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 Replies: 29 / Views: 5,199 |
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Pillar of the Community
Canada
3690 Posts |
"Tuesday's budget calls for a process to remove the legal tender status of bank note denominations no longer issued by the Bank of Canada — that includes the $1,000, $500, $25, $2, and $1 bills." http://ottawacitizen.com/news/econo...b7a847ac9cf5But no sign of complete demonetization.....yet. "While you may no longer be able to spend them at your favourite store, the bills affected by the government's plan can still be turned in to a financial institution, at least for the time being. After that, the Bank of Canada will continue to honour these bills and exchange them at their face value." Not really sure what they are proposing. I suspect these bills have stopped circulating via the banking system long ago. So are they just going to ask collectors to turn them in?  *** Moved by Staff moved to a more appropriate forum. ***Edited by CC-Ottawa
02/27/2018 7:47 pm
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Pillar of the Community
Canada
5324 Posts |
The Panama papers were a gift to the CCR just to react like the US has done and recouped massive amounts and yet the liberals are wasting their time over say the 25 dollar bills which trades for over 5 grand in crappy grades, it shows a strength of a nations currency when basically no coins or currency has been demonetize, just look at Venezuela and other nations that has pulled currency
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Pillar of the Community
 Canada
3690 Posts |
This is the quote from the budget:
"The Government proposes to introduce legislative amendments to facilitate the maintenance of high-quality bank notes in the money supply and to provide greater clarity on the bank notes that can be used as legal tender. These changes would allow the Government to better manage the money supply so that it is safe and secure for Canadians.
Following these legislative amendments, the Government intends to initiate the process to remove the legal tender status of bank note denominations no longer issued by the Bank of Canada (i.e., $1000, $500, $25, $2 and $1). The Bank of Canada would continue to honour these bank notes and exchange them at their face value."
Guess we'll all be mailing bundles of $1s and $2s into the BoC?
Edited by CC-Ottawa
02/27/2018 8:17 pm
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Pillar of the Community
 Canada
5392 Posts |
Absolute puff and fluff from the most inept bunch ever in charge in this once great country. A nothing Burger!
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Pillar of the Community
United States
772 Posts |
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A nothing Burger! |
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Valued Member
Canada
402 Posts |
Cause counterfeiters are going to make $1 bills.....
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Valued Member
Canada
321 Posts |
Guess somebody somewhere will send a 25$ bill to BoC  |
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Pillar of the Community
 Canada
665 Posts |
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The Bank of Canada would continue to honour these bank notes and exchange them at their face value.
This is a shame and a poor move. The Bank of England routinely de-monetizes old bills. I had some old 20 pound notes from a prior vacation in the UK and was surprised when no merchant would accept them on a recent trip... they were only about 10 years old. I was told I had to go the Bank of England to convert them for current bills. Not being in London, this was not an option for me. I can imagine this will be the same for Canadians, when was the last time you were in a Bank of Canada branch... Oh yeah... there are none. |
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Pillar of the Community
Canada
586 Posts |
If I am not mistaken. The National Bank is the equivalent to the Bank of Canada... but I am not 100%
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Moderator
Canada
10456 Posts |
A reminder that political discussions are not permitted here. Go find a political forum website if you so feel the need to express your political opinions.
"Discovery follows discovery, each both raising and answering questions, each ending a long search, and each providing the new instruments for a new search." -- J. Robert OppenheimerContent of this post is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. See: http://creativecommons.org/licenses...0/deed.en_USMy eBay store
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Moderator
United States
23522 Posts |
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Cause counterfeiters are going to make $1 bills.....
Yes, it's the safest way to counterfeit, simply because many like yourself wouldn't question them. By volume, there are probably more counterfeits of innocuous issues extant than those of the rarer and more valuable coins. And since when has demonetization had any effect on the collecting community? Most of us would vanish overnight if demonetized issues disappeared. It's not like we collect them with the intent to spend them later.  I'd call this a tempest in a teapot, except it isn't large enough to require an entire teapot. |
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Pillar of the Community
Canada
5392 Posts |
There are several branch offices of the BOC as listed on their website. Not sure if the public is allowed in or not anymore.
At one time in Vancouver BC they had a counter with tellers like a normal bank , now that was cool.
As one poster stated you can walk in to the Bank of England on Threadneedle Street in London and exchange OLD UK Pound notes ( including STERLING notes of Northern Ireland and Scotland, but not those of Gibraltar or the Isle Of Man). Also you get to visit the new Bank of England Museum , which I highly recommend to any of you ever in London.
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Moderator
United States
187544 Posts |
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It's not like we collect them with the intent to spend them later.  |
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Valued Member
Canada
109 Posts |
Oops!! They forgot shinplasters!  |
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Pillar of the Community
Canada
5392 Posts |
Bank of Canada never Issued 25 Cent notes ( Shinplasters) or 4 Dollar Banknotes. Those are issues of the Dominion of Canada .
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Pillar of the Community
Canada
986 Posts |
I'm glad to see $4 bills aren't included. I was thinking of spending mine on an ice cream cone.
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Replies: 29 / Views: 5,199 |
Posted 02/27/2018 8:15 pm
