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Those little Canadian banknotes: “use the day” or “lose the day”

Canadians holding old banknotes will have to use it until midnight tonight as stores will stop accepting certain banknotes after the New Year.

Some banknotes created between 1935 and 1986 lose their legal tender status at midnight.

According to the Bank of Canada website, affected banknotes can be redeemed or deposited at face value at a bank or central bank, but cannot be used at stores.

The fiat policy changes are only for banknotes that are no longer in production, including $ 1, $ 2, $ 25, $ 500, and $ 1,000 banknotes.

According to the Bank of Canada, the affected notes are so rare that they are rarely seen or recognized by the clerk anyway. Also, some notes are more valuable to collectors than they are in circulation.

The central bank says the long-awaited policy change will bring Canada in line with other central banks such as the Bank of England. This is because the new banknotes have excellent security features and are difficult to forge.

Those little Canadian banknotes: “use the day” or “lose the day”

http://www.baystreet.ca/articles/economiccommentary.aspx?id=3078 Those little Canadian banknotes: “use the day” or “lose the day”

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