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 Replies: 10 / Views: 1,901 |
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Pillar of the Community
Canada
617 Posts |
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
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Pillar of the Community
Canada
5239 Posts |
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.
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Pillar of the Community
Canada
2984 Posts |
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
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Pillar of the Community
 Canada
617 Posts |
Oh I see.
Well it's helpful to know that there is no rush.
Thank you.
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Pillar of the Community
Canada
3733 Posts |
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,..
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Pillar of the Community
Canada
617 Posts |
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.
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Pillar of the Community
Canada
617 Posts |
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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Pillar of the Community
United States
629 Posts |
The banknotes might be good prizes for youth at a coin club
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Valued Member
Canada
499 Posts |
There was an article that some banks are no longer accepting these notes for deposit. In which case you would have to courier them to the Bank of Canada. In most case this would cost more than the notes are worth.
After Jan 1 this will probably be the case for all banks except for the BOC.
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Pillar of the Community
Canada
2571 Posts |
Quote:
The banknotes might be good prizes for youth at a coin club - I agree (& they cost you very little to donate) On a side note, another collector 'Dean" from Canadian Paper Money Forum ( CPMF) has been asking his tellers if they have any damaged notes he could inspect. At his local branch he has posted images of 1937, 1954 & mostly 1969 Multicolour $1 & $2 that have not been in too bad shape since the tellers have been willing to release them for FV. He's been at it for a few weeks & even got a few Birds $2, $5 and a $1000 note. So, if you don't mind circulated banknotes, might be a good time to ask your friendly teller if you can take a peek at their "Returns" bin. This month could provide quite the "bonanza" if you're lucky enough to snag some old Ones and Twos. Might be a nice Christmas gift for the budding numismatist in your family. |
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Pillar of the Community
Canada
999 Posts |
I recently bought $70 in old banknotes for FV from a family member who had heard about them losing legal tender status. A couple of well-used $20's from the 1954 modified series, which I kept, a $1, $2 and $10 from '54 mod, and a bunch of $1's from the last series. Everything was circulated. I kept a half-dozen of the $1's that were in VF-EX condition. I went to the bank yesterday to deposit the rest. The teller said that they had been getting a lot of old banknotes from people. It's probably a good time to go around to banks and ask about them if you want to get some. Also a good time to deposit them before year-end in case the banks make you mail to Bank of Canada in Ottawa next year.
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Replies: 10 / Views: 1,901 |
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Posted 09/30/2020 12:56 am
