If you’ve got some old or worn-out Canadian cash tucked away in drawers or wallets, it might be worth more than you think — or, at the very least, still redeemable.
Although $1 and $2 paper notes haven’t been in circulation for decades and bills like the $25, $500, and $1,000 notes are no longer legal tender, that doesn’t mean they’re worthless. In fact, some of these rarities — especially those from 1935 — could fetch collectors thousands of dollars. A $25 bill issued to commemorate King George V’s silver jubilee is now listed for over $8,800 online, while a $500 note once brought in more than $337,000 at auction.
However, for more commonly found notes like those from 1973 or 1986, value largely depends on the condition, serial number, and signature combinations. Many may only be worth their face value — but you still have options.
If the bills are simply old but still intact, most financial institutions will redeem them at face value. Alternatively, you can send them directly to the Bank of Canada. For notes that are badly damaged — from water, fire, or even toxic contamination like mold or chemicals — the central bank provides a specialized redemption service.
The process involves filling out a claim form, sealing the bills carefully in a clear bag or secure packaging (especially if they’re fragile), and mailing them to:
Bank of Canada – Bank Note Redemption Service
234 Wellington St., Ottawa, ON, K1A 0G9
The Bank of Canada warns against over-handling deteriorated notes and advises keeping the claim form separate from the bank notes. Once received, experts assess the notes’ condition and determine how much value can be redeemed. Most straightforward claims are resolved within 30 to 60 business days, though more complex ones may take longer.
Even though certain bills are no longer accepted in stores, the Bank emphasizes that they have not lost their value — and in some cases, they’ve gained significantly.
So, before tossing out that faded $2 note or mystery bill from a forgotten box, consider getting it appraised — or sending it in. It could be worth a lot more than you think.