• Login/ out
  • My Account
  • Register

Top Menu
Shop Menu

  • HOME
  • SHOP
    • Deal of the Day
    • Blowout Specials
    • Unique Deals
    • Deals on Decimal & Paper Money
    • Royal Canadian Mint
    • Just Released Products
    • Auction
    • Gold, Silver & Copper Bullion
    • Canada Decimal Coins
    • Canada Rolls 1960 to Date
    • Canada Paper Money
    • Maritime Coins & Bank Tokens
    • Perth & New Zealand Mints
    • United States Decimal & Sets
    • World Coins and Paper Money
    • Coin Supplies
    • Mega Specials
    • Gift Ideas
    • Our Ebay
  • SELL TO US
  • AUCTION
    • Consign with us
  • CONTACT US
    • Shipping Information
    • Privacy Policy
    • Terms of Sale
    • FAQ
  • MEET OUR TEAM
    • History
  • COLLECTORS CORNER
  • BULLION CORNER
  • Deal of the Day
  • Blowout Specials
  • Unique Deals
  • Deals on Decimal & Paper Money
  • Royal Canadian Mint
  • Just Released Products
  • Auction
  • Gold, Silver & Copper Bullion
  • Canada Decimal Coins
  • Canada Rolls 1960 to Date
  • Canada Paper Money
  • Maritime Coins & Bank Tokens
  • Perth & New Zealand Mints
  • United States Decimal & Sets
  • World Coins and Paper Money
  • Coin Supplies
  • Mega Specials
  • Gift Ideas
  • Our Ebay
  • Bullion Corner

  • HOME
  • SHOP
    • Deal of the Day
    • Blowout Specials
    • Unique Deals
    • Deals on Decimal & Paper Money
    • Royal Canadian Mint
    • Just Released Products
    • Auction
    • Gold, Silver & Copper Bullion
    • Canada Decimal Coins
    • Canada Rolls 1960 to Date
    • Canada Paper Money
    • Maritime Coins & Bank Tokens
    • Perth & New Zealand Mints
    • United States Decimal & Sets
    • World Coins and Paper Money
    • Coin Supplies
    • Mega Specials
    • Gift Ideas
    • Our Ebay
  • SELL TO US
  • AUCTION
    • Consign with us
    • Current Auction
    • Featured Items
  • INFO
    • Canada’s 150th
    • Contact Us
    • Shipping Information
    • Privacy Policy
    • Terms of Sale
    • FAQ
    • Days Closed
  • About Us
    • History
    • MEET OUR TEAM
  • COLLECTORS CORNER
  • BULLION CORNER
Contact Us| Login/Out | My Account | New User
 
View Cart
Click for the BBB Business Review of this TBD in Kitchener ON
Shopper Approved | Colonial Acres Coins PayPal | Colonial Acres Coins MasterCard | Colonial Acres Coins Visa | Colonial Acres Coins
Plans to Phase Out the 5 Cent Canadian NickelPlans to Phase Out the 5 Cent Canadian NickelPlans to Phase Out the 5 Cent Canadian Nickel

Are There Plans To Phase Out The 5 Cent Canadian Nickel?

June 24, 2018 by Colonial Acres Coins

As a result of Canada’s decision to remove the penny from both circulation and production, many are wondering if the nickel is next in line to suffer a similar fate. According to an economic study published by Desjardins, the Canadian 5 Cent coin could very well become extinct. The study cites the main reasons for such a move being the fact that the coin will seem less and less useful because of its low purchasing power, as well as because of what it costs involved for both businesses and consumers.

Would This be a Good Idea?

It is stated that cash payments would be rounded to the nearest ten cents without the nickel, as a result, the 25-cent coin would also become irrelevant Consequentially, the 50-cent coin would end up becoming much more useful and an additional step would be to consider introducing a 20-cent coin – standard practice in many other countries. All of these changes are aimed at making paying in cash more efficient. Mainly due to the fact that payment by electronic means and cards has continued to grow in popularity in recent years, the reason for which is their speed and simplicity of use.

The Added Cost of Delay

At the moment, the study also reveals, there is no significant pressure on the Royal Canadian Mint to produce the 5 cent coin. This is only because of a recycling system that has been put in place in order to help contain the pressure and putting in place such a system is costing the consumers who use it. When one adds to that the costs to handle, ship and store the coins – costs that are assumed by financial and business institutions – it becomes clear that it is necessary and financially savvy to transition to a different, long-term solution.

What Happened to the Penny

The Royal Canadian Mint ceased producing 1 cent coins in May of 2012 and stopped distributing them on February 4, 2013. Since the cost to produce the penny exceeded its market value – as well as significant handling, shipping and storage costs – the coins ended up becoming a burden. Additionally, fewer and fewer Canadians were carrying pennies in their pockets or wallets and overall interest in them had declined significantly. As a result, the RCM was under increased pressure as it had to continually issue new coins. Despite not being produced or in circulation any longer, Canada’s 1 cent coins still retain their legal value and can be used as a means of payment or returned to a financial institution.

Looking for Intriguing Coin Pieces? Go Down to Colonial Acres Coins

It might be a good idea to stock up on Canadian 5 cent coins, because they could fetch high value if they are withdrawn from circulation. If you’re currently looking to enrich your coin collection with specimens that have been out of circulation for a long time, then Colonial Acres Coins is THE place to be. Home to a professional and experienced team of expert numismatists, Colonial is where you’ll be able to find interesting coins, earnest appraisals, consignment opportunities and all sorts of knowledge and information related to numismatics. Head down to Colonial Acres today and get everything you need in one place.

Filed Under: Canadian Coins Tagged With: 5 cent Canada

SHOP NOW!

Categories

  • Bullion
  • Canadian Coins
  • Coin Supplies
  • Jewelry
  • News
  • Paper Money
  • Royal Canadian Mint
  • Superman Coins
  • Uncategorized
  • World Coins

Blog Archive

  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017

Recent Posts

  • Why Invest in Gold Bullion
  • The Significance Behind the 2022 Peace Dollar Rose Gold Plated Coin
  • Polar Bear $2 Canadian Coin Is the Latest in the “Bigger Picture” Series
  • Learn more About the Royal Canadian Air Force Red Knight Coin
  • Colonial Acres Is Always Buying! Here Are Some Tips When Selling Jewellery
    footer-logo

    991 Victoria Street North
    Kitchener, Ontario, Canada
    N2B 3C7

    Toll Free: 1-888-255-4565

    Tel: 519-579-9302

    Fax: 519-340-1381

    info@colonialacres.com

    MENU

    • Home
    • Sell To Us
    • Auction
    • Collectors Corner
    • Bullion Corner

    ABOUT US

    • History
    • Meet Our Team

    SHOP

    • Royal Canadian Mint
    • Canada Decimal Coins
    • Canada Paper Money
    • Gold, Silver & Copper Bullion
    • Canada Rolls 1960 to Date
    • Deals on Decimal & Paper Money
    • Jewellery

    Read Our Blogs

    STORE HOURS

    Mon - Fri: 9:30am - 4:30pm
    Sat: Click here to see Saturday hours
    Sun: Closed

    MORE INFO

    Contact Us
    Shipping Information
    Terms of Sale
    Privacy Policy

    Facebook Icon | Colonial Acres Coins Click for the BBB Business Review of this TBD in Kitchener ON
    Copyright © 2013 Colonial Acres Coins. All Rights Reserved. Built with Volusion.