when is the five dollar coin coming out
Canadian five-dollar note In 2005, the Canadian government polled its citizens on the idea of retiring the five-dollar note, replacing it with a five-dollar coin. The money saved in making the coin would then fund the Canadian Olympic team. Canadians resoundingly rejected and ridiculed the idea of a five-dollar coin.[4] Some pointed out the note's most recent redesign took place only four years prior, while many others were averse to the idea of carrying yet another coin in their wallets and pockets. Due to the overwhelmingly negative response, plans for the five-dollar coin were discarded. Instead, on 15 November 2006, the Bank of Canada released an updated version of the five-dollar note (issue of 2006) with updated security features, including a holographic stripe found in the rest of the series, and a watermark of Laurier that appears when held to the light.[5] These features replaced the iridescent maple leaves that were in the issue of 2002.
Penny (Canadian coin) Production of the penny ceased in May 2012,[1] and the Royal Canadian Mint ceased the distribution of them as of February 4, 2013.[2] However, like all discontinued currency in the Canadian monetary system, the coin remains legal tender. Once distribution of the coin ceased, though, vendors were no longer expected to return pennies as change for cash purchases, and were encouraged to round purchases to the nearest five cents.[3] Non-cash transactions are still denominated to the cent.