The future of Canada's $10 bill

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[Do you think the BoC will someday discontinue the $10 bill due to low usage?]

Do you think the BoC will someday discontinue the $10 bill due to low usage?

Yes

3 (8.1%)

No

30 (81.1%)

Maybe

4 (10.8%)

Total Members Voted: 0

The $10 bill seems to be at an all-time low in circulation.  And the circulation seems to be getting lower and lower as the year progresses.

The latest print year of our $10 bill (2007) has only yielded 4 full-run prefixes thus far (BTG-BTK) and BTL has yet to see the light of day.

The first full-run prefix was first reported in August, and the last full-run prefix was first reported in early October.  There is already rumour going around about the prefix FTD, but some of us are taking it with a grain of salt for now.

And more and more Canadians nowadays are paying for purchases electronically and by debit card payments.  It seems like no matter how many $10 purchases exist in the future - more or less - there will be no significant increase in the usage of $10 bills.

Based on issues related to climate change, paper consumption, and the ever-increasing usage of electronic purchasing and debit card payments (or other reasoning you can provide) - which requires less demand for an infrequently used small denomination - what are your thoughts on the future of our $10 bill?

It's fun to speculate,

If the BoC decides to break out the $5 coin we would see the increased use of $10 bill. How else our well off, stressed out, caffeine addicted yuppie segment of our culture buy their Specially made Monkey poop latte grande from *Bucks.  I believe it  is tradition to maintain the Ten for now regardless how little circulation it gets compared to other denominations. After all the BoC still makes coin halves. Canada has a rich history, where else could we shine our favorite PM Sir John A McDonald other than his name being used by a fast food chain? 

Would you like friez wit dat mon?

BTW: I'm seeing BTH coming out here in BC.

I see that, unanimously, they voted no thus far.

Well, I am not one to say this, but I voted yes.  The $10 bill is not as popular as it was 10 or 20 years ago.  There are so few purchases that cost between $5 and $10 than purchases that cost $5 or less.  Only banks that rely on heavy traffic order $10s on a regular basis, and chances are that in 5 years' time, even fewer banks will order $10s and that shows that such denomination is slipping - just like a well-known television show is declining in ratings.  And I believe when the new banknote series gets announced in 2011 or so, I have a feeling that 4 denominations will be confirmed for release - thus labelling a new $10 bill as TBD (to be determined).  A good way for me to tell what the future holds for our $10 bill is when the BT- or FT- run completes its cycle, and if they will advance to a recycled denominational letter or advance to CD- or GD- respectively.  If the latter, it may be a bad omen of things to come.  After all, the $2s did advance to CBA immediately after BUZ, and that may have been an indicator that death was nearing for our $2 bill.  Maybe the BoC had planned in 1993 or 1994 to can the $2 bill but never released that information until the 1995 Federal Budget.

If the BoC does decide to release a new $10 bill, it will probably be the last denomination of the new banknote series and will probably occur around 2018 or something.  Since everyone is paying for items with electronic debit or online payments, the $10 bill may be nothing but clutter over time (with very little usage), and the BoC will most likely make the ultimate decision to discontinue the $10 bill for good by the time Canada celebrates its sesquicentennial year (150th birthday) in 2017.  They'll most likely do a 10-year forecast of how many $5-$10 purchases in Canada will increase or decrease in a few years' time.  If an increase, they'll put out slightly more $10s, not significantly more.  If an endless decline prevails (which is probably happening currently), the end of an era in Canadian currency may be at hand.  Not to mention the first time in BoC's history that a Prime Minister would leave our currency for good (before we even say bye-bye to Sir Wilfrid Laurier).

And I always wonder what Sir John A. MacDonald would say if that were to happen?

Could we put him on the $20 and bump the Queen? It is the only note that doesn't have a PM on it.

Could we put him on the $20 and bump the Queen? It is the only note that doesn't have a PM on it.

The day they do decide to drop the $10 bill from circulation (whenever that would be), the Queen will probably be deceased by then.  So maybe the BoC are already preparing for the unexpected but eventual demise of the $10 bill (give it another 7 or 8 years, and a decision may be made), and they may stop the $10 bill when the Queen passes away and they may put Sir John A. MacDonald's portrait on the $20 - resulting in uniformity on our banknotes.  He may look a bit strange on a green-coloured note, but hey we would eventually get adjusted to it.

And if the $10 bill does go the way of the $2 bill someday, at least we will have four denominations circulating - the two smallest denominations ($5 and $20) being the most frequented, and the two largest ($50 and $100) being the least frequently used.  It seems rather awkward to have an infrequently-used banknote between the two most commonly used banknotes in Canada, IMO.

I don't know... circulation of 10s here is pretty healthy in my opinion, judging by the census I get when I check my mom's wallet for collectibles. The day the BoC drops the 10 is the day i stop using cash and sell my entire banknote collection and never have anything to do with paper money again. Yes, I really do like the 10s that much.

Of course, it depends on where you are.  Some larger provinces, circulation is pretty good; some smaller provinces, circulation is not that great.  If anything, most banks in smaller provinces (like P.E.I. and Newfoundland, to name two) will no longer order $10s - meaning the $10 bill will eventually become obsolete in those provinces like the $1,000 bill was.  If one province's banks no longer order $10s on a regular basis, then every other province will order them and not P.E.I., Newfoundland, or other small provinces, resulting in the $10 bill not being available across the entire country, and the decision may be made by the BoC to drop the $10 bill due to lack of consistency among the provinces let alone ultimately low demand.

Newfoundland, small?

Newfoundland, small?

According to the Statistics Canada website, 505,469 residents were reported to be living in Newfoundland during the 2006 Census (a decrease from 512,930 in 2001).  It may be a little less now, but the 2011 Census will speak volumes.

Aside from the 3 territories, P.E.I. is the lowest populated province with around 135,000 residents in both 2001 and 2006 respectively.  Newfoundland is the second smallest Canadian province in terms of population.

It seems that people are very less prone to receive a $10 bill in his/her change if he/she was living in P.E.I., in other words.

I read in an article lurking on the Web that the BoC plans on releasing new banknote series every seven years instead of 15.  If a new banknote series was to be launched in 2011, there would have to be another in 2018.  But with five denominations currently in circulation, it may be a bit too intense to issue all five denominations in such short time frame, since the last new banknote may occur shortly before the next series would be released.

And although the latest $10 bill was upgraded in 2005, it is still basically the same as the 2001 issue - only with additional security features in lieu of the golden maple leaves.  Releasing all five denominations within such short time frame may be a bit intense (besides, the Journey series was pretty much complete within 3 to 4 years of the series launch), so I can see our $10 bill heading to "currency heaven" by 2012 or 2013.

Another indicator that our $10 bill may go the way of the dinosaur is the prefix that will follow BTZ or FTZ.  If the BoC decides to recycle a formerly-retired denominational letter (only A, B, C, F, G, and U remain), that means the $10 bill is likely to linger on for another few years.  If they go back to the earliest denominational letter (that being "D") and release CDA or GDA after BTZ or FTZ respectively, that may possibly mean the demise of our $10 bill may be nearing us.

And besides, if they were planning on retiring the $10 bill from circulation, what would be the point of recycling a denominational letter?  That recycled denominational letter would end up originally on the $2 bill, then the $10 bill, and eventually a third denomination.  It would be kind of pointless to do so, IMO.

I don't know... circulation of 10s here is pretty healthy in my opinion, judging by the census I get when I check my mom's wallet for collectibles. The day the BoC drops the 10 is the day i stop using cash and sell my entire banknote collection and never have anything to do with paper money again. Yes, I really do like the 10s that much.

Depending on the location you live, you have to consider the overall population of the remainder of the province.  If you live in Toronto, that city has a population of over 5,000,000.  And Ontario's overall population is more than 10,000,000 (at least that is what I read from the 2006 census).  In terms of population, I believe the total population of all the smaller cities and towns comprise more than half of Canada's population.  And $10 bills are rarely circulated in smaller cities and communities - it seems as if fewer and fewer banks order them nowadays; so either way, I can just throw in the towel and focus on banknotes with higher demand in the near future.  IMO, $10 bills are more a denomination for the 1980s and the year 1990, but after 1991 they all went downhill from there.

And btw, as long as the banks I frequent still order $10s, I will still request them from that particular bank.  I just won't be expecting much in terms of activity for crisp $10 bills any longer.  I think the clock may be ticking on our $10 bill being axed in a few years' time.

As long as ATM's keep spitting out 20's, still need to make change. And I don't really want a pocket full of $5 or $10 coins....lol

As long as ATM's keep spitting out 20's, still need to make change. And I don't really want a pocket full of $5 or $10 coins....lol

They won't replace a $10 bill with a $10 coin.  If the BoC does decide to discontinue issuing the $10 bill, there will be no more $10 denomination in whatever form.  And besides, the number of Canadians who rely on debit payment increase year after year, if I am not mistaken.  If there happens to be more purchases out there that cost between $5 and $10 (with taxes), realizing that many Canadians pay for such purchases with debit, they'll just issue additional $5s but not a significantly higher volume.  And besides, getting 2 $5s back in your change, at least it beats getting $10 in coins in your change.

Not every transaction is legit, or can be made by debit payment, or every will be. But if I get back two $5 bills instead of a $10, the odds of getting consectuctive numbered bills increases dramaticaly.....

Not every transaction is legit, or can be made by debit payment, or every will be.

Like Tim Horton's, to name one.  Tim Horton's is so royally against the idea of having debit terminals, seeing that most of the items cost no more than $2 to $3, plus most Tim's outlets get heavy volumes of customers thus meaning that having a debit terminal would cause customer traffic to slow down dramatically.

And besides, if any $10 bills exist in a till at Tim's, they are very few and very far between and the cashier will not give them out unless it's an ultimate last resort.

As for most other places, they'll most likely have debit payment as an option.

But if I get back two $5 bills instead of a $10, the odds of getting consectuctive numbered bills increases dramaticaly.....

Chances may still be slimmer than you think, seeing there are so many $5 bills recycled.

Getting two consec. bills is very rare unless they are new, I have had many bundles of used notes and you are lucky to get within 100 or so.

Well, I had a prediction just hours before the Federal Budget was announced yesterday that the $10 bill would be removed from circulation due to the recession and the fact that a lot of $5-$10 purchases will most likely decrease greatly due to the many national businesses that are closing this year.  Apparently, there was no mention of the $10 bill being removed from circulation this time around, so our $10 bill is safe - at least for now.  But I still think it will survive only a few more years, as the demand for such banknote has been declining for years, and still counting.  The BoC may even issue a press release announcing that the $10 will be removed, and it doesn't have to be budget related.
After all, the BoC did issue a press release when the $1,000 bill was being removed from circulation in May 2000, and I don't believe it was announced at the Federal Budget that year.

Either way, I'd be surprised if the $10 bill survives the next banknote series, which (the next series) is due out in a couple of years time.

I heard that after the Queen deceses, she will be replaced by Pierre E. Trudeau on the $20 bill. So said Jean Chretien after Trudeau passed away. It would be well deserved.

However, there won't be any more royalty on any of our notes. Canada needs to bring back the $1000 bill. It's not like $1000 is worth anything close to what it was worth 15 years ago, and it certainly won't be worth that much after the recession ends and we go boom again.

Well, it makes sense to put Trudeau on our $20 once the Queen passes away.  She's not that far away from dying, as far as I know.

As for putting Sir John A. MacDonald on our $20 in lieu of the Queen, I honestly think that MacDonald seems to be a more redundant Prime Minister for 21st century education.  A lot of the stuff he gave to Canada is now used very little to not at all.  He brought us the railway and nobody rides by train anymore (maybe due to climate change awareness).  Nobody believes in the fur trade anymore.  And It's likely that MacDonald is not discussed or even referenced in schools much nowadays.  Not to mention that he was voted #8 on the list of Greatest Canadians in history, according to a CBC mini-series in 2005.  I was kind of expecting him to be voted #1 myself, but it seems that Medicare is more important than what MacDonald got us back in the early days.

And I see that I am not the only one who voted that the $10 bill will be retired someday.  I wonder if anyone from the BoC reads these forums and takes these posts into consideration?

He brought us the railway and nobody rides by train anymore

Have you been to Toronto's Union Station during rush hour? Sure, long distance passenger service has suffered from decreased ridership to the benefit of the automobile and air travel, but commuter rail is quite busy. GO Transit (the operator of GTA commuter rail services) is even planning expansions to its service. Cities around the continent are looking at installing new light rail services or improving existing services to help combat traffic congestion. Also, we need to remember that the railway is not just used for passenger service. Freight is a big use of railways.

Don't forget the MacDonald/Cartier Freeway (HWY 401)....I know I use it

I'd vote for Pearson instead of Trudeau.  Pearson even won the Nobel Prize!!!

I'd vote for Pearson instead of Trudeau.  Pearson even won the Nobel Prize!!!

But Trudeau had T-Shirts with FUDDLE DUDDLE on them

I would be rather surprised that $10 notes would disappear when compared to similar countries that use the dollar.  Here in Australia the $50 note is significantly more common than the $50 is in Canada as least as common as the Canadian $20 ( at least the last time I was back in 2006).

Multiples of $50 are all you will generally get out of an ATM and are commonly excepted for small transactions, like pickup the newspaper.

The $10 note is still fairly common here in Australia for daily transactions, the $10 would probably have the same status as the $20 here and I would assume the same in New Zealand and I would expect the same in the United States.

I think you will see a $5 coin and the penny disappear before you see the $10 note disappear. 

The Australia penny has been gone since 1991 and $1 and $2 were replaced by coins in the mid-1980s.

The Amero will replace everything, in denominations of  3, 7, 11, and 19 Ameros.

Half kidding....  the denominations? forget it.

I give the nation wide currency less that one generation before arrival (that is only due to the implosion of the world markets).  Who knows.  lol


Oh right- this is about Canada's $10?  They will be around until then, just smaller and smaller amounts.

No, Brent, I've never been on a train before.  The public transit is my route to go for going places (no pun intended).   And I completely forgot about freight being pulled by trains still to this very day.  But what about companies such as Day & Ross who rely on the Trans-Canada Highway for shipping?

Back on topic about the $10s, I am uncertain when the Amero will become reality.  It's probably in the works, but we'll probably be seeing one or two more series of Canadian banknotes before that ever happens.

And I just realized something here:  Some provinces do go many years with little or no demand for $10 bills, but then after a while those provinces become richer than they were in decades, and the demand for the $10s (and other denominations) for those newly-rich provinces will increase - although there will still be more $5s than $10s, but an increase in $10s will likely prevail.  That said, I think I am going to hold off on my guess that the BoC will discontinue printing $10 bills for a while.  And I agree with Australia on his comment about seeing $5 coins and seeing the disappearance of the penny before we lose the $10 bill for good.  But it is up to the BoC what they will do with the future of our $10 bill.

The $10 will most definitely be discontinued someday.  Maybe not in our lifetimes, but eventually it will.  When inflation drags its value down to a low enough value, it will be replaced with a coin.  When a can of pepsi costs $10, a coin will be much more viable for such a low value denomination.  The $5 note will be gone too by then, for the same reason.  This is exactly what happened to the shinplaster, the $1, and the $2 notes. 

The $500 note will also make a comeback for the same reason.

Well, it turns out that there are new $10 prefixes somewhere in Canada with new signatures.  We are currently at BTW at this moment, and that means give it until around June or July, we will find out if we see one of the remaining recyclable $1 or $2 denominational letters - B, C, F, G, or U - or if we go all the way back to the earliest $10 denominational letter in the rotation - the letter D - and see CDA.  If it's the latter, that may be an indicator that our $10 bill may be on death watch, and may end up being removed from circulation possibly before the next series of banknotes is released.  But it is up to the BoC what they do with our currency.

Come on really, nobody will take the $10 banknote out of circulation, unless very high inflation makes the bill close to worthless. Why print and circulate two $5 bills when you can circulate a $10? Does not make any sense.

Come on really, nobody will take the $10 banknote out of circulation, unless very high inflation makes the bill close to worthless. Why print and circulate two $5 bills when you can circulate a $10? Does not make any sense.

The key is demand.  The $10 bill seems to have slowly lost power since the early 1990s, and now we are well into the 21st century where $10 bills are very hard to come by.  We very rarely see them in our change now.  Some banks don't even order them (depending on the nature of the traffic), and some may be dropping the $10 bill if the traffic drops.  At least one RBC branch in my hometown did drop the $10 bill from their central cash dispenser in favour of more $20s.  Not to mention that more people pay with plastic over cash nowadays.

I have found (living in a rural area) the banks get totally ticked off when you insist on getting anything over $100 in $10 notes. The funny thing is that they don't want to give them out because they say they don't have enough, yet when I offer to return new bricks of $10's they basically refuse to take them because they say that they will never use them and will have to make a special order to have them picked up so they don't have the cash in the branch, and this costs them money and paperwork that they don't want tod do.  I have been told by many bank managers in our surrounding area that banks try to keep only what they think they need in cash and avoid having excess due to risk.  (we have had 3 robberies in less than 2 months time which is a lot for a small community.)
The funny thing is that the biggest worry is in the winter months when our roads close frequently so it is very possible for a bank to actually run out of cash to dispense should people suddenly want cash if they can't get out of town.
I guess that is the difference between living in a small town as opposed to a larger city

No, the demand is here. The problem is that BOC for whatever reason is not printing enough tens. Very often I am given 2 or more $5 bills in change simply because the cashiers have run out of tens. Why would BOC be increasing their costs by printing and circulating five dollars bills in place of ten dollar notes?

The overall demand for cash may be steadily going down, but the proportion of bills of different denomination in circulation should be staying the same.

No, the demand is here. The problem is that BOC for whatever reason is not printing enough tens. Very often I am given 2 or more $5 bills in change simply because the cashiers have run out of tens. Why would BOC be increasing their costs by printing and circulating five dollars bills in place of ten dollar notes?

The BoC injects their cash into circulation by filling orders from their customers; the big banks.   If the banks aren't ordering tens, then the BoC doesn't issue any.  The BoC can't force the circulation of tens by giving the banks something they didn't order and don't seem to want.

So if anyone wants more tens in circulation, the thing to do is request more tens from the bank and start spending them.  If your bank scoffs at that, start your own bank!  The Bank of Sir John A!

Well, it looks like our $10 bill is going to be around for a while longer.  They did happen to recycle a denominational letter instead of advance to the CD* run.

That is good news for people like me who was worried about the possible demise of our $10 bill due to low circulation.

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