Following the elimination of the penny, a new report suggests that the nickel should be the next to go.
Desjardins Securities published a report Tuesday, reflecting on the elimination of the penny in Canada, which was officially dropped from circulation a year ago. It notes that the process went “very smoothly”, and it applauds the move.”We’ve gotten rid of something that was both useless and costly,” it says.
Now, the report suggests, the federal government should be considering other changes to the currency; such as scrapping the nickel, and making the remaining coins smaller, which it says was done in New Zealand. Additionally, the government could consider introducing a five-dollar coin, it adds.
“The goal is to reduce the total number and weight of the coins that people handle and carry,” it concludes. “This process could start in five years. We must certainly not wait for another 25 years, with all the disadvantages and costs involved, before proceeding with additional changes.”