Does the BOC keep records of how many notes they shred?

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Hi All,

As I often hear of members with connections to get certain info from the BOC  (i.e. ranges, etc.) I was wondering if the BOC keeps records of notes they shred and is the number/amount published anywhere?  Is that information that BOC member contacts can disclose?

Thanks,
Breanna

I am very certain that the BoC keeps records of banknotes withdrawn from circulation and then destroyed.
Central banks around the world do this. For example, the Bank of England destroyed 20.2 million £5 banknotes and 32.2 million £20 banknotes between March 2023 and February 2024.
In 2023, the Central Bank of Paraguay destroyed 15,580,853 notes of their highest denomonation, the 100,000 guaranies note.
Unfortunately, I don't know where/if the BoC reports about the number or value of banknotes destroyed. 

Thanks Redlock,
I've seen reports of paper currency still in circulation by denomination, likely on the BoC website I don't remember exactly.  But, I'm kind of curious about how many notes are being turned in aka shredded each year and if they collect that kind of data, which they likely do in some form or another, no?
Cheers,
Breanna

I've seen reports of paper currency still in circulation by denomination, likely on the BoC website I don't remember exactly. 

It was probably here:
https://www.bankofcanada.ca/rates/banking-and-financial-statistics/bank-of-canada-note-liabilities-formerly-k1/

But, I'm kind of curious about how many notes are being turned in aka shredded each year and if they collect that kind of data, which they likely do in some form or another, no?

By now, I am quite certain the BoC keeps records about it. Unfortunately, I didn't find any data during my rather quick search (I don't have the time for a deep dive at the moment).
Usually, Central Banks report such information in their annual reports or sometimes in special environmental reports (''going green'').
You are most likely a  Canadian citizen. Therefore, I suggest you try a ''Freedom of Information'' request with the BoC. It might be successful. If you are, please, let us know here in the forum.

Thanks Redlock,

I think there are members that could find out that info with a phone call, so won't be commencing a battle with the government about it anytime soon.  LOL

Breanna

These are simply my thoughts.  My answer to the question posed in this thread’s title needs to consider why.
 
Is there a need for this information?  My short answer to this question is yes.

A theme I repeat to other collectors is to consider different perspectives.  One of the Bank of Canada’s (BOC) mandates is to maintain a high credibility for our Canadian currency.  This encompasses design, printing, distribution, and destruction of bank notes. Some of these functions are contracted out to bank note printers and security transport firms for example. We bank note collectors need to remind ourselves that our hobby is not a central part of the BOC’s mandate.
 
Why “yes”?  The BOC and Canada’s charter banks keep records because it is necessary in the business of managing currency.  In order for our economic system to function, the BOC needs to know how much money is in circulation (“M1” money for example).  This is determined by accounting for new bank notes entering circulation and subtracting what is withdrawn.  Canada’s charter banks need to account for returned notes in order to get reimbursed by the BOC – to them it is simply a business transaction.  Every year, the total amount of Canadian currency in circulation increases.  Don’t worry – the BOC gets paid by the banks for these extra bank notes too.
 
We know the occurrence of counterfeit bank notes by denomination from public sources such the Bank of Canada annual report or other published papers.  This indicates that Canadian banks sort and count bank notes returned by denomination.

It is unlikely that note destruction records will be shared with the public.  There are other reasons to think about – general durability of bank notes – what denominations circulate more in certain parts of the country.  This sensitive information could be useful to the BOC, bank note printers and police/security agencies.

Collectors may wish to have more specific data about destroyed bank notes such as series or even prefixes!  That information is not needed for business reasons.  The only exceptions are circulating trial test notes, and we all know a fair amount about them.
 
JBN