Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I hardly ever see paper 20s or higher in circulation anymore but I still get the occasional paper 5 and 10 handed back as change in stores (never from the bank). I think the paper 20s must be very close to being almost all phased out of circulation and the 5 and 10 will be not far behind.
Last week while grocery shopping I observed a very young cashier go to her supervisor with a customer's paper 20 in hand asking her supervisor to check it for authenticity. She said it was the first time she had ever seen a paper 20 and she didn't know if it was real.
Rarely, but funny enough, in the last 2 weeks I've had a paper 5, 10 and a 20. It's amazing how fast we adapt, since the paper ones seem old and odd now.
Glad the penny is gone as well. I don't know anyone that misses the penny.
I read that in May 2000 when the CAD$1000 banknote was pulled from circulation there were 3 million in circulation. As of 2011 there was still a million still circulating (the notes are prized by organized crime).
Do you think that the Canadian government should post a one year notice that people have one year to turn in all paper notes, as after that they will not be considered legal tender. In that way they could eliminate both the remaining small denominations, but also clear out the thousand dollar note.
It is a genuine question because the USA as a matter of principal never de-monetizes any banknotes. The US $500,$1000,$5000,$10000 banknotes printed before WWII are still valid currency, although the remaining notes are all in collections. They are too valuable for routine use by organized crime.
If you go on e-bay you see many US$500 banknotes advertised for about $900 to $1000. The US$1000 banknotes are advertised from $1500-$3500 depending on condition. The $5000 and $10000 banknotes are much fewer in number, and are worth a lot more than face value. I don't think that CAD$1000 would be sold for more than 5%-10% above face value as a collector item. Criminals in Canada use the CAD$1000 to pay each other as kind of an atta-boy above and beyond normal salary.
Last edited by PacoMartin; 03-20-2015 at 09:33 AM..
Those new bills are way too slippery to keep hold of, lol. I have a habit of shoving money into my pocket but those things have a way of sliding up and out! Time to use a wallet properly I suppose.
Those new bills are way too slippery to keep hold of, lol. I have a habit of shoving money into my pocket but those things have a way of sliding up and out! Time to use a wallet properly I suppose.
I always reach in my pocket and can't tell if it's a 20, or a freakin receipt. lol
I prefer the old paper money,this new plastic stuff sucks, it is slippery unless its with other bills then its sticky and you have to lick your fingers to make sure two bills arent stuck together a practice that is rather unsanitary and gives the bills a somewhat slimy feel.
I always reach in my pocket and can't tell if it's a 20, or a freakin receipt. lol
Very common - i've almost thrown out money thinking that they were a receipt - especially when they first started circulating.. Now i'm really careful when throwing away anything out of my pocket.. I go through every piece of paper and separate everything to make sure a stray 5 or 10 isn't getting launched into file G.
The Bank of Canada says in last years annual report that by the end of 2013, polymer notes accounted for 51 per cent of notes in circulation (excluding the $1, $2 and $1,000 denominations that are no longer issued but still outstanding). They should publish the 2014 annual report next week.
The timing of the series of banknotes seems to have dropped from a high of 17 years to only 10 years. Given the durability and difficulty in counterfeiting this series, let us assume it has a 20 year lifespan.
1935 Series
1937 Series
1954 Series
1969 Scenes of Canada Series
1986 Birds of Canada Series
2001 Canadian Journey Series
2011 Frontier Series (polymer)
Quote:
Originally Posted by jambo101
I prefer the old paper money,this new plastic stuff sucks, it is slippery unless its with other bills then its sticky and you have to lick your fingers to make sure two bills arent stuck together a practice that is rather unsanitary and gives the bills a somewhat slimy feel.
Well they aren't going to go back to paper. What do you think should be the next series? Or do you think it will be time to go to digital currency by then?
Another idea (what Sweden is doing) is to withdraw most of the highest banknote from circulation. Canada eliminated their CAD$1000 in 2000, but they are still circulating ten $100 banknotes per capita.
Sweden has reduced the circulation of the 1000 kroner banknote = CAD$150 to less than 1 per capita. To be fair, though, the 500 kroner=CAD$75 banknote is still very popular, while the CAD$50 is lightly used (as in the USA).
I think Sweden believes that high value cash transactions are more difficult without the large bill.
Well they aren't going to go back to paper. What do you think should be the next series? Or do you think it will be time to go to digital currency by then?
These days i very seldom use actual money, almost all my transactions are done with credit or debit cards and for those times i need actual cash loonies and toonies suffice.Not sure whats in store for the future but it sure looks like we are heading more and more toward a cashless society..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
