennies for years now. What a completely useless denomination.

[Nanoda]

I’m happy with paper 5s for the time being, but I’m all about punting the penny. Obviously there would be some problems involving rounding, but as a consumer I have a hard time caring which way it would go; losing 4c on the occasional transaction would be a small price to pay to be penny-free.

It’s interesting that the coin structure is being analysed like it is, but it makes sense. I recall some guy did a university paper or something (discussed here even) where the optimal coin amounts included something like a 13c coin. Of course, I’ve noted that cashiers often have trouble with the current system, so that would never fly.

[Giles]

@Nanoda

It’s interesting that the coin structure is being analysed like it is, but it makes sense. I recall some guy did a university paper or something (discussed here even) where the optimal coin amounts included something like a 13c coin. Of course, I’ve noted that cashiers often have trouble with the current system, so that would never fly.

It’s only possibly optimal if you don’t need to consider mental arithmetic. Most people can easily multiply by 5, 10 and 25, but 13 is much harder:
7 x 5c = 35c
7 x 10c = 70c
7 x 25c = $1.75
7 x 13c = ???

(Yes, I know it’s 91c, but the 13 times table is not easy to memorise).

[Otto]

$10 the smallest bill? Strippers in Canada would make out like bandits.

[Leaffan]

@Otto

$10 the smallest bill? Strippers in Canada would make out like bandits.

Nah. We warm the coins first.

[Giles]

@Leaffan

Nah. We warm the coins first.

Or if you want to be a real cheapskate, use US $1 bills.

[Frank]

@Giles

Or if you want to be a real cheapskate, use US $1 bills.

What’s that, 13 cents in real money?

Clothing manufacturers are going to have to start triple sewing the bottoms of pants pockets if they add another coin to the mix.

[Sunspace]

@Frank

What’s that, 13 cents in real money?

Clothing manufacturers are going to have to start triple sewing the bottoms of pants pockets if they add another coin to the mix.

I’m still waiting for the onslaught of high-fashion coin pouches that we were supposed to get after the toonie was introduced.

[Mindfield]

@Sunspace

I’m still waiting for the onslaught of high-fashion coin pouches that we were supposed to get after the toonie was introduced.

Won’t happen. It doesn’t matter what it looks like; you could festoon it with metal studs, skulls, Harley logos and babe silhouettes, but you still won’t be able to get a man to carry a purse of any size.

Well, you might attract the ones with no sense of self-respect if it was shaped like a vagina. But then they might not want to put coins in it.