Change is a good thing
With the penny now history, an economist suggests some other changes to Canadian currency
Jean-Pierre Aubry, an economist who urged Ottawa to do away with the penny, thinks we should also get rid of the nickel.
Here’s how he envisions Canadian currency evolving over the next decade.
• Without the five-cent coin, cash purchases would be rounded to the nearest dime. That’s what New Zealand does with its copper-coloured dime.
• No nickel makes the quarter redundant, too. Replace it with a 20-cent piece.
• As inflation rises, small denominations like the penny and nickel become irrelevant. But the rarely seen 50-cent piece makes sense, so put it back into everyday circulation.
• Replace the five-dollar bill with a coin, says Aubry. To ease the burden on Canadians’ pockets, the loonie, toonie and most other coins should shrink in size.