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fasTTcar
Penny Hoarding Member
Canada
573 Posts |
 Posted - 03/05/2010 : 07:33:48
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Cheaper loonie production to save millions
Phil Hahn, CTV.ca News
Updated: Thu. Mar. 4 2010 4:34 PM ET
OTTAWA — Did you know those loonies and toonies jangling in your pocket cost 30 cents a coin to make?
But under the government's plans outlined in Budget 2010, a new technology to make them will cut production costs significantly, saving the feds up to $15 million a year.
The government is planning to change the composition of our $1 and $2 coins and instead use a "less expensive patented multi-ply plated steel technology."
It's the same technology being used to make our smaller, shiny change, and the coins will be calibrated to the same weight as they are currently, so they'll still work in vending machines.
Our current loonie is made from an alloy called aureate -- which is a bronze-plated nickel. The toonie is "bi-metallic," a ring of pure nickel surrounding a primarily copper alloy centre.
The feds also say they're taking steps to modernize our currency and protect against counterfeiting. They'll begin with a new series of bank notes in 2011. Unlike the coins, these bills will be more expensive to make. The government says they will not only last longer, thus saving money over time, but they'll have increased security features.
The notes will be printed on a polymer material "which lasts significantly longer than the current cotton-based paper, thereby reducing production costs and the impact on the environment," says the current budget.
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www.londongoldbuyer.com |
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Nickelmeister
Penny Hoarding Member
Canada
588 Posts |
Posted - 03/05/2010 : 08:55:40
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quote:
Originally posted by fasTTcar
You must be logged in to see this link.
Cheaper loonie production to save millions
Phil Hahn, CTV.ca News
Updated: Thu. Mar. 4 2010 4:34 PM ET
OTTAWA — Did you know those loonies and toonies jangling in your pocket cost 30 cents a coin to make?
But under the government's plans outlined in Budget 2010, a new technology to make them will cut production costs significantly, saving the feds up to $15 million a year.
The government is planning to change the composition of our $1 and $2 coins and instead use a "less expensive patented multi-ply plated steel technology."
It's the same technology being used to make our smaller, shiny change, and the coins will be calibrated to the same weight as they are currently, so they'll still work in vending machines.
Our current loonie is made from an alloy called aureate -- which is a bronze-plated nickel. The toonie is "bi-metallic," a ring of pure nickel surrounding a primarily copper alloy centre.
The feds also say they're taking steps to modernize our currency and protect against counterfeiting. They'll begin with a new series of bank notes in 2011. Unlike the coins, these bills will be more expensive to make. The government says they will not only last longer, thus saving money over time, but they'll have increased security features.
The notes will be printed on a polymer material "which lasts significantly longer than the current cotton-based paper, thereby reducing production costs and the impact on the environment," says the current budget.
Whoo-hoo! Plastic money, like they have in Austrailia :) |
www.WinnipegGoldBuyer.com
Standing offer for sale of quality, second-hand solid gold jewellery:
<$100 USD worth - spot +25%, plus actual shipping
$101-500 worth - spot +20%, plus actual shipping
$501-1,000 worth - spot +15%, plus actual shipping
$1,001+ worth - spot +10%, plus actual shipping |
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fasTTcar
Penny Hoarding Member
Canada
573 Posts |
Posted - 03/05/2010 : 11:06:58
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| They are actually using the Aussie manufacturer for the polymer. |
www.londongoldbuyer.com |
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PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
Posted - 03/05/2010 : 12:45:02
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| Do you think the U.S. government will ever jump on board to do this? |
SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson |
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Robarons
Penny Hoarding Member
USA
522 Posts |
Posted - 03/05/2010 : 13:03:35
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I think they annouced a while back they were going to test it on a $100 bill, but its hard saying. Because of the grid-lock of not being able to change coin composition, it might be a long time until we do it.
Were always last in changing our currency- that being good or bad is up to you to decide. |
Robber Baron= Robarons |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 03/05/2010 : 13:05:48
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quote:
Originally posted by Robarons
I think they annouced a while back they were going to test it on a $100 bill, but its hard saying. Because of the grid-lock of not being able to change coin composition, it might be a long time until we do it.
Were always last in changing our currency- that being good or bad is up to you to decide.
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It's coming, but when? |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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BCNumismatics
Penny Sorter Member
New Zealand
77 Posts |
Posted - 06/04/2010 : 05:43:27
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quote:
Originally posted by fasTTcar
They are actually using the Aussie manufacturer for the polymer.
The Canadian Bank Note Company of Ottawa has been printing Zambia's polymer plastic notes for a few years now.
I think they would be getting a licence from Securency to print Canada's polymer plastic notes themselves.
Aidan. |
Aidan Work.
My numismatic photos can be found here; http://www.coinforums.com/gallery/u6-bcnumismatics.html .
Please let me know what you think. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 06/05/2010 : 14:09:00
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| It only a matter of time until clad coins will be hoarded too. |
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Think positive. |
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 06/22/2010 : 13:57:47
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| well, replaced. Maybe hoarded too. |
"May your percentages ever increase!" |
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Canada changing loonie and bill composition
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