For better or worse, Canadian coin currency can be said to officially be on the endangered species list. There are many contributing factors for this, predominantly technological ones, as more and more people are opting for electronic forms of payment. Another instance is the new development of personal pay by fingerprint, where the user presses a finger or a thumb onto an appliance that identifies the purchaser and completes the required payment. Such technology doesn’t require any coins, cash or paper bills.
Why Are People Switching Over To Electronic Forms Of Payment?
There are a number of reasons that explain this phenomenon, with the most important ones being:
- People desire more control over their money
- Electronic money makes businesses more accessible to a wider audience
- It is more secure
- It is becoming increasingly more practical
It is human nature to find satisfaction in the feeling of being in control. This is something that applies even to choosing a payment method. An increasing number of people actually prefer to pay electronically because it is more convenient than cash, and it also offers more control over one’s money. Similarly, businesses that offer electronic payment methods are more accessible to a wider audience than those that require their shoppers’ physical presence in the store in order to make a purchase.
Electronic payment methods like eWallets, cryptocurrencies, debit and credit cards, as well as eChecks, are all much more secure than cash payments because they can be encrypted to protect information from cyber-attacks, in addition to the fact that they can be tracked and stored electronically. Also, everybody is using smartphones nowadays and it is a natural progression to allow users to be able to check out in with a credit or debit card on a mobile device as opposed to requiring cold, hard cash. All of these reasons are resulting in more and more people switching over from actual, paper money to electronic forms of payment.
Is Canadian History In Danger As A Result?
The fact that more and more Canadians are opting to stop using paper money and coins completely, or at least to a lesser extent, could cause a very sensitive piece of Canadian history to be forgotten. After all, paper and coin currency is a very important indicator of a country’s culture; it captures the spirit of a nation in a way no other item is capable of. Just take a look at some of the older Canadian currency forms like paper money banknotes and coins, each piece holds a value greater than its declared one simply because it speaks of a bygone era. That is why today is the ideal time to start collecting Canadian coins and paper money if not because it can be a lucrative profession and hobby, then at the very least because it will help preserve a valuable piece of contemporary Canadian history.
Are You a Collector? Head Down to Colonial Acres Coins
Colonial Acres Coins is just one example why paper money may never become fully extinct and that is something they have in common with millions of coin and paper money collectors throughout the world. Even if Canadian coin currency were to become completely obsolete, there would still be ample reserves kept by many, if for anything, to preserve the artifacts for future generations. Colonial Acres is home to a professional and experienced team of numismatists, contact our team today if you’re interested in either enriching your collection or learning exciting new things about coins and paper money.