You who live in those United States States that border Canada, and those states like Florida who have a high influx of Canadian snowbirds during Winter, take notice! Here's the CURRENCY EXCHANGE RATE of the Canada Dollar against the U.S, Dollar Sept. 26, 2007 AT 10:44 a.m. 0.99582 American to 1.00420 Canada It is almost one to one so you'll see more Canadian coins in the change drawer. It's been about thirty years since the exchange rate between the two countries was this close to onene. The day it equals out, you'll start seeing Canadian paper currency. It's also an opportunity for our Candian numismatic friends to acquire U.S. coins and Federal Reserve Notes without paying a premium! Just thought you'd like to know... Clinker
I always had a hard time grasping this concept , so your saying for every usa dollar you have , you get 99 canadian cents?
Businesses in the United States don't have any legal obligation of which I am aware to accept Canadian coins, though. Some do, and some notice and give them right back. Cents aren't usually a big deal, and I get them in change here in Western NY (70 miles from the border) but as the face value goes up, the chance of getting them accepted goes down. I can't imagine anyone accepting Canadian Currency just because of the change in rate. Certainly, some do, just as some Canadian businesses accept United States money (with their own exchange rate being in force), but I am not sure that there will be a sudden uptick in the number of people who are willing to accept them. The only "business" I know around here that takes Canadian is the Thruway, at their toll booths, and they discount it pretty heavily. I don't think they'll ever take it at par regardless of the foreign exchange rate. Wish I'd bought more Canadian when it was at 62 cents! I wouldn't be surprised to see it past par soon; the highest I recall was about $1.10 US to buy one Canadian dollar.
Ive had some trouble with using canadian money . Ill go into a convient store and there has been times where i didnt have enough because they didnt accept a penny nickle or quarter. Its so annoying , ill get them from the bank But then they dont accept them back or cant even use them to buy anything!
I get US change all the time up here. I'm wondering if I'll see more of it now that it's near par. At least before, I could expect to be able to take it back to the US and realize an instant profit. Not true anymore.
Oh, yeah, I've noticed that too... Canadian coins in rolls from, in this case, the credit union, but just try to give them back... the coin counter spits them out and they are cheerfully returned as non-legal tender. However, it was the Canada cent, with its portrait of Queen Elizabeth, that started Thalia Elizabeth on coin collecting, and the rest is history...
That's because the Canadian dollar coin features a picture of a loon. It's a lot like the way we call our dollars 'bucks'. Those are so named because, in the old days, there was no paper money. People would trade deer skins for goods and services (hence 'buck', a male deer). It's also a lot like the way we call our $100 bills 'Franklins'. Benjamin Franklin is on the bill, so we call them 'Franklins'.
Clinker, Although the facts are there in black and white I just don't see it happening in the heart of the country unless the rate stays that way for a long time. I vacation in the Upper Peninsula of Michigan and Canadian coinage circulates pretty well up there no matter what the rate. I live about 30 miles from Chicago, on the other hand, and no one wants it down here. I sure as heck can say you won't see any Loonies or Toonies or currency circulating in this neck fo the woods. The average person has no idea what the exchange rate is basically. Combine that with the fact of actually getting rid of it (even if it's valued higher) at any local bank. More likely to happen nationwide if we go to a "Euro" type system but who would be included? The U.S., Canada and (?).
Not sure where in the Chicago area you live but as far as I know, no one cares if a coin is Canadian or Us as a general rule. I'm in Chicago, work in Chicago and the greatest amount of people I deal with don't care as long as it spends. I get some Canadian coins all the time and used to collect them. Gave most away to young kids some time ago. Any time I've ever spent a Canadian coin I never get any problems. I do get a lot of nasty comments about our new baby dollars of ours, but not with Canadian coinage. The Canadian coins work in most vending machines, roadway toll booths, toll gates and many kids collect them. The only Canadian coin I think is weird is that some of the Nickels have flattened edges, not a round coin but still work in many coffee machines around here. I've never even considered an exchange rate since I get them in change as if normal coinage and could spend them the same way.
It has been a good thread Clinker and I don't mean to come off as harsh. What Carl said is really surprising to me. We ARE quite close to one another. My part of Indiana is more like a suburb of Chicago than a part of Indiana. I seriously rarely see them these days (Canadian coins) and from past experience running registers people did NOT want them for the most part. Now as for Loonies if Carl gets bad looks for "baby dollars" I may be able to pass those off! LOL
