Now that the 1-cent coin is gone from circulation in Canada, the next step is the elimination of the 5-cent coin, changes in the sizes of existing denominations, and the addition of a $5 coin, according to a report from credit union firm Desjardins Group.
To mark the first anniversary of the Canadian cent’s last day, the organization issued a statement Feb. 4, 2014, announcing those findings.
“Let’s hope that the clear success of dropping the penny will allow us to make the next move with less political pressure, and with more reason and calm,” according to the report.
Desjardins researchers want “to reduce the total number and weight of the coins that people handle and carry. This process could start in five years,” the report said.
However, a spokesperson for Canada’s Department of Finance said, “The Government has no plans to make any new changes to our currency structure at this time.”
Alex Reeves, senior manager, communications, at the Royal Canadian Mint, also responded.
“This question is outside the scope of our mandate. Only the government of Canada has authority over retiring or introducing coin denominations so only they can comment on this sort of proposition/statement.”