Canadian Tire launches limited edition $1 Canadian Tire Money coin

[Jopava]

Canadian Tire launches limited edition $1 Canadian Tire Money coin



Canadian Tire reward coins are pictured after their launch in Toronto on Wednesday December 2, 2009. THE CANADIAN PRESS/Chris Young



TORONTO - Some Canadian Tire shoppers were scratching their heads with confusion on Wednesday after the iconic retailer took a cue from the loonie and temporarily introduced a dollar coin to its famous multicoloured lineup of "Canadian Tire Money" bills.
The coins will be available for hardly a weekend, arriving at stores in most parts of the country on Saturday and ending their run on Sunday, but the publicity is intended to drum up interest during the crucial holiday shopping season.
However, if comments outside a Canadian Tire store in Toronto are any sign, not everybody likes the new addition.
"I've got lots of paper money, and now I've got this in my pocket? It looks heavy," said Victor Baptista as he handled the coin.
"Most of mine I lose... or it just gets stored. My drawer is full of them."
The "money," essentially coupons that can be used like cash only at Canadian Tire stores and gas bars, was previously available only in bill form in denominations from five cents to $2, all stamped with the grinning image of Sandy McTire, the company's tam-o'shanter-bedecked and mustachioed fictional mascot.
The new silver coin has McTire on one side, and is emblazoned with the Canadian Tire logo on the other. Just like its official cousins, the loonie and the toonie, the coin will be manufactured by the Royal Canadian Mint.
"Some of the bills get tattered and stuff, so it might not be a bad idea," said Mark Sumner, another Canadian Tire shopper.
"I always use Canadian Tire coupons because I like to keep my money in Canada if possible. I think this would be a great addition to the collection."
While the coin is only available at Canada's largest hard goods retailer for a couple of days, it marks a major shift for the half-century-old Canadian Tire Money, which has until now never strayed from its papered roots.
Ask anybody about what's often considered the country's unofficial second currency and they're likely to have a story from their childhood.
"We actually kept it under our telephone," said Jeffrey Sanders, a Toronto resident who grew up in Alberta.
"The money was all the same... so you could keep it together easily. I think the coin would just get in the way, you'd lose it."
McTire's beaming mug is deeply ingrained in the Canadian consciousness and the bills adorned with his likeness have been used for more than just a discount on a new hammer or headlight bulb. Community groups have often collected the coupons as a way to raise "money" for charity, while some small business who shop at Canadian Tire accept the money to drive their own sales.
"I was talking to a friend of mine and they were saying that their local pub takes it," said Gemma Leppard, who recently moved to Canada from the U.K. for work.
"Not that I'm going to go down the pub and spend it there."
Leppard said she's more likely to donate the retailer's currency back to the store, which raises money to help financially disadvantaged children participate in recreational sports.
Last year, Canadian Tire handed out $50 million in paper money to customers. The company has also been gradually moving away from the costly printing of "money" in favour of electronic "cash" on its credit cards, and gave out $94 million in electronic Canadian Tire dollars in the same period.
Canadian Tire wasn't able to provide specific estimates on how much of that money is either lost or thrown away, but said the redemption rate is above 90 per cent.
Starting next year, the company plans to take another step away from Canadian Tire Money when it launches a new loyalty program intended to target consumers' shopping habits more closely.
"In speaking with our customers, we know that there is an opportunity to evolve the program to provide our customers with better and more tailored rewards, while keeping the key elements of the program that Canadians have come to know and love," said Mike Arnett, president of Canadian Tire's retail division.
"Work is well underway and we expect to have a pilot program in place by the end of 2010 and ultimately roll out our new loyalty program later in 2011."
The company said the shift doesn't mean that it will be pulling its money out of circulation, even though some customers said it's about time.
"Whether it be dollar bills or hard coins, I'd rather not collect either. Skip it and just go right to the points," said Derek Reynolds, a regular customer.
"Most of the stuff I collect is Canadian Tire points, not the actual dollars so much."
But he admits he's still got plenty of the paper money hidden away.
"I still have a stash of cash in the van," he said. "There's probably only about five bucks worth."
Canadian Tire money launched in 1958, and has since expanded to include electronic currency on the company's branded credit cards.
The company says it will hand out the dollar coins to customers who spend $25 or more at Canadian Tire this Saturday and Sunday.
Canadian Tire has more than 1,200 stores and gas stations and employs 57,000 workers across the country.

[julie.leeds]

Anybody get one??? I would be willing to do some sort of a trade for one $ for $ or coupons or whatever, even if its just as a collector piece. I might look for one myself this weekend!!!

[Angela273]

I would like to get my hands on one too.

[SmackUTwice]

Would be a nice thing to add to my coin collection.. just for fun!!

[tonygreg]

Yes Currency express the history of any Country I want to save one coin for my Coins collection book.