This Rare Canadian Banknote Is Apparently Worth Up To $250K

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.

At the start of 2021, $1, $2, $25, $500, and $1,000 bills officially lost their legal tender status.

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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According to the collector, "that one right now is a minimum of $12,000 in poor condition. It could be as much as $250,000."

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

According to Coins and Canada, 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!