Canadian Tire Launches Limited Edition $1 Coin
Posted December 2, 2009 1:02 pm.
This article is more than 5 years old.
Canadian Tire money is getting a new coin, the famous multicoloured bills considered by many as the country’s unofficial second currency to be joined by the $1 piece for a limited time.
Canadian Tire Corp. (TSX:CTC.A) announced Wednesday it will begin offering customers the new addition to its half-century-old Canadian Tire Money reward points this weekend.
The “money,” which 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.
Just like its official cousins, the loonie and the toonie, the coin will be manufactured by the Royal Canadian Mint.
Canada’s largest hard goods retailer said it plans to launch a new loyalty program by the end of next year intended to target consumers’ shopping habits more closely, though it still plans to keep the traditional money in circulation.
“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.”
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.
