DerbyX DerbyX:
Yogi Yogi:
I'm all for govt saving us money.
But I don't really agree with the idea that it will curb counterfitting. The old bills will still be legal tender, just as, bills printed 40-fifty years ago are legal tender. These can still be counterfitted, and put into circulation.
Not if they alter the regulations. Recall that when they brought in the loonie and toonie they gave people about a year when they could still use their old dollar and two dollar bills and then after that they weren't accepted anymore.
Nope! I can still spend my old 1&2 dollar bills anywhere. They are still recognized as legal tender everywhere, but the bank prefers that anyone who still has any of them exchange them for coins.
Withdrawn Canadian banknotes
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Among Canadian currency, only five different banknotes are currently printed. Smaller denominations have been replaced by coins, and larger ones are felt to be no longer required in an era of electronic transmission of most large transactions. These defunct denominations are said to be withdrawn from circulation.
Although currency withdrawn from circulation is still legal tender, it is disposed of by the Bank of Canada when returned to them. As of 2009[update], most pre-2004 notes have largely disappeared from circulation. Despite this, some collectors still actively search for and value these notes either for their personal collections or for realizing future profits. Withdrawn currency is usually exchanged at commercial bank branches, though some banks require that exchangers be bank customers, and then the bank presents the withdrawn currency to the Bank of Canada together with worn-out currency in the normal course of business.
Other denominations have been printed by the Bank of Canada since it was given sole authority over paper currency in 1935; listed below are the denominations they no longer produce.
$1 bill
Printing of the $1 bill ceased in 1989 after the release of the loonie (in 1987) had been successful. These bills are virtually never seen in circulation today.
The most recent banknote series that included the $1 note was the 1969-1979 Series, "Scenes of Canada", with the $1 note released in 1974, coloured green and black. The front featured a portrait of the Queen; the back featured an image of Parliament Hill from across the Ottawa River, with logging activities taking place on the water.
$2 bill
Canadian $2.00Printing of the $2 bill ceased on February 18th 1996, with the release of the toonie, a coin that replaced it. These bills are virtually never seen in general circulation today, although there are many still being collected or otherwise held on to, since there are 109,271,483 notes that have not been returned to the Bank of Canada (as of 2006), which is more than there are $10 notes in circulation.[1]
The most recent banknote series that included the $2 note was released in 1986 (the "Birds of Canada" series), in which the two was a terra cotta colour. The front featured a portrait of the Queen; the back featured a meadow scene with two robins. Unlike the U.S. $2 note, the $2 bill from the "Birds of Canada" series (1986) was widely circulated, especially after the $1 note was withdrawn. The bill is also noted for being frequently used as the sole visible currency in the TV show The Kids in the Hall, generally to humorous effect.
[edit] $1,000 bill
The printing of $1,000 bills ceased in 2000. The denomination was withdrawn on the advice of the Solicitor General and the Royal Canadian Mounted Police (RCMP), as it was often used for money laundering. [2] One person could easily carry $1,000,000 in $1,000 bills. The Bank of Canada has requested that financial institutions return $1,000 bills for destruction.[3]
The bills were nicknamed "pinkies" due to their colour. The final version of the bill was released in 1992 & was reddish-purple in colour. The front featured a portrait of the Queen; the back featured a winter scene with 2 Pine Grosbeaks. As demand was low, the $1000 note was not produced in the 1969-79 series; the 1954 series continued to be issued instead.
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