New coins to save mint $250M — but could cost vending machine owners
Last Updated: Wednesday, July 5, 2000 | 4:06 PM ET
CBC News
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- Compensation sought by vending machine owners from the Canadian Automatic Merchandising Association
- from the Canadian Automatic Merchandising Association Royal Canadian Mint circulation coins
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The new plated coins have a low carbon steel core as opposed to the current solid alloy coins. Vending machines, washers, dryers, pay phones and snack machines won't accept them unless the machines have been recalibrated.
This costs vending machine owners $30 a machine — and the loss of revenue for a week while the equipment is adjusted.
In 1995, the mint announced the upcoming arrival of the coins, but vending machine owners say only a few companies have had their machines recalibrated. They point out other retrofit costs: the $1 and $2 coins.
The owners have been trying to get their money back from the government. They've been lobbying for a $21-million reimbursement.
But mint officials say many vending machine owners, especially the major ones, have already changed their machines. They add that the new coins will be slowly phased in.
Consumers will probably see little change in the new currency. They look and feel almost the same as the old coins — except for a small "p" for plated underneath the Queen's head.
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