CANADA: Small Change

Even after the Canadian dollar climbed above the value of the U.S. dollar early this year, most Canadian tradesmen accepted U.S. coins at par rather than bother with fractional discounts. But U.S. coinage, which trickles in at a steady rate with tourists and travelers, tended to stay in Canada and circulate; it was easier to keep the stuff moving than turn it in to a bank in small quantities. By last week the dual coinage was getting to be such a nuisance that Canadian banks moved to end it by putting an extra handling charge on coin exchanges. To protect themselves, businessmen had to start discounting all U.S. coins, or refuse them altogether. A U.S. tourist can still get 95¢ Canadian for his dollar bill, only 93¢ for a dollar in change. Only the trusting coin machines will still take his nickels at par.