I had no idea about this until I watched a DVR’ed episode of The Colbert Report tonight, but Iceland is looking to adopt the Canadian dollar as their currency.
Apparently when Iceland’s economy bit it in 2008, their krona lost about 60% of its value. It has yet to recover, causing the country to fall in favor as far as foreign investors go.
To solve this, Iceland is looking outside its borders for solutions; namely, replacing the broken krona with a more stable foreign currency. The currency of choice? Canada’s!
First of all, there are way too many currency-related puns that can come out of this.
I mean, I’ll be Franc…is Iceland’s Yen for Canadian currency Loonie, or do they just have a Nakfa creating close relationships with other northern countries? Even if that’s the case, adopting another country’s currency could present a Rial problem. But assuming that Iceland goes into this with all their heart and Sol, perhaps there won’t be any major issues.
Second of all…another country with a Loonie? But Loonies are so…Canadian! What’s next, geyser-adjacent Tim Hortons? Shark-infused poutine? Rapid acquisition of excess “eh”’s in Icelandic speech?
Interesting stuff. We’ll have to stay updated to see if Canada allows its Loonie to migrate to Iceland.
(HA, get it?)
So it turns out Canada’s smarter than us and is going to start phasing out their penny. According to Time, the Canadian government released its 2012 budget without any money allotted for penny creation. Which is a smart thing to do, seeing as how a single Canadian penny costs 1.6 cents to produce (a US penny costs even more—2.4 cents).
Canada is slated to stop producing pennies this month, and while products will still be charged to the cent when debit or credit cards are used, the government is suggesting that retailers round their prices to the nearest nickel (which could have interesting consequences…imagine the guides that’ll pop up telling people what things are cheaper to buy using debit/credit and which are cheaper using cash).
Anyway, I thought this was pretty interesting news. It makes me think about Canada’s switch from paper $1 and $2 to coin versions. Are the coins cheaper to produce than the bills? Also, were the bills called loonies and toonies, or is that just the coins? I don’t remember if the bills had loons on them. SO MANY QUESTIONS, CANADA, JEEZ.