Economists all across Canada are shocked at the recent gains the Canadian Tire Dollar (CTD) is making, specifically when compared to the performance of the Canadian Dollar (CAD). The Canadian Dollar, (at the time of writing) sits at $0.73 USD, but the Canadian Tire Dollar has risen from $0.08 USD to $0.86 USD making it more valuable than the actual Canadian Dollar.
Martin Glansberg, an Ottawa economist specializing in alternate currencies says, “It’s truly amazing seeing the CTD beat out the CAD by almost 18%. It’s the biggest gain in alternate currency in one year than I’ve seen in my whole life. The CTD has been significantly less valuable than the CAD since its introduction to the market in 1958, and the way the market has been behaving lately, it’s no wonder that an alternate Canadian currency is beginning to take the lead.”
It is not currently known whether American markets will accept Canadian Tire money, however in Canada it can be used in place of Canadian dollars at all Canadian Tire locations.
To adapt to the rise in their currency’s value, Canadian Tire has begun to expand their variety of products from home and automobile equipment to many other items such as food, clothing, and are considering breaking into the real estate market.
“Look, with our dollar doing better than the actual Canadian Dollar, we’ve got to adapt fast or else we’ll be left behind. With enough work, we can make the Canadian Tire Dollar the new leading Canadian currency,” says James West, owner of Nepean’s Canadian Tire. “I can’t believe we were giving this away, it used to be something like 10% of the change you got back was CTD, but now, no way. We’re setting up currency conversion stations at the entrance to every store so we can start distributing more of our dollars. We’re even considering minting higher denominations of currency.”
Previously, the CTD was divided into bills of 5¢, 10¢, 25¢, 50¢, $1, and $2, but the store chain is considering releasing $5, $10, $20, $50, and $100 bills. “We can’t be certain on the future of this new currency, but we’ll see how the market behaves,” says West.
Reports also indicate that Walmart is considering launching an alternative currency, Wally Dollars (WAD), to compete with the CTD.
