Desjardins says that with penny long-gone the nickel’s days are numbered

First the penny, now the nickel. Coins could be on the chopping block as more move to cashless pay

A Desjardins economist says it’s only a matter of time before Canada’s nickel goes the way of the penny.

Senior economist Hendrix Vachon 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 Vachon says a recycling system for the nickel means the Mint isn’t under as much pressure to produce it as it was with the penny.

READ MORE: Canadian grocers make $3M per year from penny-rounding: UBC study

He 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.

Vachon adds the introduction of a 20-cent coin could be considered, and that the little-used 50-cent coin would become more relevant.

He points out that New Zealand did away with its five-cent coin more than a decade ago, making cash payments more efficient.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Spike in Jaffray bear calls cause for concern

In 2018 there were 38 calls about bears spotted in the Jaffray area, compared to one call in 2017.

Snow on the way for Elk Valley

Winter weather advisory issued for East Kootenay with up to 15cm of snow expected over the next week

Snow removal still an issue for mobility challenged in Fernie

Disability advocate sees little improvement in sidewalk clearing; City promises to review policy

Sparwood trails community growing

Sparwood Trails Alliance grows trail network, membership; hosting fatbike event February 2

Huge demand for youth funding in the Elk Valley

Emily Brydon Youth Foundation overwhelmed by 2018/19 winter applications from local youth

B.C. opioid crisis to get same world-renowned treatment approach as HIV/AIDS

A program that focuses on treatment as prevention will roll out Jan. 17

In limbo: Leftover embryos challenge clinics, couples

Some are outright abandoned by people who quit paying storage fees and other couples struggle with tough decisions

BREAKING: Jury finds man accused of killing B.C. girl, 12, guilty

Twelve-year-old Monica Jack disappeared in May 1978 while riding her bike along a highway in Merritt, B.C.

B.C. government extends coastal log export rules for six months

Premier John Horgan promises reform at loggers’ convention

B.C. pair accused of ‘honour-killing’ in India to be extradited within days

Malkit Kaur Sidhu and Surjit Singh Badesha are accused of conspiracy to commit murder

OPINION: Jaffray bear meeting good first step, but not enough

A large number of individuals attended the grizzly bear meeting in Jaffray… Continue reading

Netflix rejects request to remove Lac-Megantic images from ‘Bird Box’

At least two shows on Netflix’s Canadian platform briefly use actual footage of the 2013 tragedy

FOCUS: Canada’s revamped impaired driving law brews ‘potential for injustice’

There must be ‘trigger’ for cops to come knocking, Surrey MP says

Barack Obama to speak at Vancouver event

Former U.S. president will speak with board of trade in March

Most Read