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

Gay minister challenges preconceptions

Andrea Brennan serves Fernie at pivotal time in church’s history

Documentary reveals Fernie’s role in WWI internment operations

That Never Happened to screen on 100th anniversary of Morrissey internment camp closure

Environmental monitoring meeting in Elkford tonight

Meeting to focus on environmental monitoring programs at Teck coal mines in the Elk Valley

VIDEO: This is what buying legal pot in B.C. looks like

Take a look inside B.C.’s first and only legal pot shop located in Kamloops

Elkford councillor Joe Zarowny remembered

The District of Elkford today announced the passing of long time councillor,… Continue reading

B.C. NDP retreats again on empty-home tax for urban areas

Rate reduced for all Canadians, dissident mayors to get annual meeting

Meet the City of Fernie candidates

Voters in Fernie will vote for one Mayor, six Councillors and one School Board Trustee on October 20

Meet the District of Sparwood candidates

Voters in Sparwood will vote for one Mayor and six Councillors on October 20

Meet the District of Elkford candidates

The Elkford Chamber of Commerce will host an All Candidates Forum on October 4

Candidates reminded to steer clear of the polls, except to vote

Elk Valley election candidates have been reminded they must steer clear of… Continue reading

Ignoring climate change poses potential catastrophe for B.C.

Fisheries scientist says ‘extraordinary challenges’ in water management lie ahead

Grow ops left in legal weeds

“I think people are going to get a big surprise that it’s not going to change things much.”

Driving with dope: Police talk rules on cannabis in the car

Even though pot is legal, you can’t smoke in the car

B.C. teens fined for possession of pot on legalization day

The pair received $230 fines for smoking pot in public

Most Read