Are the Nickel’s Days Numbered?

Desjardins economists who provides financial services to people and businesses says it’s only a matter of time before Canada’s nickel goes the way of the penny. A senior economist says that the five-cent piece will seem increasingly less useful because of its low purchasing power and the costs to maintain it. The same reasons were used as reasons to do away with the penny in 2013, though a recycling system for the nickel means the Mint isn’t under as much pressure to produce it as it was with the penny. The economist believes that if Canada were to phase out the nickel, cash payments would be rounded to the nearest 10 cents and the quarter would become less relevant which would mean an introduction of a 20-cent coin could be considered, and that the little-used 50-cent coin would become more relevant in transactions. He points out that New Zealand did away with its five-cent coin more than 10 years ago, making cash payments more efficient……Ed

Source: The Canadian Press / Photo: Graeme Roy

Posted in All Stories, Ed McMahon

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