Some older Canadian currency will have its legal status removed at the start of the new year(. (Photo courtesy of Pixabay.com)

Bank of Canada puts the boots to old bills

$1 and $2, $25 to $500 and $1,000 lose cash value Jan. 1, 2021

They could be securely stored in a safety deposit box at the bank, tucked away between a box spring and mattress, or hiding out in a faded envelope in the far corner of a desk or drawer.

Wherever they are, old banknotes ranging from $1 and $2, $25 to $500 and $1,000 are, as of Jan. 1, 2021, those bills will no longer have legal tender status.

According to a release from the Bank of Canada, the decision was made and approved by Parliament in 2018, in accordance with the Bank of Canada Act and Currency Act.

“Most Canadians will not be affected because the bank notes targeted in the announcement have not been produced in decades and are rarely used in transactions,” the release notes. “More importantly, these banknotes will not lose their value. Canadians can redeem them at face value or decide to keep them.”

READ ALSO: B.C. non-profit has $150 million of unclaimed cash & cheques. Does some belong to you?

Those who wish to redeem their banknotes can do so easily at their financial institution or send them directly to the Bank of Canada. Supporting this initiative ensures that banknotes used by Canadians are current, in good condition, easy to use, and difficult to counterfeit.

One dollar banknotes were replaced by loonies in 1989, and $2 bills gave way to toonies in 1996.

The $25 bill was a commemorative note and was discontinued along with the $500 bill shortly after they were issued in 1935. The Bank of Canada stopped issuing $1,000 bills in 2000.

It is worth noting, however, that some rarer bills may be worth significantly more to collectors.

rick.stiebel@goldstreamgazette.com

Follow us on Twitter and Instagram, and like us on Facebook.

Currency

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

(Black Press Media file photo)
Blue-green algae bloom confirmed in Elk Lake, water-based activities not recommended

Blue-green algae can be lethal to dogs, cause health issues for humans

Victoria police arrested a man Jan. 15 after he rammed his minivan into an occupied police vehicle. (Black Press Media file photo)
Victoria man arrested for ramming minivan into occupied police vehicle

Man caught after fleeing, crashing into cement retaining wall

A fire sparked at an encampment between the Pat Bay Highway and McKenzie Avenue early Thursday morning. (Devon Bidal/News Staff)
Residents of Pat Bay Highway encampment to be relocated after early morning fire, site secured for clean up

Eviction notice issued in 2020, not enforced to allow BC Housing to connect with campers

Mayor Rob Martin and Costa Canna president Phil Floucault cut the ribbon on Colwood’s first cannabis retail store. (Jane Skrypnek/News Staff)
Cowichan Tribes’ Costa Canna cannabis store opens in Colwood

Cowichan Tribes has one-year deal to grow, sell cannabis

Trish and Steve Connor of Deep Cove are stoking a friendly competition among neighbourhoods with the help of NextDoor app to help raise money for the Saanich Peninsula Lions Food Bank. (Wolf Depner/News Staff)
North Saanich entrepeneurs issue online challenge to help local food bank

Trish and Chris Connor use NextDoor app to raise funds for Saanich Lions Peninsula Food Bank

Keith the curious kitten is seen on Nov. 4, 2020 at the Chilliwack SPCA. Friday, Jan. 22, 2021 is Answer Your Cat’s Questions Day. (Jenna Hauck/ Chilliwack Progress file)
Unofficial holidays: Here’s what people are celebrating for the week of Jan. 17 to 23

Answer Your Cat’s Questions Day, Pie Day and International Sweatpants Day are all coming up this week

JaHyung Lee, “Canada’s oldest senior” at 110 years old, received his first dose of the COVID-19 vaccine on Thursday, Jan. 14, 2021. He lives at Amenida Seniors Community in Newton. (Submitted photo: Amenida Seniors Community)
A unique-looking deer has been visiting a Nanoose Bay property with its mother. (Frieda Van der Ree photo)
A deer with 3 ears? Unique animal routinely visits B.C. property

Experts say interesting look may be result of an injury rather than an odd birth defect

Terry David Mulligan. (Submitted photo)
Podcast: Interview with longtime actor/broadcaster and B.C. resident Terry David Mulligan

Podcast: Talk includes TDM’s RCMP career, radio, TV, wine, Janis Joplin and much more

Seasonal influenza vaccine is administered starting each fall in B.C. and around the world. (Langley Advance Times)
After 30,000 tests, influenza virtually nowhere to be found in B.C.

COVID-19 precautions have eliminated seasonal infection

Chief public health officer Dr. Theresa Tam provides an update on the COVID-19 pandemic in Ottawa on Friday, Jan. 8, 2021. THE CANADIAN PRESS/Sean Kilpatrick
Canada’s top doctor says to avoid non-essential travel as B.C. explores legal options

Premier John Horgan says he is seeking legal advice on whether it can limit interprovincial travel

Lilly and Poppy, two cats owned by Kalmar Cat Hotel ownder Donna Goodenough, both have cerebellAr hypoplasia, a genetic neurological condition that affects their ability to control their muscles and bones. Photo by Alistair Taylor – Campbell River Mirror
VIDEO: Wobbly Cats a riot of flailing legs and paws but bundles of love and joy to their owner

Woman urges others to not fear adopting cats with disabilities

Martin Luther King Jr. addresses the crowd during the march on Washington, D.C., in August of 1963. Courtesy photo
Government reinforces importance of anti-racism act on Black Shirt Day

B.C. Ministers say education “a powerful tool” in the fight for equity and equality

A northern resident killer whale shows injuries sustained by a collision with a vessel in B.C. waters. (Photo supplied by Ocean Wise Conservation Association)
Coast Guard ramps up protections for B.C. whales

First-ever Marine Mammal Desk will enhance cetacean reporting and enforcement

Most Read