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!!!
