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Canadian paper money devalued or demonetized? 2021 Jan 1st

AttumraAttumra Posts: 182 ✭✭✭
edited March 28, 2021 5:33AM in U.S. & World Currency Forum

As stated .

Comments

  • SaorAlbaSaorAlba Posts: 7,458 ✭✭✭✭✭

    They are not being devalued like the Swiss francs, they are only being demonetised which means you cannot spend them in commerce anymore. The $25 bill dropped out of circulation during WWII at the latest, as did the $500. But the $1000 bill was last printed in 1988 and still saw some limited circulation. I only ever saw one $1000 and it was at a casino years ago.

    In memory of my kitty Seryozha 14.2.1996 ~ 13.9.2016 and Shadow 3.4.2015 - 16.4.21
  • Serial_no_8Serial_no_8 Posts: 414 ✭✭✭

    "Losing legal tender status" is not the same as being "demonetized." The bills retain their value but they must be taken to a bank (or the Bank of Canada). Most banks will accept the $1, $2, $25, $500 & $1000. But the $1000 might be tricky (you want to go to your branch not any bank) for obvious security reasons. If you have a $25 or $500 send it to me & I will gladly reimburse you :p (these were scarce & are worth big bucks to anyone who doesn't know, so I hope no one takes them to a bank!)
    BTW: no store or bank MUST take your money -so, all in all, it's just a "formality" to get the old paper out of the system & replace with more secure polymer banknotes.
    And it does set up a great opportunity for collectors to survey their branches to see if anyone has turned these in (if you don't mind circulated banknotes) & offer to buy the old ones from them. Some collectors are having success at this.

  • tomtomtomtomtomtomtomtom Posts: 533 ✭✭✭✭

    From what I read in the article, it says exactly that...they have no value any more (other than in a collection).

  • synchrsynchr Posts: 1,359 ✭✭✭✭

    Dang, somewhere I have a few sheets of 1986 CDNs that were always underwater pricing so I left them in their delivery tube all these decades. Wonder if they'll finally be worth something over face?

  • Serial_no_8Serial_no_8 Posts: 414 ✭✭✭

    From the BOC website announcement:
    "TORONTO -- Any Canadians who have old paper bills in their wallets have until the end of the year to use them in day-to-day transactions before merchants no longer have to accept them.....
    The BoC noted that stores can still accept these bills as payment if they so choose....
    While these rare bills will be losing their status in the coming weeks, it does not mean that the banknotes are suddenly worthless."

    So while the banknote denominations are now being withdrawn they do retain their value until they actually go about and demonetize them (which actually hasn't happened yet). I found some old demonetized Swedish banknotes & sent them to their Sveriges Riksbank & had their value electronically deposited into my account so most central banks will even honour the notes even after they've been demonetized.

    @synchr said:
    Dang, somewhere I have a few sheets of 1986 CDNs that were always underwater pricing so I left them in their delivery tube all these decades. Wonder if they'll finally be worth something over face?

    There are collectors out there who buy them so maybe now is a good time to put them up for sale...

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