New Journey $10 will have features of $20/$50/$100

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I don't know if any of you noticed this, as I don't see any mention of it in the forum, but the press release "Bank of Canada Issues New $50 Bank Note" (released November 17th, 2004) mentions the following:

The Bank of Canada plans to upgrade the security features of the $10 bank note from the Canadian Journey series in the spring of 2005. The upgraded security features will resemble those found on the new $20, $50, and $100 notes from the same series. The note's theme and images will not change.

I know people on the board were speculating that the new $10s would have the features of higher-denomination notes, but this is the first time I've seen it mentioned officially.

Not surprising to me.  I figured that's what they would do all along.  They really should do the $5 as well.  It's better to have it all uniform.

They really should do the $5 as well.  It's better to have it all uniform.

I completely agree.

The only time the Bank of Canada shreds notes is when bank branches send them because they're "Unfit for further circulation" (And quite a few banks are leaving notes that are quite unfit for further circulation floating around) or when banks are getting $1000 bills, which they're supposed to send to the BoC regardless of condition.

The Bank of Canada plans to upgrade the security features of the $10 bank note from the Canadian Journey series in the spring of 2005. The upgraded security features will resemble those found on the new $20, $50, and $100 notes from the same series. The note's theme and images will not change.

This might be a sully question but...

When the BoC issues the new $10 in the spring of 2005, will they destroy any current $10 notes that are still in their warehouse thus possibly making current rare notes (ie FEE 2001 notes) even rarer?

Just curious,
                                           Duane

I believe that if any other notes from the old series (ie: $2 notes or notes before the Birds series) come into a bank, they are typically returned as mutilated.  That policy varies from bank to bank, or branch to branch, and is more rigorously practised the older the note is.  I highly doubt that a nice condition 1937 $20 would be knowingly stocked into an ATM.

I can understand the BoC recalling any $1, $2, and $1,000 bills...  So does that mean that any notes prior to the Birds series, the banks are not supposed to distribute?  Even if it is a $5 bill of an older design?  

Later!  Jonathan  

So does that mean that any notes prior to the Birds series, the banks are not supposed to distribute?  Even if it is a $5 bill of an older design?

Careful, I didn't say that.  I said that I have observed that most banks typically withdraw any notes from old series, regardless of condition.  Birds series notes still seem to be returned to circulation if they are fit.  I'm not talking about actual bank policy, but rather observed practises.  I went on with a hypothetical example of the 1937 $20 in nice condition.  I would imagine that such a note would not be returned to circulation by a bank.

I believe the bank of Canada destroys only the notes that are unfit for circulation. Any legal bank of Canada note that is in very good condition regardless of the year will be re-circulated. This is why i still get the occasional 1979 $20 bill coming out of the machine

...

I've noticed this as well, some banks re-distribute older series banknotes, others don't. The Royal Bank always sends older series notes back, Scotia Bank just started following suit this summer. BMO still circulates older series notes. And CIBC. But it's getting harder to find older bills since half the banks are enforcing policy to send older notes back. Some banks still let me have the odd $1000 because they know I'm a collector. Actually it was Scotiabank where I got those EET L/B 1971 $10 notes. But eventually all banks will probably have to send any older series note back to the BOC.

How long ago did you get those EET notes??? Geeee i wish it was me who got those EET notes. I have one in my collection, paid almost $500 for it... but its worth it! If only i was a collector when these notes were released back in the early 80's

"How long ago did you get those EET notes Geeee i wish it was me who got those EET notes. I have one in my collection, paid almost $500 for it... but its worth it! If only i was a collector when these notes were released back in the early 80's?"

Well it was early last summer, just a couple months before Scotiabank stopped recirculating older series bills. Somebody brought in about $1300 worth of 1971 $10s. I didn't have the cash on me to buy the whole bundle, but I just went through the notes at the teller's wicket. I was mostly looking for signatures and condition of bills. I picked out all the AU's and a few EF++s. I got L/B C/B, T/C signatures.  

But at the time, I wasn't aware that the L/B EET notes were so valuable. So, I found out while looking through the catalog book later that day. Then the next day, I went back to see if they still had the 10s, just in the off chance that they might have some L/B EET notes. I really didn't expect to find any. But sure enough, I went through the bundle and found not 1, but 2 EET notes. They were mostly in very low grade EF. But the notes were still clean, no major deep folds, no pen marks, no fading and still fairly crisp.

Prior to that the year before, I got a L/B 1979 $20 replacement note in high grade EF++ and got a lot of money for it at a coin dealer. So, I thought I'd get lots for the EET notes. But he didn't seem to offer me much for them to my surprise. But I sold them anyway (somebody please shoot me) because I wanted some other stuff in trade. I know, I know everybody thinks I was dumb to sell them for so little. I posted this story here awhile back. But I don't know why I never got too much for them, when I got a great deal selling to $20 to the same dealer? But I guess I should have kept them. Also, that summer, the same person brought a whole bunch of 1979 series $5 notes. I got a lot of C/B notes in EF+++ and a couple in AU. But, I've been pretty lucky getting older notes at the bank.  I know most head tellers who work cash at the banks who let me have notes.