If you have stashed away Canadian bills under your mattress for a rainy day you better get them ASAP. The Bank of Canada (BoC) have issued a warning that certain Canadian bills will be worthless when the clock strikes midnight December 31, 2020.
That being said the bills that will be worthless in any transaction other than coin collecting are: $1, $2, $25, $500 and the $1,000 note that has not been printed for decades.
One piece of advice is if they are in exceptional condition call a coin dealer they might be worth more than face value. For example the $500 Canadian note could be worth well over $50,000. The $25 Canadian note was released in 1935 and as of last year it was estimated that there were only 40 left in circulation. Also the $25 Canadian note has an estimated circulation of over 1,800 at the moment.
For as the most common notes saved the $1, $2 and $1,000 Canadian notes are pretty much worth face value unless they are in uncirculated condition. For example a $1,000 uncirculated note is worth around $1,200 to $1,300. Uncirculated means mint, no creases, folds, pen marks or crumpled in anyway.
The reason for the BoC removing these notes as legal tender is they are very rarely used in todays world. A spokeman from the Bank of Canada said, “It is very important for Canadians to understand that these notes will not lose their value, The Bank of Canada will continue to honour them.”
The notes that are in circulation now are the $5, $10, $20 and $100 bills. The $5 Canadian dollar bill is going under a redesign as we speak.