When is money not usable

Learn more about money in the 21st century and how Canadians pay for things. You can find the total value of these notes still in circulation in thousands of dollars in this chart. Why legal tender status changes Amendments to the Bank of Canada Act and the Currency Act approved by Parliament in gave the Government of Canada the power to remove legal tender status from bank notes—something it could not do before. What other countries do Many other countries officially remove old notes from circulation.

There are currently no plans or legal means to demonetize bank notes in Canada. Or, you can decide to keep them. To find out if your bank note may have a different value to collectors, you may refer to a collector's catalog or obtain an evaluation from two or three money dealers who cater to the collection market.

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June 14, , PM. The Federal Reserve does not accept deposits of mutilated currency from banks. In this case, special examination is required by pros at the Bureau of Engraving and Printing BEP before any exchange is made.

Our currency representative advises that consumers directly contact the BEP. The Bureau offers a step-by-step guide to redeeming mutilated currency , along with how to file a mutilated currency claim. After they do that, they can issue a check back to the consumer. The BEP is part of the U. Treasury Department; disposal of mutilated money is handled through this agency. In some cases, money may be exposed to contaminants.

The definition of contaminated currency is a note damaged by, or exposed to, a contaminant to the extent that it cannot be processed under normal operating procedures—or may pose a health or safety risk. Our currency representative remarks that floods, for example, can lead to unknown contaminants being introduced to floodwater, which could contaminate currency and call for special handling. If you believe that your currency is contaminated, you may be able to deposit it at a commercial bank.

Our currency expert advises that you provide as much information as possible about what happened to the note s. Consult with your local commercial bank branch for further instructions. Many companies featured on Money advertise with us.

Opinions are our own, but compensation and in-depth research determine where and how companies may appear. Learn more about how we make money. If Fido rips apart the contents of your wallet, or your kids think they can double their money by tearing your bills in half, all is not lost.