• Login/ out
  • My Account
  • Register

Top Menu
Shop Menu

  • HOME
  • SHOP
    • Deal of the Day
    • Blowout Specials
    • Unique Deals
    • Deals on Decimal & Paper Money
    • Royal Canadian Mint
    • Just Released Products
    • Auction
    • Gold, Silver & Copper Bullion
    • Canada Decimal Coins
    • Canada Rolls 1960 to Date
    • Canada Paper Money
    • Maritime Coins & Bank Tokens
    • Perth & New Zealand Mints
    • United States Decimal & Sets
    • World Coins and Paper Money
    • Coin Supplies
    • Mega Specials
    • Gift Ideas
    • Our Ebay
  • SELL TO US
  • AUCTION
    • Consign with us
  • CONTACT US
    • Shipping Information
    • Privacy Policy
    • Terms of Sale
    • FAQ
  • MEET OUR TEAM
    • History
  • COLLECTORS CORNER
  • BULLION CORNER
  • Deal of the Day
  • Blowout Specials
  • Unique Deals
  • Deals on Decimal & Paper Money
  • Royal Canadian Mint
  • Just Released Products
  • Auction
  • Gold, Silver & Copper Bullion
  • Canada Decimal Coins
  • Canada Rolls 1960 to Date
  • Canada Paper Money
  • Maritime Coins & Bank Tokens
  • Perth & New Zealand Mints
  • United States Decimal & Sets
  • World Coins and Paper Money
  • Coin Supplies
  • Mega Specials
  • Gift Ideas
  • Our Ebay
  • Bullion Corner

  • HOME
  • SHOP
    • Deal of the Day
    • Blowout Specials
    • Unique Deals
    • Deals on Decimal & Paper Money
    • Royal Canadian Mint
    • Just Released Products
    • Auction
    • Gold, Silver & Copper Bullion
    • Canada Decimal Coins
    • Canada Rolls 1960 to Date
    • Canada Paper Money
    • Maritime Coins & Bank Tokens
    • Perth & New Zealand Mints
    • United States Decimal & Sets
    • World Coins and Paper Money
    • Coin Supplies
    • Mega Specials
    • Gift Ideas
    • Our Ebay
  • SELL TO US
  • AUCTION
    • Consign with us
    • Current Auction
    • Featured Items
  • INFO
    • Canada’s 150th
    • Contact Us
    • Shipping Information
    • Privacy Policy
    • Terms of Sale
    • FAQ
    • Days Closed
  • About Us
    • History
    • MEET OUR TEAM
  • COLLECTORS CORNER
  • BULLION CORNER
Contact Us| Login/Out | My Account | New User
 
View Cart
Click for the BBB Business Review of this TBD in Kitchener ON
Shopper Approved | Colonial Acres Coins PayPal | Colonial Acres Coins MasterCard | Colonial Acres Coins Visa | Colonial Acres Coins

What to Do With My Old Canadian Paper Money

July 25, 2022 by Colonial Acres Coins

How To Tell Whether Old Canadian Banknotes Are Valuable

Some denominations of Canada paper money have been discontinued for decades, meaning that at one point, the government stopped making them. However, until recently, they were still considered legal tender, meaning that you could use them for cash transactions. This changed as of 2021 as the government was worried that the old bills lack the security features to prevent counterfeiting that newer bills have.

However, just because these bills are no longer considered legal tender doesn’t mean that they no longer have any value. If you have a collection of old bills, you can send them directly to the Bank of Canada or take them to the financial institution of your choice to redeem them for their face value.

Before you do that, consider that some discontinued bills, as well as some that are just older, may be worth more than their face value. Here are some things to look at to determine how much your Canada paper money may be worth.

Year

One of the most important factors that determine the value of banknotes, as well as coins from the Royal Canadian Mint, is their rarity. By its very nature, paper money is more ephemeral than coins are, so generally speaking, older banknotes are likely to be rarer, and therefore more valuable, than newer ones.

However, there are some years of banknotes that are rarer than others, not only by virtue of being older but because fewer notes may have been produced during that time. These bills are automatically more valuable than more common ones of the same denomination. For example, banknotes from the years 1935 and 1937 are relatively rare and therefore can be valuable.

Condition

Because paper money is made out of relatively flimsy material, bills are likely to become torn, creased, dirty, or otherwise damaged with use. Collectors do not like to buy bills in poor condition unless they are exceptionally rare and valuable. Therefore, the better condition a bill is in, the greater its value is likely to be, generally speaking. Similarly, as the condition worsens, the value decreases as well.

Design

Variations in the design of a bill, which are sometimes made on purpose but are often accidental, make certain bills rarer and therefore more valuable. One of the most infamous examples affecting Canada’s paper money was the infamous “devil’s head” series of bills in 1954. This was the first run of bills printed after Queen Elizabeth II acceded to the throne. The same engraving of her portrait was used to print all the bills. There was a pattern in the hair behind her left ear that gave the impression of a leering face with exaggerated features. The outrage it provoked was so great that the plate was altered to darken that area and remove the face-like pattern. However, now “devil’s head” bills are more valuable, both because of their relative rarity and because of the story behind them.

Another example of the design increasing a bill’s value is the so-called asterisk bills. Some bills have an asterisk, a star or snowflake shape, in front of the serial number. The asterisk denotes a replacement note, and these bills can be worth more money. If you happen to have a “devil’s head” banknote from 1954 that also has the asterisk, it may be worth more than either of those features would be on their own.

Have Canada Paper Money Appraised for Free at Colonial Acres Coins

It would be a shame to turn in old bills to the Bank of Canada for their face value only to find out later that they were worth much more. We can perform an appraisal of your paper money for free when you bring it to Colonial Acres. If it is not worth any more than its face value, we will let you know. If some of your banknotes are worth more, we will tell you what they are worth so you can make an informed decision about them.

Filed Under: Paper Money

SHOP NOW!

Categories

  • Bullion
  • Canadian Coins
  • Coin Supplies
  • Jewelry
  • News
  • Paper Money
  • Royal Canadian Mint
  • Superman Coins
  • Uncategorized
  • World Coins

Blog Archive

  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017

Recent Posts

  • Why Invest in Gold Bullion
  • The Significance Behind the 2022 Peace Dollar Rose Gold Plated Coin
  • Polar Bear $2 Canadian Coin Is the Latest in the “Bigger Picture” Series
  • Learn more About the Royal Canadian Air Force Red Knight Coin
  • Colonial Acres Is Always Buying! Here Are Some Tips When Selling Jewellery
    footer-logo

    991 Victoria Street North
    Kitchener, Ontario, Canada
    N2B 3C7

    Toll Free: 1-888-255-4565

    Tel: 519-579-9302

    Fax: 519-340-1381

    info@colonialacres.com

    MENU

    • Home
    • Sell To Us
    • Auction
    • Collectors Corner
    • Bullion Corner

    ABOUT US

    • History
    • Meet Our Team

    SHOP

    • Royal Canadian Mint
    • Canada Decimal Coins
    • Canada Paper Money
    • Gold, Silver & Copper Bullion
    • Canada Rolls 1960 to Date
    • Deals on Decimal & Paper Money
    • Jewellery

    Read Our Blogs

    STORE HOURS

    Mon - Fri: 9:30am - 4:30pm
    Sat: Click here to see Saturday hours
    Sun: Closed

    MORE INFO

    Contact Us
    Shipping Information
    Terms of Sale
    Privacy Policy

    Facebook Icon | Colonial Acres Coins Click for the BBB Business Review of this TBD in Kitchener ON
    Copyright © 2013 Colonial Acres Coins. All Rights Reserved. Built with Volusion.