Question About Withdrawn Canadian Banknotes

[silverflake]

Question to my Canadian Realcenters (or others with knowledge of Canadian currency). When Canada introduces a new design paper money, does the Canadian government demonetize the old ones? Just curious. My Grandmother was from Quebec and I have some dollar bills from 50's through 70's from her. Are they worth $1 face value still?

Thanks in advance.

[NiBullionCu]

The MRI bankers guide to foreign currency states:

" All notes of all denominations issued by the Bank of Canada, Dominion of Canada and Chartered banks are redeemable"

You may have a hard time 'spending' them in general commerce, but they are redeemable at banks. Older notes may have numismatic premiums.

[henrysmedford]

see--http://www.coinsandcanada.com/banknotes-prices.php

[Know Common Cents]

I purchase CDN spending coin from a couple of LCSs in the Midwest. They purchase these as part of the many collections that come in for sale. There are also may be older or newer banknotes in these bunches. I've been doing this for a long time and both places know I pay $0.50 US for each common CDN dollar in coin and $0.52 US for each dollar in currency. (Note: These LCSs are paying about $0.40 US for any CDN money with no value other than face, so they do make a modest profit in quantity.)

I've been able to pull out some devil's face notes, replacement notes and a few decent ones from as early as the 1937 series. Those reside in my collection. Most, however, are damaged, worn out, written upon, have a corner missing or are so current there's no reason for anyone to save them. I do deal with a specific bank in an Ontario border town, but still like to spend some of the older ones (especially the series 1954 ones) at CDN restaurants for tips and other smaller purchases.

Many Canadians < 30 years old either aren't aware of or have ever seen their older currency. They go nuts and I have an incredible amount of fun being a person in demand for a few fleeting moments.

I've never encountered a problem spending older banknotes. Instead, they're welcomed as far as I'm concerned. Turn loose a few of the less desirable notes next trip to Canada and let the fun begin.

Hope this helps.

[Know Common Cents]

Still making at least one trip per year into the wilds of Ontario. My sources for purchasing loose CDN coins and obsolete currency never seem to dry up (fortunately), so I'm able to repatriate hundreds of dollars back to their country of origin.

All $1 and $2 banknotes I turn in face certain doom. They're bundled up and sent to Ottawa for destruction. Of course I save nearly everything in at least XF-AU condition, but most are damaged, heavily creased, written upon and the like. Same fate for the pennies, too. I keep all the copper, though, as you may have guessed.

Fun stuff and profitable, too. I do keep a supply of spendable, current Canadian currency for a quick getaway, but, even at current exchange rates, I'm able to make a profit of several hundred US dollars per trip.

[JadeDragon]

I'm always a buyer for any Canadian currency at 90% of face value. I'll paypal you the money - preferably in Canadian $ when you ship it to my US PO Box