YOUR MONEY

Looney Loonies and Toonies

Has the Canadian Mint lost its mind or is it just inept?

The Mint in April switched manufactureof its $1 Loonies and $2 Toonies to lighter, steel materials without realizing – or giving sufficient notice – of these dramatic changes.

The thinner coins and materials cost less to make, but have created havoc and chaos in the real world – and will cost businesses and any government with parking metres MILLIONS OF DOLLARS for new coin mechanisms. 

FACT: Coin machines today not only measure the diameter and thickness of a coin, but also its weight or scan for standardized magnetic field reflection (based on the coins metal(s)).   To change a coin’s weight or metallic content confuses the machine – with predictable results.

Currently – its now early-July -- vending machines still eat the new coins or do not accept them, and parking metres across Canada have the same problems.

According to the City of Toronto, it costs $345 to adjust each of its 3,000 parking metres.  That’s over ONE MILLION DOLLARS for Toronto alone!!!  (Source -- http://ca.news.yahoo.com/blogs/dailybrew/lighter-loonies-toonies-causing-headaches-vending-parking-machines-202448810.html)

Q: Will the Federal government – which is ultimately responsible for Canadian currency and its manufacture – reimburse one and all for these costly change?  

Q: Will the Mint formally apologize for the flawed execution of these coin changes?

So far, no apology from the Mint or comment from the Prime Minister.

Shame, shame, shame!!!