Canadians are carrying far less loose change than they did before the pandemic, according to new figures from the Royal Canadian Mint. Blacklock's Reporter says the Crown corporation says the total number of new coins in circulation has dropped by 27 million as electronic payments continue to replace cash.“The Mint’s outlook for coin demand in 2024 is trending at about 65% of 2019 levels,” the agency said in its Summary of the Corporate Plan 2025–2029. “These levels are similar to 2023, which may indicate the economy has reached a baseline requirement for coins.”The Mint, which holds a monopoly on Canadian coinage, expects the number of new coins entering circulation each year to fall from 255 million to 228 million. .Officials said the decline reflects long-term changes in consumer habits. “The Mint continues to deal with ongoing impacts of the shift towards electronic payments on coin demand and supply,” the report said.While Canadians may be using fewer coins, many still carry cash, according to separate research by the Bank of Canada. The Methods of Payment Survey Report: Cash in an Era of Alternatives found that cash holdings have remained stable since 2017 when adjusted for inflation, with older Canadians using it most frequently. Across all age groups, cash accounted for roughly 21% of transactions..The survey showed the typical Canadian keeps about $156 in their wallet and another $200 at home, mostly in $20 bills. About 32% reported making an ATM withdrawal in the previous week, averaging $176, with most people visiting a machine twice a month.Despite digital payment growth, a strong majority of Canadians say they aren’t ready to give up cash. When asked if they plan to go cashless, 79% said no. Since 2019, the number of Canadians living without cash has fluctuated between 10% and 19%, peaking briefly during the pandemic in 2020.Bank of Canada researchers also found that many Canadians would resist any attempt to replace cash with a digital currency. A 2023 study, The Consumer Value Proposition for a Hypothetical Digital Canadian Dollar, concluded that skepticism over government control would fuel opposition. “Cash remains an important method of payment,” the report said. “A significant number of Canadians would reject a digital dollar if they believed it meant the end of physical cash.”
