According to a federal government memo obtained by The Canadian Press under Access to Information, senior officials of the current Liberal government’s Finance Department have studied the usage, production costs and purchasing power of Canada’s five-cent coin.
Prepared for Deputy Finance Minister Paul Rochon, the memo offers a fair assessment of how Canadians use the nickel.
“As there are virtually no goods or services that can be purchased for a nickel, or several multiples thereof, the coin is generally used only to make change as part of larger transactions,” reads the memo.
“The purchasing power of the nickel has eroded over time, relative both to prices and incomes,” added the memo, which also notes all G8 countries have an equal denomination (although two, New Zealand and South Africa, have withdrawn their five-cent coins).
The remainder of the memo, including an “assessment” section that might have discussed the coin’s future, was blacked out.
According to the report by The Canadian Press, Finance Department spokesman David Barnabe responded via email saying the feds have “no plans to discontinue the nickel.”