Now that the Canadian penny is set to go extinct, it looks as though the Canadian nickel might be the next coin to be added to the endangered species list.
An economist that used to work for the Bank of Canada is calling for the Royal Mint to nix the nickel less than a year after Finance Minister Jim Flaherty decided in a surprise move to kill the penny in the latest federal budget.
Economist Jean-Pierre Aubry told the CBC that, like the penny, fewer and fewer people are digging around in their coin purses for these denominations and it has become more of a nuisance to make than it is worth.
The penny will go into retirement in February, and the Royal Canadian Mint will begin collecting the out-of-circulation coins on Feb. 4 to be melted down and recycled. When the lowly penny was last manufactured in Winnipeg in May, it was costing the mint about 1.6 cents each to create the one-cent coins.
And it goes without saying that the penny also proved useless to many Canadians, as many of us resorted to throwing them in the trash rather than trying to spend them.
Aubry expects the nickel to soon be more trouble than its worth to make. More Canadians are apparently hoarding the coins, meaning the mint has to spend millions to make more in order to keep retailers fully stocked with the coins.