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As of 1 January 2021, the $1, $2, $25, $500 and $1,000 bills from every Bank of Canada series are no longer legal tender. [24] Despite the introduction of new notes, older notes are still in use. + Two varieties were printed, the first with conventional serial numbers , the second with the double date "1867–1967" appearing twice instead.
On February 27, 2018, the Government of Canada announced in their 2018 Federal Budget that there are plans to make all withdrawn banknotes no longer legal tender. If passed into law, these notes will still retain face value and may still be redeemed at banks in exchange for current banknotes. [ 9 ]
United States banknotes issued at any date remain legal tender even after they are withdrawn from circulation. Canadian 1- and 2-dollar bills remain legal tender even if they have been withdrawn and replaced by coins, but Canadian $1,000 bills remain legal tender even if they are removed from circulation as they arrive at a bank.
As of January 1, 2021, the $1, $2, $25, $500 and $1000 notes issued by the Bank of Canada are no longer legal tender. [25] All other Canadian dollar banknotes issued by the Bank of Canada remain as legal tender in Canada. However, commercial transactions may legally be settled in any manner agreed by the parties involved. Legal tender of ...
When "Spocking" surged in 2015 following Nimoy's death, the Bank reminded people that, while the practice is not illegal and the notes remain legal tender and "a symbol of our country and a source of national pride", defacing the bill could damage its security features and lead retailers to refuse them. [7]
Under Section 25, these notes (known as legal tender) could be converted to gold at the head office in Ottawa, in the form of bars containing approximately four hundred ounces of gold. [7] The bank continues in the current Act to be the sole institution to issue notes. The bank must provide an adequate supply as required for circulation in ...
Canadian banks have also sucked up significant losses from its acquisitions. In the late 1990s and early 2000s, RBC bought a North Carolina bank called Centura Banks Inc. and tried valiantly to ...
Following the return to the gold standard, British and United States gold coins, government of Canada notes, and Canadian coins were legal tender. Bank notes ceased to be legal tender. However, the return was short-lived. Britain went off the gold standard in September 1931, during the depths of the Great Depression. Canada followed suit by ...