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Value of Cdn Banknotes losing legal tender status
Posted: Tue Nov 24, 2020 8:50 am
by jeffchan
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.
Re: Value of Cdn Banknotes losing legal tender status
Posted: Tue Nov 24, 2020 9:08 am
by troubadour
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.
Re: Value of Cdn Banknotes losing legal tender status
Posted: Tue Nov 24, 2020 9:09 am
by GBELEC
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.
Re: Value of Cdn Banknotes losing legal tender status
Posted: Tue Nov 24, 2020 4:34 pm
by coinguy
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.
Re: Value of Cdn Banknotes losing legal tender status
Posted: Thu Nov 26, 2020 11:34 am
by beachcow
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