Banks And Old Currency

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This has bothered me for some time. On occassion, I've asked tellers if they had any older currency. The answer is almost always, "Yes, but it's packaged to be sent out." They've told me that they have to send it to be destroyed because it's either too damaged or "too old"(!)

I've offered to buy it but none of them would sell it to me once it was packaged (wrapped for transport). The only thing I've managed to buy were some $2 bills that were still in the drawer.

A teller that used to work part-time at my place of work told me that she wasn't allowed to put any of those bills aside for customers and they (the bills) had to be sent to be destroyed. She said that she had seen a lot of very old money come through her bank over the last couple of years.

How can one get access to some of these bills once they wind up at the bank? It seems like such a shame that so much of it is out of the hands of collectors.

You don't, it goes to their main vault then its transferred to the Bank of Canada. ..... I guess if you got a job at the vault maybe...... lols

I would expect that any sent back old notes that are rare or of any value end up in the BOC currency museum.

I would expect that any sent back old notes that are rare or of any value end up in the BOC currency museum.

This would be a wonderful thought, but that is not what happens typically, unless they are of major significance, such as the $25 notes that were found a few years back.  Other than that, they are gone.  This is what I understand to be true after talking to people who have worked in the mutilation shipment places.  Perhaps it is not entirely correct.

I think an interesting concept would be to have a division (department) in the banking system that would collect the obselete bills and either auction them off or sell them to collectors. The mint sells new coinage and seems to do okay in the collectors market, why not banks selling collectible currency. Look at the auction results for the old Canadian currency recently. 

If we're talking about the BOC (banking system) i just don't think that the idea of leasing space hiring staff and having systems in place would be worth it to the BOC. Banks make money and i don't believe this would be worth the trouble to them. As for the effect on the collection community it could seriously affect valuations. The first thing that comes to mind is say a short run like the BTV. Could you imaging what would happen 2-5 years from now if the BOC sold 150,000 BTV notes that were returned to them, i think it would be devastating. The whole hunting aspect of the hobby would be greatly affected. The idea of old notes being burned is traumatizing to us collectors but personally i rather looking to the future (new bills) then the past. Why not, it's what's available and at some point in time say 20-40 years from now you could end up with an extremely interesting collection.

again what do i know! lol

at some point in time say 20-40 years from now you could end up with an extremely interesting collection.

again what do i know! lol

I'm 54 now, I can't think long term anymore.

54+40=94

it's very possible, take a look at the CPMS current news letter.