Canada demonetizes $1 $2 banknotes (and $1000, if it mattered..)

I was at my local coin store today and saw a sign announcing this, as of January 1..
Bank of Canada link

Is this old news and I just missed it? There wasn't any mention of it on Wikipedia's page for Canada's banknotes - withdrawn from circulation, yes, but not outright demonetization..

I have a bunch of the $1 and $2 bills, different series, that I was using for trades - but they are pretty ratty, I think I'll just turn them in.. As for my $1000 notes, they are in pristine shape, I had to weigh the pros and cons of turning them in..... and then I woke up..

Quote: "darcyrmt"​I was at my local coin store today and saw a sign announcing this, as of January 1..
​Bank of Canada link
​
​Is this old news and I just missed it? There wasn't any mention of it on Wikipedia's page for Canada's banknotes - withdrawn from circulation, yes, but not outright demonetization..
​
​I have a bunch of the $1 and $2 bills, different series, that I was using for trades - but they are pretty ratty, I think I'll just turn them in.. As for my $1000 notes, they are in pristine shape, I had to weigh the pros and cons of turning them in..... and then I woke up..
​
​

​Yes, this has been in the media for some time. With all the doom & gloom surrounding the pandemic it is no wonder it may have flew under your radar. However, the denominations you mentioned are NOT being "demonetized."

They have lost their "legal tender status" which is a whole different kettle of fish. What that simply means is that no retail outlet must accept them as cash. You can still send them to the BOC in 2021 & get some value for them (there may be a service charge- I don't know). Bottom line is that the BOC will accept these (provided they're not bogus of course). Right till Dec 31st (& possibly beyond) the chartered banks MAY accept them & likely will accept the $1 & $2 b/c they're easy to accept, whereas the $1000 may be a bit trickier. Credit Unions might be less flexible. If the $1 & $2 are pretty ratty then I would advise you to turn them in but might be wise to check their serial numbers/signatures to be sure they have little collectors' value. Check out coinsandcanada

What series are your $1000 banknotes? Are they from the BIRD series (purple grosbeak on reverse?) or from 1954? LMK the serial # plus prefix & signatures & I can advise you whether they're worth hanging onto (or trying to sell).

(IMO: the $1000 denomination is not a very collectible banknote unless it has some collectible feature -like it's a replacement or from the original Devil Face Series or limited signature combo of the 1954 & prior).

Hi, thanks for clarifying, that is exactly what the website said - unfortunately the sign at the LCS said “demonetized” specifically, 🙄
I checked the serial numbers with that site quite some time ago, unfortunately nothing special, so I’ll turn them in. And as for $1000 bills, I was trying to say I had them, but only in my dreams.. 😉. Sigh.
I’ve seen in your posts that you are MUCH more the banknote collector than me, and you’ve known about this for a while. Has this made you change anything with your collection?

"Has this made you change anything with your collection?"
- not really. I stopped collecting $50 & up in denomination (for CDN) simply because I wanted to focus on better notes & smaller denominations. A while back, I used to cull (or sell) many portions of my collection which were too circulated or didn't fit the scope of my collection. Later on, I realized that higher denominations ($100 & $1000) cost too much to sell (with high seller fees) so they're just not worth the money (IMO). Collectors from other forums kept posting this sentiment & it finally hit home for me.

A few years ago I bought a large collection of Multicoloured (for FV) worth about $1000 in order to buy a very scarce collectible 1972 banknote (it was part of the deal). It left me with a number of $50 and far too many common $1 & $2 in EF-AU condition. I took the Fifties to the bank (they had stains, tears & graffiti) and I managed to sell many of the $1, $2 for marginally above FV through private sales on CPMF. I have also kept a small number of the remaining Fives & Tens which can be swapped or sold down the line.

If your Ones or Twos have any firmness and are clean (not too dirty) then it wouldn't cost you much to hang onto them and either trade them (or even give them as gifts) in the future. Another collector from CPMF ("Dean") has taken advantage of the BOC's move to cease Legal Tender Status on the above denominations & has got quite a few old notes at the branches he visits. Great way to start a collection for FV (if you don't mind circulated notes) IMO.

Maybe they'll have a nice $50 like the ones you had, my two favourite pictures for notes are the Musical Ride, and the Valley of the Ten Peaks on the paper $20's - I have an UNC P-93c that I'll always keep.
This past summer, I went to the Valley for the first time ever, just to get that same beautiful picture (can't believe it took so long, I'm only a 5 hr drive away..). AAAAAAAAND it rained

The picture I wanted vs. the picture I got.. oh well, I don't think they are going anywhere, I can try again.

"Maybe they'll have a nice $50 like the ones you had, my two favourite pictures for notes are the Musical Ride,.."
- I believe that's why he's out there plugging away at his local branches trying to retrieve whatever he can (It's called the mutilation pile/or notes to be sent back to H.O.) but he's also got a couple higher grade $1000 (from the Birds Series).

I really liked my C-B EHX $50 (the RCMP formation the reverse) & it was tough to sell but once you set some goal posts -it eventually helps your collection (IMO).

Great photos BTW. I lived in Vancouver for 2 years and drove through the mountains to visit my brother living in Edmonton so I appreciate the beauty of the drive you referred to. I also know how unpredictable the weather can be as we were stopped on the way back due to an avalanche near Golden, BC.

Speaking of Lake Moraine, this was the note I bought after I sold my $100 & $50 from the Multicolour series:

Yes, the first photo is great, can’t claim it as mine though - just a stock photo from the net. That’s what I was hoping to see.

The 2nd photo (the one you took) has its own kind of beauty too. If you've been through the rockies it brings back memories equally well as the picture postcard (1st photo). That's what so breathtaking about nature (it's many faces).