Lockdowns led to more than one billion Canadian coins going out of circulation, according to Blacklock’s Reporter. .“Canada’s economy is shifting away from the use of cash toward electronic payment technology,” said Royal Canadian Mint management in a summary of its corporate plan. .“The COVID-19 pandemic accelerated this shift, prompting a surge in online shopping and electronic payments.”.The Royal Canadian Mint called the reduction of coins in circulation an unprecedented event, leading to a society with less cash and fewer bank tellers and armoured cars. .Figures showed prior to the pandemic, people put 3.4 billion coins in circulation. The figure dropped to 2.2 billion in 2021. .“Canada was not alone in this pandemic phenomenon, the unforeseen slowdown of recirculating coins,” said the mint. .The plan said financial institutions needed more than three billion coins to support Canadian trade and commerce in 2019. It said various responses to the pandemic, such as an increase in online shopping by consumers and discouragement of cash exchanges at point of sale, led to Canada’s financial institutions requiring two billion coins..It did not propose withdrawing any particular coins from circulation. Cabinet abolished the penny in 2012, pulling 6.3 billion coins out of circulation. .The mint said it anticipates demand to “continue to decline and has likely accelerated due to the adoption of digital payments necessitated by the pandemic.” It recognized the adoption of innovative payment tools such as digital currencies, which are expected to increase as they become more prevalent, secure, and easy to use..The Royal Canadian Mint said in September it might change currency to remove Queen Elizabeth II’s face from it after her death. .READ MORE: What does the passing of Queen Elizabeth II mean for Canada?.The mint said the Canadian government has exclusive jurisdiction over the design of Canadian coins. ."As the Mint’s role is limited to manufacturing and distributing Canada’s circulation coinage, the mint will abide by the decision and timetable of the government on changing the obverse design of our coins,” it said.
