You have paper money lying around in drawers, boxes stuffed in closets, yellowing envelopes. These bills look valuable, but you're unsure if they are worth anything.
That's where we come in. Read below to learn more about the value of rare Canadian bills and find out if you're holding onto a bill worth thousands of dollars.
Sorry, Those $2 Bills Are Worthless
Let's first dispel a common misconception, which began around four years ago: You might have heard that the discontinued $2 Canadian bill is worth $10,000 but that's wrong. Indeed, a $2 bill at auction did sell for $10,000 but not because it was $2. Rather, the signatures of the wrong officials were on it. The 1986 $2 bills with the AUG, AUH and AUJ serial numbers should include the signatures of Bank of Canada governor Gerald Bouey and deputy governor John Crow, but some bills instead had the signatures of Bank of Canada governor John Crow and deputy governor Gordon Thiessen.
A quick glance on eBay for people selling regular $2 bills came up with a not very sunny picture for hopeful sellers...the top bid as of publication was 78 cents for one $2 bill.
The Lucrative $1,000 Bill
One of the most valuable and rarest Canadian bills is the $1,000 bill. It was created in 1992 but then discontinued in 2000 at the request of the Royal Canadian Mounted Police, who claimed this hefty bill was being used mainly within criminal organizations.
We've also heard reports of $1,000 bills created in the 1960s, but there isn't any verification beyond this article.
While we aren't aware of the value of these $1,000 bills, their rarity will likely be attractive to collectors, especially since the Bank of Canada doesn't plan on making any future $1,000 bills.
Got a $1 Bill? Take a Closer Look At It
One of the most exciting finds you can have as a paper money collector is coming across a rare $1 Canadian bill. Since $1 bills were discontinued in 1989, they are exceedingly unique and can fetch up to $350.
As with all collectibles and antiques, the value depends on the bill's condition and rarity. So you want to ensure any bills you have aren't yellowed, dog-eared or torn.
BUT there is a major notable $1 bill in Canada. Launched in 1954, it's dubbed The Devil's Face bill due to some people thinking that the Queen's hair on the bill looked sort of like a devil's face. They were taken out of circulation but some still remain in Canada.
Some estimates peg the value of these rare bills at $7,000 each! Not too shabby.
Even more interesting is that the Devil's Face replacement notes are themselves quite valuable. According to some specialists, the 1954 run of these notes can be worth as much as $7,000 (for the $20 bill) and as low as $3,000 (for the $1 bill). Talk about a valuable find for notes that don't even contain the Devil's Face!
Which Other Bills Are Valuable?
This year, the Toronto Coin Expo showcased several paper notes in Canada that are exceedingly treasured.
There were two $20 bills from 1935 which included the serial number 000005, making them among the first printed by the Bank of Canada. They feature Queen Elizabeth II as an eight-year-old girl and are estimated to be worth around $20,000 apiece.
We also learned about a $4 bill from La Banque Jacques Cartier, founded in Montreal in 1861, but eventually closed shop in 1899. That bill comes from 1870 and is valued at roughly $30,000.
So the next time you find some old paper currency lying around and want to see if they're worth a lot of cash before you exchange them at your bank, read this post and find out if you could be raking in more dollars than you ever could imagine.
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