There is a line ln the 2018 Federal Budget that shows the Government is planning to strip legal tender status from outdated Canadian bank notes, so $1, $2, $25, $500 and $1,000 bills will no longer be valid in cash transactions.
The Bank of Canada says it will accept any of the outdated bills at face value, but there’s more money to be made by selling the rarer bills to collectors.
The $500 bill is perhaps the Holy Grail for Canadian currency aficionados. With just over three dozen of the bills in existence, they are extremely hard to come by – and extremely expensive to acquire. The value of one bill can range from $20,000 to $60,000, according to the website Canada Currency.
Other rare bank notes, such as the $25 bill, can also fetch tens of thousands of dollars at auction.
The BoC’s last count of affected bills in circulation, from the end of last year, is as follows:
- $1 bill: 151,614,000
- $2 bill: 104,232,000
- $25 bill: 1,840
- $500 bill: 40
- $1,000 bill: 741,638
Source: CTV News