Among Canadian currency, only five different banknotes are currently printed. Smaller denominations have been replaced by coins, and larger ones are felt to be no longer required in an era of electronic transmission of most large transactions. These defunct denominations are said to be withdrawn from circulation.
Although currency withdrawn from circulation is still legal tender, it is disposed of by the Bank of Canada when returned to them. As of 2009[update], pre-2004 notes have largely disappeared from circulation. Despite this, some collectors still actively search for and value these notes either for their personal collections or for realizing future profits. Withdrawn currency is usually exchanged at commercial bank branches, though some banks require that exchangers be bank customers, and then the bank presents the withdrawn currency to the Bank of Canada together with worn-out currency in the normal course of business.
As of December 31, 2008, The total value of discontinued denominations still outstanding is more than $1.5 billion, with more than $1.1 billion of that amount in $1,000 notes.[1] A liability for this amount remains on the Bank of Canada's books up to the present day.
Other denominations have been printed by the Bank of Canada since it was given sole authority over paper currency in 1935; listed below are the denominations they no longer produce.
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In 1870, in an effort to combat an influx of lesser-valued American currency, the Dominion of Canada issued a 25-cent bill (commonly known as a "shinplaster"). This was intended as a temporary measure; however, these bills were reissued in 1900 and 1923. They were recalled by the then newly-formed Bank of Canada in 1935.
In 1882, the Dominion of Canada began issuing $4 bills. The last was issued in 1902, and withdrawal began in 1912 when they were replaced with $5 bills.
In 1935, the Bank of Canada commemorated the silver jubilee of King George V with a special $25 note. As with other bills of the period, a version in each language was printed. This was a limited release that was never printed in large quantities.
The bill was coloured an appropriate royal purple; both the King & his consort Queen Mary were featured, with Windsor Castle appearing on the back.
In its first banknote issue in 1935, the Bank of Canada printed a $500 bill. As with the $1000 bill, the $500 bill had two versions: one in English, one in French. No bill of this denomination has been printed since.
The bill was coloured sepia, or burnt sienna; the front featured Sir John A. Macdonald, and the back depicted a fertility allegory.
There had been two previous printings of the $500 bill by the Dominion of Canada, one in 1925 featuring King George V, and one in 1911 picturing Queen Mary. Of the latter, only three are known to still exist, one of which sold for US$322,000 in a Heritage auction in October 2008.[2] It is unlikely that further 1911 notes survived the Depression.
Printing of the $1 bill ceased in 1989 after the release of the loonie (in 1987) had been successful. These bills are virtually never seen in circulation today.
The most recent banknote series that included the $1 note was the 1969-1979 Series, "Scenes of Canada", with the $1 note released in 1974, coloured green and black. The front featured a portrait of the Queen; the back featured an image of Parliament Hill from across the Ottawa River, with log driving activities taking place on the water.
Printing of the $2 bill ceased on February 18, 1997, with the release of the toonie, a coin that replaced it. These bills are virtually never seen in general circulation today, although there are many still being collected or otherwise held on to, since there are 109,271,483 notes that have not been returned to the Bank of Canada (as of 2006), which is more than the total number of $10 notes in circulation.[3]
The most recent banknote series that included the two-dollar note was released in 1986 (the "Birds of Canada" series), in which the two was a terra cotta colour. The front featured a portrait of Queen Elizabeth II; the back featured a meadow scene with two robins. The $2 bill from the "Birds of Canada" series (1986) was widely circulated, especially after the $1 note was withdrawn. The bill is also noted for being frequently used as the sole visible currency in the TV show The Kids in the Hall, generally to humorous effect.
The printing of $1,000 bills ceased in 2000. The denomination was withdrawn on the advice of the Solicitor General and the Royal Canadian Mounted Police (RCMP), as it was often used for money laundering.[4] The Bank of Canada has requested that financial institutions return $1,000 bills for destruction.[5]
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