A new Scottish currency? Try Canadian Tire money

TORONTO, Sept. 18 (UPI) -- If Scotland becomes an independent country Thursday, it will need a distinct new currency, and Canadian Tire money, a venerable institution in Canada, has been suggested.

The United Kingdom -- rather, the rest of the United Kingdom -- has made it clear it would not make it easy for a sovereign Scotland to use the British pound as its currency. The referendum comes as Canadian Tire, a company founded in 1922 to sell tires and other essential items across Canada, is phasing out a loyalty program called Canadian Tire money.

Shopping at Canadian Tire is a beloved tradition in Canada, as is the pseudo-currency the retailer hands customers as a thank-you for loyalty. Since 1961, the fake bills have featured a cartoon mascot in a Scottish wardrobe, Sandy McTire. While the program is not being completely phased out, merely going digital, there is still the matter of Canadian Tire currency in drawers and cabinets in Canadian homes. The fake money has historically been a source of fascination to Canadian children, some of whom used it to learn to count and add.

Moody's Investor Services has referred to Canadian Tire money, which comes in denominations from 5 cents to $2.00, as "accepted across Canada by multiple retailers and could almost be described as a 'sub-fiat' currency."

The Toronto-based newspaper Globe and Mail has proposed offering the proprietary currency to an independent Scotland, noting "The government doesn't own our banks. Or Canadian Tire."

The Canadian Broadcasting Corporation noted "Canadian Tire money really isn't money at all. At the bottom of each bill, it says it is a 'cash bonus coupon.' That hasn't stopped various pubs and shops from accepting the bills on occasion, partly as a promotion and partly to buy things they need."

If Scotland needs a new currency, they might find it in closets all over Canada.