Use Your Old Dollar Bills If You Still Have Them!
Do you still have old paper bills? We’re talking the $1, $2, $25, $500 or $1000? Then you have until the end of the year to use them before merchants don’t have to accept them!
“The Bank of Canada (BoC) issued a reminder on Thursday that hundreds of millions of $1, $2, $25, $500, and $1,000 bank notes will have their legal tender status removed as of Jan. 1, 2021. However, the bank says the decision to remove legal tender status from these bills will have little impact on the majority of Canadians.”
Most people won’t even notice this as these particular bank notes haven’t even been produced in DECADES! I didn’t even know there was a $25 note!
But this status change doesn’t mean these bills are suddenly worthless – you could still bring them to your own bank or go to the BOC to get their full face value.
You might want to hang on them as a souvenirs though or they could even end up making you more money as some of the rarer ones could be attractive to collectors!
“The $500 bill is one of the rarer bank notes, and with just over three dozen of the bills in existence, they are extremely hard to come by. The value of one bill can range from $20,000 to $60,000 depending on its condition,
The $1 and the $2 notes stopped being issued in 1989 and 1996, respectively, and were replaced with the loonie and toonie. Five versions were produced of these bills before they were taken out of circulation.”