It's time to check your sock drawers and piggy banks because if you have a certain rare Canadian bill lying around, you could be a whole lot richer.  

The Bank of Canada announced last week that $1, $2, $25, $500, and $1,000 bills are losing their legal tender status in 2021.

These bills will not lose their value and can be redeemed at any financial institute for face value. 

However, certain banknotes are worth much, much more than face value, according to collector Orest Lawryniw.

"The most valuable one taken out of circulation is the five-hundred-dollar banknote," Lawryniw said to CTV News.

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That one right now is a minimum of $12,000 in poor condition. It could be as much as $250,000.

Orest Lawryniw

The bill in question is the 1935 Canadian $500 banknote, originally printed in both French and English.

According to CoinsandCanada, there were approximately 20,000 English notes printed and only 5,000 French, making the French version much rarer.

In an October 2014 auction, one of the 1935 English $500 banknotes sold for $97,750, says the website.

Talk about inflation! 

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