Money Matters

It took about two years for the Canadian banks to stop issuing dollar bills after the one dollar coin (loonie) was introduced in 1987.

How long has it taken Americans to adopt their one dollar coin? That answer isn’t available, yet.

What year do you predict the penny in Canada will go out of circulation? I’m going to take a stab in the dark and say 2012. I’m also hoping they axe the 5¢ nickel, but that won’t fly yet, I know it. The 50¢ coin should be put into circulation.

Can you guess what year Queen Elizabeth II first appeared on the $20 Canadian bill? Click here for the surprising answer.

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9 responses to “Money Matters

  1. The 50-cent coin is in circulation, but using it more would make only slightly more sense than getting rid of small change and allowing stores to gouge you with every purchase. You know cents add up to dollars, right?

  2. I still have a paper $1 and $2 bill. I find them nostalgic and far more real than the electronic banking statements I can access online.

    I grew up in England where I remember farthings (1/4 penny) in circulation. As a kid I could buy some sweets (candy) with these
    .
    Yes, all these coins and bills will eventually be gone, but that is no reason to rejoice. Sure it’s cheaper to go totally online, but it will increase the spread between rich and poor, and the system is very susceptible to failures of the infrastructure. Our high-tech society is not immune to the physical and social world we live in. There will always be surprises. Coins and bills in hand have a symbolic value that outweighs the bits and bytes of the corporate banking system.

  3. Brandon, I don’t think it would actually eliminate panhandling, they’d only ask for a different form of payment on the streets. It wouldn’t solve homelessness, and that’s the number one factor in panhandling, not the existence of coins. There are also issues of governments tracking all purchases if we don’t have cash too.

    And as Al says, if the power goes off, or if you’re offline, you need cash. Otherwise be prepared to return to the barter system in emergencies.

    LMR, I carry a 50 cent coin in my wallet at most times (works in place of a loonie in shopping carts). I picked up a few 2002 rolls when they were circulated, and some more at the Winnipeg Mint at a premium price. I love spending them and confusing people. If you know where I can get more rolls to circulate them, please fill me in.

  4. I’ve heard recently about a “plan” for Canadian currency to go paper-free in the next several years. Apparently the $100 coin is to be of smaller diameter than our current dime! I cannot see this as a good thing, but I hope to be finding $100 coins all over the place :)

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