Time to turn in those $1,000 bills

[speedog]

$1,000, $500, $25, $2 and $1 bills could all become not-legal tender under the proposed 2018 federal budget. What amazes me is that there's still around 740,000 $1,000 bills still out there and then the $25 bill - a commemorative issue from 1935. Reasoning is that many people these days would possibly not recognize these denominations as valid legal tender and as such, would eliminate said confusion. Sure would suck though to have some of the larger denominations stored away and not heed the warnings to get rid of them while they still have their legal tender value.

Link (http://nationalpost.com/news/economy/federal-budget-hey-big-spender-its-time-to-turn-in-those-1000-bills/wcm/4fa3bb3f-3f26-495e-a8f3-dff0efe048bd?google_editors_picks=true) to relative news story.

[Disoblige]

Well, I can see a bunch of old people getting screwed soon.

[dj_rice]

LOL Only one I have for keep sakes out of the bunch is the $2 :cry::cry:

[NoSup4U]

Considering they are collectors items, and some worth more than tender value (or will be), who cares?

The people that kept these bills kept them for a reason, and I highly doubt the numbers they project are out there are even close. A lot of the $1000 bills were probably held by criminals and old people in their mattress, so lost to the trade and time.

[botox]

I don't see anything changing from this cause the link stated Bank of Canada would still honor them at face value, you just can't use them at stores which I don't think is in the plans for someone holding a bill from 1935.

[speedog]

I don't see anything changing from this cause the link stated Bank of Canada would still honor them at face value, you just can't use them at stores which I don't think is in the plans for someone holding a bill from 1935.

The Bank of Canada doesn't deal with the general public though, they deal only with the banks which means the general public will not be able to realize the value held by an affected note after the banks or stores stop accepting them - it's not like you or I can walk down to the local Bank of Canada branch and do some business with them.

The 1935 $25 commemorative note, I'm not sure why the government would even concern itself with that - if anything, include the 50 cent coin in all of this as most people have never seen one and would most definitely question it's authenticity as legal tender.

[botox]

The Bank of Canada doesn't deal with the general public though, they deal only with the banks which means the general public will not be able to realize the value held by an affected note after the banks or stores stop accepting them - it's not like you or I can walk down to the local Bank of Canada branch and do some business with them.

The 1935 $25 commemorative note, I'm not sure why the government would even concern itself with that - if anything, include the 50 cent coin in all of this as most people have never seen one and would most definitely question it's authenticity as legal tender.
Your bank should be able to send them for you or you can send them in yourself. https://www.bankofcanada.ca/banknotes/upcoming-changes-to-legal-tender-status-for-older-bank-notes/

[rage2]

You can't spend the bills, but they're still worth it's face value at the bank. Honestly, I doubt any store would take any of these bills (aside from $1 and $2) anyways seeing as they're so rare. The $1000 bill surely is a collectors item and would never get spent.

Not sure how this saves money either. Weird. Long story short, no need to turn in those $1000's.

[suntan]

Great now what I supposed to snort blow with?

[Xtrema]

What amazes me is that there's still around 740,000 $1,000 bills still out there

That's a easy way to balance the budget. Boom, $740M debt gone.

[Swank]

Great now what I supposed to snort blow with?

You're gonna have to start slumming with the brown bills :cry:

[ercchry]

fuck.... i keep digging holes but just cant find my $1000 bills... :cry:

[J-hop]

You can't spend the bills, but they're still legal tender. You can get face value from them at banks. Honestly, I doubt any store would take any of these bills (aside from $1 and $2) anyways seeing as they're so rare. The $1000 bill surely is a collectors item and would never get spent.

Not sure how this saves money either. Weird. Long story short, no need to turn in those $1000's.


This, I could take one my $2 bills and get it changed at the bank right now. Or sell it to some collector for more.

I would personally hold on to $1000 bills if I had them. I bet you could do half decent 5 years down the road when collectors are looking for them

[ZenOps]

The USA also printed a whole bunch of $2 bills, but you more often then not get in trouble for using them.

$1,000 bills are very useful for shadow banking inside of legit banks. Anyone who has ever watched Breaking Bad will immediately know how it works.

BTW: The history of the Canadian dollar compared to the US dollar is a fave subject of mine.

ouc4P5phs00

It really wasn't *all* that long ago that the $2 US bill was the maximum denomination, only used for bribes, prostitutes and other high priced items (totally believe it) Canada never used gold as a circulating dollar, but the US most definitely did in many hand to hand transactions.

If you want a modern rarity, the US $1 coin is probably right up there - Sacagawea.

https://en.wikipedia.org/wiki/Sacagawea_dollar

[rage2]

I would personally hold on to $1000 bills if I had them. I bet you could do half decent 5 years down the road when collectors are looking for them
First off, I got the terms wrong, the bills will no longer be legal tender, which means there is no legal obligation to take it in. The banks will still exchange it at face value. This brings up an interesting loophole when it comes to collecting. Even though there's 750k of $1000's out in circulation, I'll bet only a small number of them are with collectors ($1000's are mainly used for easy laundering), so demand will exceed supply when it comes to collectors. This would no doubt bring in counterfeiters to balance the supply, which for non currency experts, pretty easy to fool. You can't really validate it so it's an easy scam. Not only that, because it's no longer legal tender, it's not classified as counterfeiting under Canadian laws.

http://laws-lois.justice.gc.ca/eng/acts/C-46/page-93.html

448a defines counterfeit money as:

counterfeit money includes
(a) a false coin or false paper money that resembles or is apparently intended to resemble or pass for a current coin or current paper money,

Since it's no longer current, this law no longer applies. There's a case for fraud depending on how it's advertised for sale, but the punishment is a slap on the wrist compared to counterfeiting money.

[zhao]

Great now what I supposed to snort blow with?

https://upload.wikimedia.org/wikipedia/commons/8/8b/10000-1f.jpg

[J-hop]

First off, I got the terms wrong, the bills will no longer be legal tender, which means there is no legal obligation to take it in. The banks will still exchange it at face value. This brings up an interesting loophole when it comes to collecting. Even though there's 750k of $1000's out in circulation, I'll bet only a small number of them are with collectors ($1000's are mainly used for easy laundering), so demand will exceed supply when it comes to collectors. This would no doubt bring in counterfeiters to balance the supply, which for non currency experts, pretty easy to fool. You can't really validate it so it's an easy scam. Not only that, because it's no longer legal tender, it's not classified as counterfeiting under Canadian laws.

http://laws-lois.justice.gc.ca/eng/acts/C-46/page-93.html

448a defines counterfeit money as:


Since it's no longer current, this law no longer applies. There's a case for fraud depending on how it's advertised for sale, but the punishment is a slap on the wrist compared to counterfeiting money.

I would sure as hell hope a collector spending over $1000 on a piece of paper would go through the process of authenticating it. But I guess “smart” people have bought fake artwork for much more!

[firebane]

Most people have never even seen a $1000 dollar bill and most millennials don't even know what a $1 or $2 bill looks like.

I was surprised about the $25 bill though.

[speedog]

81358

81359

Worth anywhere from $1,000 to $8,000 or more.

[speedog]

That's a easy way to balance the budget. Boom, $740M debt gone.

You are bang on, it erases a large amount of liability from the Bank of Canada's books.

[rage2]

You are bang on, it erases a large amount of liability from the Bank of Canada's books.
No, you can still turn them in for face value at the bank.

[J-hop]

No, you can still turn them in for face value at the bank.

Deaf ears man. Hahaha holy crap. I’ll try a bit louder.

YOU CAN STILL EXCHANGE A $1000 BILL AT THE BANK FOR $1000, YOU DONT JUST LOSE $1000

[speedog]

No, you can still turn them in for face value at the bank.

For now but there indications that the Bank of Canada may stop accepting them as well at some point.

[J-hop]

For now but there indications that the Bank of Canada may stop accepting them as well at some point.

Where are you reading this? I’ve seen no indications. The fact you can still exchange $1 bills (phased out 29 years ago) tells me you’ve got nothing to worry about.

[davidI]

This is the whole problem with society.

A budget comes out with a ~$20 billion deficit, at what is likely the top of an economic cycle, and people are distracted by some paragraph about the government trying to exchange bills from the 1930s when they should be raising pitchforks and torches outside of parliament.

[rage2]

For now but there indications that the Bank of Canada may stop accepting them as well at some point.

What if I have these bills?

Don’t panic. The Bank of Canada says it’s important to note that removing legal tender status “does not mean these notes will lose their face value.”

If and when the government is granted the new power, the bank says it will provide clear instructions to Canadians on how to redeem the affected notes.


Where are you reading this? I’ve seen no indications. The fact you can still exchange $1 bills (phased out 29 years ago) tells me you’ve got nothing to worry about.
This.

[ZenOps]

They still take pennies. Still surprises me how small a $1000 box of loonies or toonies is though, especially considering they are just $14 per ton iron slugs with a nickel coating.

[speedog]

They still take pennies. Still surprises me how small a $1000 box of loonies or toonies is though, especially considering they are just $14 per ton iron slugs with a nickel coating.

There's probably a number of things that still surprise you.