What are people's thoughts on this new $5 coin?
I hear that Canada is replacing their lovely blue dollar note with a coin, just like they changed the note with a Toonie. Are Canadians happy with this, or are they annoyed? Why do you think they are replacing the note with a coin? Is it because of a weak currency?
Quintessential: The question of why a weak economy would possibly lead to increased coinage is answered in your own response: coins stay in circulation significantly longer than bills and, thus, are less expensive in the long run. I’m not saying it’s necessarily true in this case, but a possibility considering the Loonie and Toonie.
As for the CAD being at a 35-year high you’re just flat wrong. Sure, the CAD is at $.90 USD which is the highest it’s been since the early 70′s but is that because the Canadian Dollar is worth more, or the US Dollar is worth less? When compared against the Yen or the Euro the Can. Dollar hasn’t fluctuated much. However, as we all know the USD is having a hard time against the EUR and has lost value which makes the CAD look more valuable when compared. Furthermore, the fact that the CAD has remained the same value on the whole, but gained compared to the USD means American importers are less willing to purchase goods from Canada! Economics 101
No! Dammit! My wallet is already heavy enough with all the loonies and twoonies! Gaddamit I don’t need another coin!!!! *screams*
Really? A five dollar coin? This is the first I’ve heard of it.
I wonder what we’ll call it? uh….a FOONIE?
I just read that in 2005, the Canadian government polled its citizens on the idea of retiring the five dollar bill, replacing it with a five dollar coin. The money saved in making the coin would then fund the Canadian Olympic team. Canadians resoundedly rejected and ridiculed the idea of a five-dollar coin. Some pointed out the bill’s most recent redesign had only been four years previously, while many others were averse to the idea of carrying yet another heavy coin in their wallets and pockets. Due to the overwhelmingly negative response, the plans for the five dollar coin were scrapped.
From what I heard it won’t be happening…
Too much change to carry around as is now, so I’d hate it.
I want a $5 coin if Canada makes one
Haven’t heard of that happening.
How would a weak currency have ANYTHING to do with changing the form in which the money is handled? And FYI the CAD is at something like 35 year highs. So no, if they change to a $5 coin, it would have nothing to do with a weak market, it would have everything to do with the fact that coin last much longer in circulation and need to be replaced less often than paper money, thus it is more economical in that sense. Do I want a $5 coin, no, like someone else said, my wallet is heavy enough already.