These Old Canadian Bank Notes Have Lost Their Legal Tender Status
A number of old Canadian bank notes have lost their legal tender status.
That means you’re be unable to use them in day-to-day transactions, starting from January 2021.
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When the notes lose their legal tender status
Affected notes include $1, $2, $25, $500 and $1,000.
Some of them have been around since as early as 1935, while others were released as recently as 1986.
Images of the specific notes that have lost legal tender status are shown on the Bank of Canada website.
It’s worth noting that the majority of Canadians are unlikely to be affected by this change, as it’s pretty unlikely that you’ll have one of these retro bills in your wallet.
According to the Bank of Canada, most have not been produced in “decades” and therefore aren't commonly found.
If you do have one of the listed notes, the corporation says you can redeem them “at face value” at a financial institution, send them to the Bank of Canada or choose to keep them.
If you do have a collection of old notes, it’s worth double and triple checking what you’ve got as some could be worth as much as $250,000!