New versions of loonie and toonie coming this spring
Posted January 13, 2012 10:01 am.
This article is more than 5 years old.
OTTAWA – Steel yourself, Canada, new one-dollar and two-dollar coins are about to become the latest version of the proverbial plugged nickel.
In an effort to save taxpayers about 16 million dollars a year, new versions of the loonie and toonie will be introduced this spring.
They’ll be made of steel, replacing the more expensive nickel found in the current versions of the coins.
The federal government says the new coins will be slightly lighter, cheaper to produce and ship, and harder to counterfeit.
They’ll also cost coin-operated industries about 40 million dollars in recalibration costs to ensure vending machines recognize the new coins.
And businesses who count their coins by weight will have to first separate the old currency from the new.
A spokesman for the Royal Canadian Mint says the new coins should be in circulation by late March or April.
