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 Smaller denominations have been replaced by coins, and larger ones are felt to be no longer required in an era of electronic transmission of most large transactions. These defunct denominations are said to be withdrawn from circulation.
Although currency withdrawn from circulation is still legal tender, it is disposed of by the Bank of Canada when returned to them.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], most 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 Withdrawn currency is usually exchanged at commercial bank branches, though some banks require that exchangers be bank customers, and then the bank presents the withdrawn currency to the Bank of Canada together with worn-out currency in the normal course of business.
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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25 cent bill
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.
$4 bill
In 1871, the Dominion of Canada began issuing $4 bills. The last was issued in 1902 & withdrawal began in 1912 when they were replaced with $5 bills.
$25 bill
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.
$500 bill
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 his wife Queen Mary, and one in 1911 picturing Mary alone. Of the latter, only three are known to still exist, one of which recently (October 2008) sold for US$322,000 at auction. It is unlikely that further 1911 notes survived the Depression.
$1 bill
The $1 bill ceased printing 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 & black. The front featured a portrait of the Queen; the back featured an image of Parliament Hill from across the Ottawa River, with logging activities taking place on the water.
$2 bill
Printing of the $2 bill ceased on February 18th 1996, 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 there are $10 notes in circulation.[1]
The most recent banknote series that included the $2 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 the Queen; the back featured a meadow scene with two robins. Unlike the U.S. $2 note, 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.
$1,000 bill
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. The bills were nicknamed "pinkies" due to their colour and association with organized crime.[2] One person could easily carry $1,000,000 in $1,000 bills. The Bank of Canada has requested that financial institutions return $1,000 bills for destruction.[3]
The final version of the bill was released in 1992 & was reddish-purple in colour. The front featured a portrait of the Queen; the back featured a winter scene with 2 Pine Grosbeaks. As demand was low, the $1000 note was not produced in the 1969-79 series; the 1954 series continued to be issued instead.
References
- ^ CBC News Interactive: Canadian bills in circulation
- ^ "Bank of Canada kills $1000 bill". CBC News. 2000-09-26. http://www.cbc.ca/money/story/2000/05/08/1000bill000508.html. Retrieved 2007-06-10.
- ^ "Bank of Canada to Stop Issuing $1000 Note". Bank of Canada. 2000-05-08. http://www.bankofcanada.ca/en/press/2000/pr00-8.html. Retrieved 2007-07-27.
External links
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