November 6, 2014

#ThrowbackThursday: The $1,000 Canadian Bank Note

Posted by admin - Bellissimo Law Group PC

That’s right; $1,000 Canadian dollar (CAD) bank notes used to be in circulation, until the Bank of Canada decided in 2000 to withdraw them from circulation. Though this decision was in light of the federal government’s initiative to combat money laundering and organized crime, the Bank also reasoned that hardly any of the bills were used for cash transactions.  Moreover, in 1999, the $1,000 bills represented “less than 0.3 per cent of all notes in circulation”.

Other bank notes that are out of circulation include the one and two dollar bills. More recently, the Bank of Canada has also stopped issuing the Canadian penny, which is valued at 1 cent each.