The penny has not been gone for long. Canadians still occasionally find the one cent coin hidden in couch cushions, the bottom of bags and kitchen junk drawers. The last Canadian penny was minted in May of 2012 and they were taken out of general circulation in February of 2013 because of the cost. Each one cent coin cost the government 1.6 cents to make. Now, Desjardin, predicts the government will scrap the nickel as well. They say we’ll see it disappear no later than the year 2020.
“The time will come when the nickel will have to be taken out of circulation,” the Desjardin report said. “We can already start planning for this change so as to see it materialize within about five years.”
The current Trudeau government however, “has no plans to discontinue the nickel,” Finance spokesman David Barnabe told the CBC. The nickel, unlike the penny, doesn’t cost more money to make than it’s worth. Though the Royal Canadian mint won’t share exactly how much it costs to make the coin, a representative told the CBC that the cost is “well below its face value,” and the mint may still be able to make money from producing the coin.
With many changes to Canada’s currency in recent years, including the discontinuation of the penny to the introduction of polymer bills, and even the introduction of the two dollar coin in 1996, can Canadians handle any more change in their change?
Should Canada get rid of the nickel? Let us know what you think on social media. Talk to us on Twitter or Instagram at @TheBrockPress.