Rare $500 Canadian bills could be worth a lot of money says Timmins collector

Canadian bills to lose tender but not value Certain bills among Canadian notes will lose legal tender status next year and CTV looks at what the collectible currency might be worth.

TIMMINS — The Bank of Canada is reminding rare currency holders that some bills will be losing legal tender status on Jan. 1, 2021.

The change was announced in May 2019 and it affects several bank notes.

A coin and bill collector and dealer in Timmins says any of the bills could be worth more than face value depending on their condition.

"There are some bank notes that are from 1935. They have a huge value because there are French versions and English versions," said Orest Lawryniw. "The French ones are worth quite a bit of money because there were less made."

In a news release, the Bank of Canada said $1, $2, $25, $500 and $1,000 bills will no longer be able to be used in transactions.

"Most Canadians will not be affected because the bank notes targeted by this announcement have not been produced in decades and are rarely used in transactions," Lawryniw said.

But, the bank said these notes will not lose their value.  Canadians can redeem them or keep them.

Lawryniw said people often like to hold on to old money to pass on to their children and great grand children and he said they'll increase in value if they're just like new.

"Bills are very condition-sensitive. People are looking for the best possible of a bill. Like if it's got a crease in it, it will devalue the bill a bit more, or it's well-worn it's going to be worth a little bit over face value, but if it's in mint condition, crisp, it doesn't bend, it'll have more value along the line and that's what people are looking for," Lawryniw said.

The $25 and $500 bills were issued in 1935 to commemorate the Silver Jubilee of King George the Fifth and were discontinued shortly thereafter.

"The most valuable one taken out of circulation is the five-hundred dollar bank note. That one right now is a minimum of $12,000 in poor condition. It could be as much as $250,000," Lawryniw said.

If you're fortunate enough to have one of the $4,500 bills that are in circulation, Lawryniw suggests getting it appraised and certified.