Thursday, December 10, 2020

Many Canadian Banknotes Going Bye-Bye After December 31.

2020 has been quite a year.  In addition to everything else. it's a mark of an end of an era as it will lead for the first time to the end of many Canadian banknotes as legal tender.

The Bank of Canada: Upcoming changes to legal tender status for older bank notes

The Canadian government effective January1, 2021 is pulling the legal tender states of the  $1, $2, $25, $500 and $1,000 notes.

The 1,000 dollar note was such a pretty rose color:

Never had one myself, but saw someone once deposit them ahead of me when I was in line, and I was rather impressed when he coolly deposited a stack of them having never seen them before.

This puts my "In Case of Financial Emergency, Break Glass" plan in jeopardy:

All the notes will, at least for now, not lose their value. But, holders will not be able to spend them anywhere they wish, but will need to tender them to the Bank of Canada or other banks that may accept them to get them changed into legal tender.