Withdrawn Canadian Banknotes

Withdrawn Canadian Banknotes

Bank Notes that are no longer in issue in Canada, and are being actively removed from circulation, are said to be withdrawn from circulation. Notes that have been withdrawn from circulation include:

• notes issued by colonial governments, prior to each province or dominion entering confederation.
• notes issued by the Dominion of Canada between 1870 and 1935, which were issued in denominations of 25¢, $1, $2, $4, $5, $50, $100, $500, and $1,000
• notes issued by chartered banks (pre-Confederation to 1944)
• older series issued by the Bank of Canada (1935–present), including some denominations that have been retired permanently ($1, $2, $25, $500, and $1,000).

Only five different banknotes are currently issued ($5, $10, $20, $50 and $100). Smaller denominations have been replaced by coins, and larger ones are felt to be no longer required in an era of electronic transmission of most large transactions. Although currency withdrawn from circulation remains legal tender, it is disposed of by the Bank of Canada when returned to them. Withdrawn currency is usually exchanged at commercial bank branches, though some banks require that exchangers be bank customers, and then the bank presents the withdrawn currency to the Bank of Canada together with worn-out currency in the normal course of business.

As of December 31, 2010, the total value of provincial, Dominion, chartered bank, and discontinued Bank of Canada denominations still outstanding is more than $1.4 billion, with more than $1 billion of that amount in $1,000 notes. A liability for this amount remains on the Bank of Canada's books up to the present day.

Below is a list of denominations that have been permanently retired from circulation.