The day the penny died
By Stefanie Wallace
Feb. 6, 2013 – Since the government made the decision to retire the penny, there has been much discussion over the possible retirement of the nickel, too. Where do you stand?
Feb. 6, 2013 – When I was a young girl, I spent every summer day for years at my grandparents’ house. The neighbours’ kids were around my age, and on more than one occasion, we set up a lemonade stand in the driveway, in hopes that the odd dog-walker would pass by and need a drink. To an adult, a five-cent glass of lemonade is a good way to get rid of those pesky pennies. To a young girl, five shiny new pennies to add to her coin purse will make her feel rich.
Finance minister Jim Flaherty announced in the March 2012 budget that the government decided to phase out the penny, saying the coin had become a nuisance. The Royal Canadian Mint started collecting one-cent coins on Monday, melting and recycling the metal content. And with the retirement of the penny, many are saying the nickel should be the next to go.
Jean-Pierre Aubry, a former Bank of Canada economist, told the Toronto Star that Canadians are hoarding nickels in greater numbers, forcing the mint to distribute up to 350 million nickels each year to meet the demand; a sure sign that the coin is not doing well. CAMA’s then-president, Kim Lockie, told a Senate committee in 2010 that eliminating the penny is a smart business decision, and that CAMA’s suggestion was to retire the nickel at the same time. But a spokesman for Finance Canada told the Star that the government has no plans to retire the nickel.
With the penny retired and cashless payments on the rise, is Canada ready to go completely cashless? Let us know what you think in the comments below, or on Twitter @CanadianVending.
I’ve alluded to changes coming, and I’m excited to announce one of them. When Canadian Vending and Office Coffee Service magazine was published more frequently, our back page columnist was Brian Martell of the Heritage Coffee Company. Brian still writes the Coffee Trends column in our annual Buyers Guide, and when we met and chatted at the CAMA Expo in Niagara Falls in September, he mentioned he would be interested in writing more often. I’m pleased to announce that Brian will be guest blogging for us on CanadianVending.com from time to time. Be sure to check it out and welcome Brian to the blogosphere – we’ll let you know when his first blog is live.
Our Spring Buyers guide is in the works right now, and we’re planning lots of great content to fill the pages. We want to ensure we’re covering the issues you want to read about. What would you like to see covered in Canadian Vending and Office Coffee Service magazine? We value your feedback and appreciate your ideas. Let us know by e-mailing firstname.lastname@example.org.