Monday, August 22, 2005

$5 coin? 'Ridiculous'

Last Updated Mon, 22 Aug 2005 07:03:57 EDT
CBC News
There won't be a $5 coin jingling in your pocket any time soon.
The federal government said it won't replace the $5 bill with a more economical coin. The Royal Canadian Mint suggested that the savings could be used to help fund Canada's Olympic athletes.
The Finance Department commissioned a poll to see what the public thinks about a new coin. Environics Research held focus groups in early May in Halifax, Hamilton and Winnipeg.
"The proposal to direct these savings to the athletes was greeted with notable hostility," Environics said in a June 2005 report, obtained by The Canadian Press.
Members of the focus group said a $5 coin would mean too much heavy change even if the new coin were lighter than loonies and toonies.
A study by the Bank of Canada in 1994 said the government had saved $487 million in the first five years after the introduction of the loonie. Coins are more durable than paper money and stay in circulation longer.


Jennifer said...

I like the idea of a five dollar coin, it would weigh a whole lot less than 5 loonies or 2 toonies and a loonie, so what are all these people carping about? The only objection I could see is people who go to a lot of strip joints and don't want to shove 10 dollar bills down strippers' g-strings. But who is going to admit to being a cheap strip club goer?

meredith said...

I remember the stripper issue being a big subject of conversation when the loonie came in - but don't remember seeing any studies/articles about actual impact on dancer's earnings. I'd be curious to know. I have to say, that I do really like having less change of value in my life, and keeping the $5 bill as paper would be my preference. And can't we find more important things to fund with the savings than the olympics? Like, say, housing? health care? Just a thought...

Jennifer said...

I think the reason I don't mind the 5 dollar coin is that I use a lot of vending machines and don't go to the strip club very often.

The one time I did go with Sly for her essay we discovered that the pricing was 10$ for the stripper to sit on you lap at your table and 20$ for the stripper to give you a lap dance. So I'd say that they are unlikely to have been effected by any change in coinage, since they don't really accept small amounts of money and there isn't any opportunity to put it down their pants. But that's just how it is at the Brass Rail.

sly said...

ah yes, rocking with the strippers at the brass rail! those were the days jenni!

Jennifer said...

Dude, what are you doing tomorrow night? Anyone else free? We'll be at the rail if you wanna come!