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Cut Off Date For Returning Older Bank Notes

 
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Author Previous TopicReplies: 6 / Views: 286Next Topic  
Pillar of the Community
Canada
588 Posts
 Posted 09/29/2020  7:42 pm Show Profile   Bookmark this topic Add North of 49 to your friends list Get a Link to this Message
Hello
Can anyone tell me when the cut off is for returning older bank notes to the banks?
I remember reading about it some time ago and I seem to recall a cut off date mentioned.
I have some notes that I would like to git rid of before its too late.

Thanks
Pillar of the Community
Canada
3694 Posts
 Posted 09/29/2020  8:00 pm  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply
They are no longer legal tender as of January 1, 2021, but there is no expiry date for depositing them for face value at a bank.
Pillar of the Community
Canada
2741 Posts
 Posted 09/30/2020  12:56 am  Show Profile   Bookmark this reply Add MoneyPenney to your friends list Get a Link to this Reply

Quote:
older bank notes


Only the $1, $2, $25, $500 bank notes are no longer legal tender. The rest including all $5, $10, $20, $50, $100 are still legal tender no matter how old they are. That mean a 1935 $5 bill is just as good as a 2020 $5 bill.

From the Bank of Canada:

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.


Quote:
I have some notes that I would like to git rid of before its too late.


So which ones are you want to get rid of?
Edited by MoneyPenney
09/30/2020 01:00 am
Pillar of the Community
Canada
588 Posts
 Posted 09/30/2020  7:20 pm  Show Profile   Bookmark this reply Add North of 49 to your friends list Get a Link to this Reply
Oh I see.
Well it's helpful to know that there is no rush.
Thank you.
Pillar of the Community
Canada
3106 Posts
 Posted 09/30/2020  7:27 pm  Show Profile   Check silverwolf's eBay Listings Bookmark this reply Add silverwolf to your friends list Get a Link to this Reply
consider selling them here ,, there are many people who may want them.. Depending on what you have they may be worth more than face value, a few pictures and we can help you out, deciding weather they should go to the bank, or be sold to someone,..
Pillar of the Community
Canada
588 Posts
 Posted 09/30/2020  7:29 pm  Show Profile   Bookmark this reply Add North of 49 to your friends list Get a Link to this Reply
Money Penney:
The notes that I was thinking of getting rid of are $1 and $2 bills , all "spenders" . I was keeping them maybe for trading or something then I remembered reading something about them loosing tender status. Mostly Scenes of Canada series and Birds series.
Thanks for the clarification.
Pillar of the Community
Canada
588 Posts
 Posted 10/01/2020  4:30 pm  Show Profile   Bookmark this reply Add North of 49 to your friends list Get a Link to this Reply
Thanks for the advice silverwolf. I'm quite sure that what I have are pretty close to face value, I've kept back anything good. These would be good for someone just starting out.
I plan on offering them to trade first, now that I know there is no rush. I would hate to see them sent off to be destroyed when someone here might enjoy having them. If it turns out that no one is interested then off they go.
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