In a bid to streamline business and tourist transactions, eleven U.S. border states are set to adopt the Canadian dollar as their official currency [effective, July 4th, 2011. Read on for more details.] Words: 556
So reports Sympatico.ca in a story* leaked earlier today which Lorimer Wilson has further edited ([ ]), abridged (…) and reformatted below for the sake of clarity and brevity to ensure a fast and easy read. (Please note that this paragraph must be included in any article re-posting to avoid copyright infringement.) The report goes on to say:
11 Border States Participating
The border states involved include Washington, Montana, North Dakota, Minnesota, Wisconsin, Michigan, Ohio, Pennsylvania, New York, Vermont and Maine. [Ironically,] the change… [will come into effect on July 4th of this year].
[Editor's note: Many experts expect considerable confusion - and expense - will occur with the change. Canada does not have a $1 bill but a coin instead (affectionally referred to by Canucks as a Loonie because of the picture of a Loon on the coin) and also has a $2 coin called the Toonie. Both coins will put considerably more loose chaange in one's pocket or purse and, conversely, lighten ones wallet. It is also expected that parking meters and toll road collection booths will have to be reconfigured to accept Canadian Loonies and Toonies which probably will result in higher user fees. In addition, vending machines in the states affected will have to be altered to accept Canadian coinage.]
The Currency Surrender of 2012?
U.S. dollar bills will remain in circulation within the aforementioned states…. [until July 1st, 2012 at which time] they will be exchanged [at par] against Canadian coins and bills. All inter-bank commerce and stock exchange trade, however, will be denominated in Canadian dollars as of January 1st 2012. [Some American critics of the change say it is reminiscent of their country's military defeat in the War of 1812-14 with this change being nothing less than their country's Currency Surrender of 2012 just 200 years later.]
Seen as Beneficial to Business and Tourists
The historical effort was spearheaded by C-AM link, a Canada-U.S. consumer and business relations organization. Stationed in Canada, C-AM link has been running an aggressive underground lobby effort directed at U.S. state level lawmakers over the last four years. The breakthrough occured earlier this year, culminating last month after a series of [secret] government hearings and business and consumer association reached the same conclusion.
“Having only one currency will eliminate the fees associated with exchange and make it easier for cross-border travel preperation. This will benefit businesses as well as tourists,” said Dylan Parkinson, spokesperson for C-AM link.
More than anything, this change will benefit consumers. The direct comparability of prices and wages will increase competition across Canada and the U.S., leading to lower prices for consumers in addition to improved investment opportunities for businesses. “Retail prices will drop and cost of travel will decrease as more Canadians and Americans make their way across the border,” said Parkinson. “It really is a wonderful thing for both nations.”
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