Withdrawal From Circulation
Banknotes and coins may be withdrawn from circulation, but remain legal tender. United States banknotes issued at any date remain legal tender even after they are withdrawn from circulation. Canadian 1- and 2-dollar bills remain legal tender even if they have been withdrawn and replaced by coins, but Canadian $1000 bills remain legal tender even if they are removed from circulation as they arrive at a bank. However, Bank of England notes that are withdrawn from circulation generally cease to be legal tender but remain redeemable for current currency at the Bank of England itself or by post. All paper and polymer issues of New Zealand banknotes issued from 1967 onwards (and 1- and 2-dollar notes until 1993) are still legal tender; however, 1- and 2-cent coins are no longer used in Australia and New Zealand.
Read more about this topic: Legal Tender
Famous quotes containing the words withdrawal and/or circulation:
“A bizarre sensation pervades a relationship of pretense. No truth seems true. A simple morning’s greeting and response appear loaded with innuendo and fraught with implications.... Each nicety becomes more sterile and each withdrawal more permanent.”
—Maya Angelou (b. 1928)
“The circulation of confidence is better than the circulation of money.”
—James Madison (1751–1836)