There are some advocates for the $5 coin in Canada. They say that coins are much more durable and cheaper in the long run than bills, which deteriorate quickly, and are counterfeited often.
I think such advocates have a point. However, a $5 coin will really make Canadian pockets heavy - 1 cent, 5 cent, 10 cent, 25 cent, loonie, toonie, and $5 coin pieces.....it's just too many coins!
So I think that this $5 is not a bad idea, but before it comes into being we need to abolish the penny!
What a useless coin it is, this penny of ours! Just get rid of it!
If we could live with the penny as the lowest denomination 40 years ago, surely we can live with the nickel as the lowest denomination now, since a nickel now is worth less than a penny was 40 years ago!
Banks would still be required to calculate interest to the penny, and a penny that is produced by the Royal Canadian Mint costs much more than 1 cent!
So I haven't yet heard a good argument for keeping the penny...
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