The Status Of Canadian Currency<\/strong><\/h2>\n\n\n\nAs of January of 2021, multiple denominations of Canadian paper money<\/strong> had their status of legal tender pulled, resulting in them no longer being recognized as actual currency that can be used for purchases. The main reason for this was that the older paper money lacked basic anti-counterfeiting measures and could be easily replicated.<\/p>\n\n\n\nIf that is news to you, do not panic<\/strong>. You have a couple of options that will be viable for at least a few years. In terms of specific notes, the Canadian government pulled the legal tender<\/strong> status of all $1, $2, $25, $500 and $1,000 notes<\/strong>.<\/p>\n\n\n\nThe Baseline Status<\/h3>\n\n\n\n
The good news is that in any case, Canadian banks will<\/strong> still honor the face value<\/strong> of any note that is brought in. At the very least that means that anyone holding a discontinued paper bill does not lose their money. In some cases, though, the value of paper Canadian currency<\/strong> can be worth more than face value and, in a few instances, significantly more than face value.<\/p>\n\n\n\nWhat Is The Value Of Old Canadian Paper Money?<\/strong><\/h2>\n\n\n\nAt the very least, your discontinued Canadian paper notes will be worth face value<\/strong>, at least for the foreseeable future, if you turn them into the correct bank. Decommissioning the currency does not mean they are now rendered worthless. Just because they were decommissioned, however, does not mean that they are necessarily worth more than face value either.<\/p>\n\n\n\nMost Notes Are Worth Face Value<\/h3>\n\n\n\n
The likelihood is that any old Canadian paper notes<\/strong> you have are worth their face value and no more. The vast majority of discontinued currency is only worth face value, and if a note is worth more than face value, it is likely only by a few cents.<\/p>\n\n\n\nCanadian $2 Bill<\/h4>\n\n\n\n
With very few exceptions, a discontinued $2 bill is worth $2<\/strong>. One exception is if you have the 1986 error that had the wrong officials\u2019 signatures on it. However, the values of these vary and some sell for just over $2. Just about all other $2 bills are worth face value, no matter where you take them to have them evaluated.<\/p>\n\n\n\n$1,000 Bill<\/h4>\n\n\n\n
The Canadian $1,000 bill can be worth a lot more<\/strong> than face value<\/strong>, provided it is in decent condition. It was discontinued in 2001, primarily because criminal organizations tended to be the only people actually using them.<\/p>\n\n\n\nTheir condition is important, of course, but some $1,000 bills are worth quite a bit more than face value, even though they are not usable<\/strong> in cash transactions<\/strong> (except as a collectible with a dealer or other collector).<\/p>\n\n\n\n$1 Bills<\/h4>\n\n\n\n
Canadian $1 bills<\/strong> are rare and therefore fairly valuable<\/strong>. Discontinued in 1989, there are not many left in circulation. That rarity has caused their value to skyrocket. A 1954 Canadian $1 bill, called \u201cThe Devil\u2019s Face\u201d because some saw a face that looked like a devil in the Queen\u2019s hair, can fetch thousands of dollars.<\/p>\n\n\n\nReplacement notes for the 1954 run<\/strong> that did not have the visage some saw in the Queen\u2019s hair are equally as valuable. The average sale price for a normal $1 bill without the \u2018Devil\u2019s Face\u2019 is about $3,000. However, most $1 bills are not worth that much<\/strong> more than face value<\/strong>.<\/p>\n\n\n\nWhere To Get Your Old Canadian Paper Money Evaluated<\/strong><\/h2>\n\n\n\nThere are three main places<\/strong> to get your bills evaluated. They are:<\/p>\n\n\n\n- Banks<\/li>
- Private collectors and evaluation organizations<\/li>
- Dealers<\/li><\/ul>\n\n\n\n
Banks<\/strong><\/h3>\n\n\n\nAny official<\/strong> Canadian bank will honor<\/strong> discontinued bills at face value after the bills have been examined and determined to be authentic. Any paper money you have that was minted prior to 2013 should be evaluated. If the bill is authenticated, the bank will honor the face value of the bill.<\/p>\n\n\n\nThe bank will<\/strong> not assess the bill based on collectability<\/strong>, nor will the bank pay for a collectible, except at face value of the bill. That means that, if you have a bill you think might be worth more than face value, you should have it assessed at a dealer or organization that valuates collectible currency.<\/p>\n\n\n\nIf your bill is determined to not be legitimate<\/strong> (which can happen when it is severely damaged or counterfeit), the institution examining them will make a determination if they should be honored.<\/p>\n\n\n\nCounterfeit\/Damaged Bills<\/h4>\n\n\n\n
If the bill is counterfeit<\/strong> and thus is confiscated as evidence, you will not be compensated for the bill. The seizing of the bill is a legal requirement.<\/p>\n\n\n\nIf the bill is<\/strong> thought to be counterfeit<\/strong>, but it is not provable, the bank will make a case-by-case decision whether to honor the bill. At the very least, if it cannot be proven to be a counterfeit, you are entitled to receive the bill back.<\/p>\n\n\n\nIf the<\/strong> bill is not counterfeit<\/strong> but severely damaged, the bank will decide if it will honor the bill. You are entitled to receive it back if the bank passes on paying it out.<\/p>\n\n\n\nIf you have paper currency, you should<\/strong> contact the bank <\/strong>that you want to send the currency to and see what the process for evaluation is. In most cases, the process is very stringent in terms of how to send it to the bank, what to send it in, what the bank will look at and how it will determine the value of the bill.<\/p>\n\n\n\n