If you’re a collector of odd denominations of bills, we’ve got some bad news for you. Come 2021, $1, $2, $25, $500, and $1000 Canadian bills will lose their legal tender status. The good news is, you can spend them before then and they’ll still work!
As of January 1st, 2021, these rarely-used bills will no longer hold their purchase value. But, if you happen to have a $500 bill or even a $25 bill you may actually find collectors willing to buy them for thousands of dollars a piece.
As of January 1, 2021, you may not be able to use some older bank notes in transactions. Learn which ones here:https://t.co/VxUaMoQoO9
— Bank of Canada (@bankofcanada) November 23, 2020
Now, if you’re not spending these bills, you can also take them to your local financial institution or send them to the Bank of Canada to redeem their value. That’s probably the smart move with the $1 and $2 bills, but we’d recommend seeing what those rarer ones fetch on the online market.
Obviously, most of us don’t have many, if any, of these old Canadian bills kicking around. But maybe ask your grandparents or that weird great uncle of yours, you might get lucky!
For more information on these Canadian bills losing their legal tender status, or to see where you should send your cash, just click here.