Last updated on October 26th, 2018 at 01:17 am
Last Updated on October 26, 2018 Posted by Colonial Acres Coins
The Royal Canadian Mint is one of the most advanced and highly praised minting institutions in the world, and with good reason. Not only is the technologically used some of the most advanced, but it also excels in a number of other ways. For example, at one time, the Mint actually manufactured $1,000 bills, many of which are today still mysteriously present even though they have been out of circulation for nearly two decades. Canadian paper money, in general, exists in countless shapes, designs and forms, but the $1,000 bill today is among the rarest and surely most unusual ones. Here’s everything you need to know about it.
Often referred to as “pinkies” because of their distinctive hue, the obverse of the $1,000 note features a Thiessen-Crow signature combination. It shows a picture of the library in Ottawa and the Centre Block of the Parliament Buildings, alongside a portrait of Queen Elizabeth II. The top-left corner of the note features a security device with the numeral “1000” appearing in it, as well as a Canadian flag flying above the Peace Tower. The reverse, on the other hand, is where you will find a landscape design featuring a grosbeak.
Still in use Despite Being Retired for Almost Two Decades
Close to 950,000 of the notes are still scattered throughout the country, despite having been retired from circulation on May 12, 2000. A mystery in its own right, the whereabouts of nearly $1-million worth of this unique banknotes is not likely to be solved any time soon. The reason for that is the fact that they were withdrawn from circulation for being mostly used in criminal transactions. The paradox is that they remain legal tender even though any $1,000 note deposited at a bank is destroyed. It is believed that it is the criminal elites who still continue to circulate the majority of the missing bills amongst themselves while paying large debts. But, only a small portion of these notes actually manages to bleed off into the legitimate banking system.
The Reason for Their Popularity with Criminals is Obvious
The main reason why high-end gangsters and criminals find high-denomination bank notes popular is very simple – it makes it easy to move large amounts of cash. In other words, it is no secret that every Canadian banknote weighs one gram. This means that payment can often call for a duffle bag, especially when talking about cash deals as big as those conducted by drug rings. For example, it would take 10,000 $100-dollar bills to make a $1-million payment. Such a payment would weigh 10 kilograms, considering the $100 bill is the current highest denomination circulating Canadian note. On the other hand, the payment would weigh as little as 1 kilogram if you were to use $1,000 bills.
Looking for More Interesting Banknotes? Head Down to Colonial Acres Coins
Colonial Acres Coins has been a pioneer in the numismatics industry for more than two decades. It is home to not only the most diverse and interesting coin pieces but also Canadian paper money specimens that are equally, if not more intriguing. Additionally, Colonial Acres is where you’ll find no shortage of expert knowledge and information on pretty much any coin piece or banknote imaginable. Head down to Colonial Acres today and enrich your collection with truly remarkable pieces.