If you’re a Canadian, you may have heard about the $1000 dollar bill in Canada.
As of January 1, 2021, the $1000 bill is no longer legal tender, along with the $1, $2, $25, $500 bills from every Bank of Canada series.
Despite its discontinuation, the $1000 bill still holds value and can be exchanged for its equivalent in lower denomination banknotes.
History of the $1,000 Bill in Canada
In the early 20th century, the Dominion of Canada issued banknotes in denominations as high as $5,000. However, in the 1930s, the highest denomination in circulation was the $1,000 bill. These bills were primarily used for interbank transactions and were not commonly seen in circulation.
In 1934, the Bank of Canada was established through the Bank of Canada Act, which gave the bank the exclusive authority to issue banknotes in Canada.
The following year, the bank issued its first series of banknotes, which included the $1,000 bill featuring a portrait of Sir Wilfrid Laurier, Canada’s seventh prime minister.
The $1,000 bill continued to be issued until the introduction of the Canadian Charter of Rights and Freedoms in 1982. The Charter included provisions aimed at combatting money laundering and other criminal activities, which led to the Currency Act of 1985.
This act made it illegal to use or possess banknotes with a denomination greater than $1,000, effectively removing the $1,000 bill from circulation.
In recent years, there has been speculation that many of the remaining $1,000 bills are in the hands of criminal organizations.
Legal Tender Status
If you have a $1000 bill in your possession, you might be wondering if it’s still legal tender in Canada. According to the Bank of Canada, as of January 1, 2021, the $1000 bill is no longer legal tender. This means that businesses are no longer required to accept it as a form of payment.
The decision to remove legal tender status from the $1000 bill was made by the federal government in accordance with amendments to the Bank of Canada Act and the Currency Act approved by Parliament in 2018.
The $1000 bill, along with the $1, $2, $25, and $500 bills, are no longer being produced and have not been in circulation for decades.
If you have a $1000 bill and want to exchange it for a newer bill or deposit it into your bank account, you can still do so at most financial institutions. However, some banks may charge a fee for exchanging or depositing old bills.
It’s worth noting that just because a bill is no longer legal tender doesn’t mean it’s worthless. In fact, some collectors are willing to pay a premium for rare or unusual Canadian paper money, including the $1000 bill.
Circulation and Face Value
If you happen to have a Canadian $1000 bill, you might be wondering if it is still worth anything.
You can still redeem your bank notes for face value at your financial institution or send them to the Bank of Canada’s Bank Note Redemption Service. The Bank of Canada will exchange your notes for their full face value, which means that you will get $1000 for your $1000 bill.
It is important to note that the $1000 bill has not been produced in decades, so it is quite rare.
This rarity means that some collectors might be willing to pay a premium for a $1000 bill in good condition. However, the value of a $1000 bill as a collectible item can vary greatly depending on its condition, rarity, and other factors.
In general, it is not recommended to hold onto old banknotes as an investment, as their value can be unpredictable and subject to various factors such as inflation, changes in currency exchange rates, and changes in collector demand.
Instead, it is best to redeem your old banknotes for their face value and invest your money in more stable and predictable assets.
Redeeming $1,000 Bills
If you have an old $1,000 bill lying around, you might be wondering what to do with it.
You can still redeem it for its full value at the Bank of Canada or a financial institution that accepts banknote deposits.
To redeem your $1,000 bill, you’ll need to fill out a Bank Note Redemption Form. You can find this form on the Bank of Canada’s website or at a financial institution that accepts banknote deposits.
Once you’ve filled out the form, you can mail it to the Bank of Canada or take it to a financial institution that accepts banknote deposits. If you’re mailing the form, be sure to send it by registered mail or courier to ensure it arrives safely.
If you’re taking it to a financial institution, make sure you bring valid identification and any other documentation they require.
Once your redemption request has been processed, you’ll receive payment for the full value of your $1,000 bill.
This payment will be in the form of a cheque or direct deposit, depending on the method you choose. Keep in mind that it may take several weeks to process your request, so be patient!
Security Features and Counterfeit Prevention
When it comes to the Canadian $1000 bill, it is important to be aware of the security features and how to prevent counterfeit notes from entering circulation.
The Bank of Canada has implemented a number of security features on the $1000 bill to prevent counterfeiting. These include:
- Polymer substrate: The $1000 bill is printed on a polymer substrate, which is a type of plastic material that is more durable and secure than paper. This makes it more difficult to counterfeit.
- Transparent window: The bill features a transparent window that contains a metallic portrait of Sir John A. Macdonald, Canada’s first prime minister. The window is also embossed with the denomination of the bill.
- Colour-shifting image: The metallic portrait in the transparent window changes colour when the bill is tilted, making it difficult to replicate.
- Raised ink: Certain elements of the bill, such as the denomination and the word “Canada,” are printed with raised ink. This makes it difficult to counterfeit using traditional printing methods.
- Microprinting: The bill features microprinting, which is very small text that is difficult to read without a magnifying glass. This is used on various elements of the bill, such as the borders and the maple leaves.
If you come across a suspicious bill, do not accept it. Instead, contact your local police department or the Bank of Canada for guidance on how to proceed.
The Bank of Canada has a Counterfeit Prevention page on their website that provides more information on how to identify and prevent counterfeit notes from entering circulation.
Overall, being aware of the security features on the $1000 bill and knowing how to identify counterfeits can help keep our currency secure and prevent fraud.
Collectors’ Value
If you have a $1000 bill lying around, you might be surprised to learn that it could be worth much more than its face value. Canadian $1000 bills are rare and, therefore, fairly valuable, especially if they are in good condition.
Collectors are always on the lookout for these bills, particularly those with unique features such as the “devil’s face.”
The devil’s face is a printing error that occurred in the 1954 series of Canadian banknotes, where the image of Queen Elizabeth II’s hairline appeared to resemble a demon’s face.
These bills are highly sought after by collectors and can fetch a premium price.
Another feature that collectors look for is the “pinkies”. These are $1000 bills that were printed in 1935 and 1937 and have a pink tint to them.
The pink tint was caused by a reaction between the ink and the paper and is considered a printing error. These bills are also highly valuable and can fetch a premium price.
So, if you have a $1000 bill lying around, it might be worth taking a closer look at it to see if it has any unique features or printing errors that could make it valuable to collectors.
Just be sure to handle it with care and keep it in good condition to preserve its value.
Counterfeiting and Criminal Activity
The $1000 bill was a popular choice for criminals due to its high value and ease of use in illegal activities. However, the Bank of Canada retired the $1000 bill in 2000 due to its association with criminal activity.
Today, any $1000 bill deposited at a bank is destroyed, although there are still nearly a million left in circulation, most of which are in the hands of criminal elites.
Counterfeiting is a serious issue that affects the Canadian economy and society as a whole. The production and use of counterfeit money are illegal in Canada and can lead to criminal charges.
The Royal Canadian Mounted Police (RCMP) is responsible for investigating and preventing counterfeiting in Canada.
Frequently Asked Questions
Is the 1986 $1000 bill still in circulation in Canada?
No, the 1986 $1000 bill is no longer in circulation in Canada. These banknotes have not been produced in decades, so the decision to remove them from circulation has had little impact on most of the general public.
What is the highest denomination bill in Canada?
The highest denomination bill in Canada is currently the $100 bill, which features a portrait of Sir Robert Borden, Canada’s eighth prime minister.
The $100 bill is part of the new Polymer series of banknotes, which are made of a thin, flexible plastic material designed to last longer than traditional paper notes.
Can you still obtain a $1000 Canadian bill?
No, you cannot obtain a $1000 Canadian bill anymore. The Bank of Canada stopped producing $1,000 bills.
If you do happen to come across a $1,000 bill, it is important to note that it is no longer legal tender and cannot be used to make purchases or pay debts.
