Last updated on April 15th, 2020 at 07:22 am
Last Updated on April 15, 2020 Posted by Colonial Acres Coins
The Bank of Canada plans to push older currency out of circulation for good. This means that $1, $2, $25, $500 and $1,000 notes will no longer be used for paying debts, or in other words, for commercial transactions. These notes of Canadian paper money will no longer be legal tender for a number of reasons. It will help the Bank of Canada ensure that the bank notes that remain in circulation and are subsequently used by Canadians are:
- Difficult to counterfeit
- Easy to use
- In good condition
What is the Main Reason Behind the Paper Money Phase Out?
Counterfeiting is a major problem that exists with the older large notes and modern polymer bills are much more difficult to reproduce successfully. Polymer bills also include a number of security features that would have been unheard of in the past, during the printing of the old bills. The change will have little to no impact on most Canadians due the rarity of use of the bills in question. As a matter of fact, the more obscure ones have become valuable collectors’ items and might not be recognized by most cashiers. That said, there are plenty of the older bills still circulating – their total value is estimated by the central bank to be over $1.1B.
Should You be Worried?
It is important to keep in mind that there’s really no need to worry that your old money will become worthless. This is because even though the government may strip the legal tender status off of certain old non-circulating issues, the Bank of Canada will still accept the notes at face value – at least for a time. How does this benefit you? Well, you may already be richer than you know, which is why you’d be wise to stop and think before you go running to the bank. This is because the collector value of old bank notes is a strong market and many notes will actually sell for high premiums above their monetary face value.
What to do if You Have These Notes? Simply Head on Down to Colonial Acres Coins
The simple answer is – go down to Colonial Acres Coins. The trusted and expert team of professional numismatists that calls Colonial Acres Coins home offers free appraisals. The reason why Colonial is such a good choice is because it offers to buy your old notes at top dollar thanks to its competitive buy rates. Before you dash off to your local bank in order to have your old notes honoured with the equivalent amount in legal-tender currency, simply swing by Colonial Acres coins first and find out whether or not you actually have some hidden treasures in old banknotes. While you’re there, check out Colonial’s amazing offer of Canadian paper money and valuable coin pieces that might feel right at home in your collection. Colonial Acres Coins is your one-stop-shop for honest appraisals and interesting monetary pieces alike, so head down to Colonial today and get top value for your items.