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Some Canadian Banknotes No Longer Legal Tender

 
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United States
483 Posts
 Posted 01/25/2020  11:12 pm Show Profile   Bookmark this topic Add jeffbuckes to your friends list Get a Link to this Message
Effective January 1, 2021 some Canadian banknotes will lose their legal tender status. They're not being demonetized, they just won't be legal tender... an important distinction!

I have a ton of of C$1, 2, 5, 10, and 20 notes from bygone eras. Most are circulated and I hold on to them for nostalgia plus a small premium when I finally sell them. But I wonder how many people will start dumping their hordes when the change takes place next year... Will we see bank bags filled with old notes being turned in over the next few months?

Anybody here going to cash in their notes?

For reference, here's the list of notes losing status:

The $1 and the $2 notes stopped being issued in 1989 and 1996, respectively, and were replaced with coins.

The $25 note was a commemorative note. Both it and the $500 note were discontinued shortly after they were issued in 1935.

The $1,000 note stopped being issued in 2000.

https://www.bankofcanada.ca/banknot...-bank-notes/
Edited by jeffbuckes
01/25/2020 11:17 pm
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Canada
8101 Posts
 Posted 01/25/2020  11:23 pm  Show Profile   Bookmark this reply Add DBM to your friends list Get a Link to this Reply
This news is almost two years old.
Been discussed here before at least once.
http://goccf.com/t/314610&SearchTerms=tender
"Dipping" is not considered cleaning...
-from PCGS website
Valued Member
United States
483 Posts
 Posted 01/25/2020  11:41 pm  Show Profile   Bookmark this reply Add jeffbuckes to your friends list Get a Link to this Reply
Thanks @DBM - I saw that thread but (19 months later) think it's worth revisiting as the date approaches...
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 Posted 01/26/2020  02:38 am  Show Profile   Bookmark this reply Add DBM to your friends list Get a Link to this Reply
There is absolutely no need to take any action.
After January1,2021 you wont notice any change.
Try to spend one of these notes today.
You can't.
Even drug dealers don't want your pinks,they only use them for inter branch transfers.
They are just not generally accepted.
You have to deposit them at your bank.
Businesses can accept whatever payment they choose.
Those who accept two dollar bills today will likely accept them a year from now as well, they are not being demonetized.
Earlier today I went to a coin show,admission was $2, I presented a two dollar bill, one guy asked the other how much change he should give me as he didn't know the exchange rate.
It'll be the same situation a year from now.
"Dipping" is not considered cleaning...
-from PCGS website
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 Posted 01/26/2020  02:39 am  Show Profile   Bookmark this reply Add DBM to your friends list Get a Link to this Reply

Quote:
I have a ton of of C$1, 2, 5, 10, and 20 notes from bygone eras
All your 5, 10 and 20 dollar notes issued since 1935 will still be legal tender.
"Dipping" is not considered cleaning...
-from PCGS website
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Canada
3655 Posts
 Posted 01/26/2020  07:38 am  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply
Nobody is going to go digging for old ones and twos in the next year. As hoards surface they will be taken to coin shops or banks. The coin shops will tell people that most can be deposited in the bank.

There are certainly no hoards of the other denominations.
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United States
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 Posted 01/26/2020  08:39 am  Show Profile   Bookmark this reply Add jeffbuckes to your friends list Get a Link to this Reply

Quote:
Earlier today I went to a coin show,admission was $2, I presented a two dollar bill, one guy asked the other how much change he should give me as he didn't know the exchange rate.


That's an interesting anecdote... very surprising.

I'm from the US but used to travel to Canada a couple times a year. I still have an envelope with the older notes, about C$300 worth now that I think about it. I bet there are a lot of us old timer tourists with stacks of older notes in a drawer. I wonder if I'll have trouble spending them...? Sounds like the coin shops don't want them either...?
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 Posted 01/26/2020  08:57 am  Show Profile   Check walk2dwater's eBay Listings Bookmark this reply Add walk2dwater to your friends list Get a Link to this Reply

Quote:
A) Will we see bank bags filled with old notes being turned in over the next few months?
B) Anybody here going to cash in their notes?


A- Unless forum members here work at a banks (casinos or other high cash distribution outlets), it is unlikely they'll be seeing "bank bags filled with old notes" but I'm sure there will be some tellers (from some CDN bank branches) who may see some come in. But I have heard (from collectors from another forum) that some smaller banks are not providing this service. If you bank with a credit union you may have to send the banknotes back to Bank of Canada (as done in Sweden & other European nations). This will probably be the case with the big banks after a grace period of a year or so.

B- I doubt anyone here would "cash in their notes" since this site attracts mostly collectors who will likely prefer to hold onto them for the same reasons you're holding onto your circulated examples. It is a fair question & I do believe some hoarders may decide to dump.

I believe we'll continue to see a large amounts of these circulated $1/$2 flood the markets ebay, ebid, etc (most recently on FB Groups- where newbie collectors will bid on just about anything). The overall impact is that circulated banknotes will drop in BV while uncirculated banknotes will decline, regain BV, hold steady & then continue their steady increase in BV. There does seem to be a huge amount of common low denominations on the market today. IMO: Serious collectors seem to be gravitating towards special serial #, replacements, test notes & older series still.
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