Value of Cdn Banknotes losing legal tender status

General discussions about canadian banknnotes.
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jeffchan
Posts: 1
Joined: Sun Nov 22, 2020 8:21 pm

Value of Cdn Banknotes losing legal tender status

Post by jeffchan » Tue Nov 24, 2020 8:50 am

Hello,
Does anyone have any idea if the loss of official legal tender status for the stated Cdn banknotes will affect the value of the notes? I have a few $1 and $2...consecutive uncirc and replacement notes mainly and just wondering about this. Thanks.

troubadour
Posts: 294
Joined: Thu Nov 24, 2016 3:46 pm

Re: Value of Cdn Banknotes losing legal tender status

Post by troubadour » Tue Nov 24, 2020 9:08 am

most people will keep their low denominations old banknotes. some including $1,000 notes will be returned to Bank of Canada or will hit the numismatic market, but not enough to affect the value.

GBELEC
Posts: 152
Joined: Tue Jun 25, 2019 8:01 pm

Re: Value of Cdn Banknotes losing legal tender status

Post by GBELEC » Tue Nov 24, 2020 9:09 am

I hope you get more replies to this question in case I'm wrong but i believe your bank notes will always hold face vale when turned into a Bank , they will no longer be able to be use any where else.

coinguy
Posts: 570
Joined: Tue Aug 16, 2016 10:03 am

Re: Value of Cdn Banknotes losing legal tender status

Post by coinguy » Tue Nov 24, 2020 4:34 pm

It shouldn't hurt the collector value of the currency and they can always be returned to the bank for face value, it is just that they are no longer legal tender.

beachcow
Posts: 32
Joined: Sun Sep 27, 2020 10:22 am

Re: Value of Cdn Banknotes losing legal tender status

Post by beachcow » Thu Nov 26, 2020 11:34 am

I agree with statements above. Essentially you won't be able to use those banknotes to go buy toilet paper, otherwise nothing much changes. It doesn't impact collector value and they can always be taken to the bank if needed.
Craig

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