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The current five denominations—$5, $10, $20, $50 and $100—will not be affected at this time, but the government may decide to remove legal tender status from older series versions of these denominations in the future. [10] As of January 1, 2021, the $1, $2, $25, $500 and $1,000 bills from every series are no longer legal tender. [2]
United States banknotes issued at any date remain legal tender even after they are withdrawn from circulation. Canadian 1- and 2-dollar bills remain legal tender even if they have been withdrawn and replaced by coins, but Canadian $1,000 bills remain legal tender even if they are removed from circulation as they arrive at a bank.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 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.
The Royal Canadian Mint stopped producing 1¢ coins in May 2012, and in February 2013 the Bank of Canada stopped distributing them, but the coins remain legal tender. Cash transactions are rounded to the nearest 5¢, while non-cash transactions (using cheques, credit cards, or debit cards) will continue to be rounded to the nearest 1¢.
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.
According to the Royal Canadian Mint, the official term for the coin is the one-cent piece, but in practice the terms penny and cent predominate. [citation needed] Penny was likely readily adopted because the previous coinage in Canada (up to 1858) was the British monetary system, where Canada used British pounds, shillings, and pence as coinage alongside U.S. decimal coins.
The Canadian Silver Maple Leaf is a silver bullion coin that is issued annually by the Government of Canada since 1988. It is produced by the Royal Canadian Mint. The Silver Maple Leaf is legal tender. The face value is 5 Canadian dollars. The market value of the metal varies, depending on the spot price of silver.
The Canadian Gold Maple Leaf (GML; French: Feuille d'érable en or canadienne) is a gold bullion coin that is issued annually by the Government of Canada. It is produced by the Royal Canadian Mint. The Gold Maple Leaf is legal tender with a face value of 50 Canadian dollars. The market value of the metal varies, depending on the spot price of gold.