The Royal Canadian Mint reports that Canadians are carrying approximately one-third less pocket change compared to pre-pandemic levels, as coin circulation continues to decline, according to Blacklock’s Reporter. The federal agency noted a decrease of 27 million new coins in circulation.
The Mint’s forecast for coin demand in 2024 is projected to be around 65% of what it was in 2019, reflecting similar trends observed in 2023. This suggests that the coin ecosystem may be stabilizing at a level sufficient to support the economy. The Mint, which holds a monopoly on coin production, anticipates that the annual issuance of new coins will decrease from 255 million to 228 million.
The report, titled Summary of the Corporate Plan 2025-2029, highlights the ongoing effects of the shift towards electronic payments on both coin demand and supply. To better understand Canadians’ relationship with physical currency, the Mint is actively monitoring public attitudes and behaviors regarding coin usage.
This report follows findings from the Bank of Canada, which indicate that many Canadians still prefer to carry cash. According to the August 14 Methods of Payment Survey Report: Cash in an Era of Alternatives, cash holdings have remained relatively stable, adjusted for inflation, since 2017.
Seniors are particularly inclined to use cash, with analysts noting that older Canadians tend to rely on it more frequently. Overall, cash was used in about 21% of transactions across all age groups. The average Canadian reportedly keeps $156 in their wallet and an additional $200 at home, with $20 bills being the most commonly held denomination. The survey also revealed that around 32% of Canadians had made a cash withdrawal from an ATM in the past week, averaging $176, with individuals typically withdrawing cash from ATMs twice a month.