Bank of Canada Annual Report

News: Welcome to the Canadian Paper Money Forum.

The Bank of Canada Annual report for 2003 is available on-line at http://www.bankofcanada.ca/en/annual/2003/bankreport_2003.pdf  

The report talks at length about the plans for release of the three high denomination Jouney notes in 2004.  

It does talk about the problem of counterfeiting in the $10 denomination, and specifically says that the security features of these notes are easier to detect in less worn notes, and that there is a newer policy to take worn notes out of circulation sooner.

I see no mention of plans to redesign or add new security features to the $10 journey notes.

I'm beginning to wonder if we have created our own rumour on this message board based upon unsubstantiated anecdotal references.

As far as I know, the BoC will indeed be releasing revised $10 bills with anti-counterfeiting features.  I read Michael's post and it said that Mr. Jenkins said that they will be issuing the new revised $10 bills later this summer.

You can check in the "Meeting with Paul Jenkins" section in the "Journey Notes" column of the forum.

And that's my sawbuck's worth.

Later, Jonathan

That seems pretty anecdotal to me when there seems to be no collaborating evidence anywhere to confirm this.

If this assumption was based upon a conversation between Coinsplus and Mr. Jenkins, perhaps what was said was that the bank is considering such a move.  The bank is not going to change the features of a banknote without extensive public education.  The bank wants to promote the security of our currency, not destabilize it by altering the notes without preparing the public beforehand.

I have emailed the Bank Note Communication and Compliance Team at the Bank of Canada to ask for clarification.

Dear Bank Note Communication and Compliance Team,
 
There  has  been  some  suggestion  /  rumours  amongst my bank note collecting  friends  and colleagues that a new Journey $10 note with   additional security features will be issued soon.

Is there any validity to this suggestion?

I could find no mention of a reworked $10 note on the Bank of Canada web  site,  nor in the 2003 annual report.  I did see mention in the annual  report  a comment that the security features on the $10 note
are  harder to detect on heavily circulated notes, and that the bank was  developing a policy for accelerated withdrawal from circulation of worn notes.

Your comments will be welcomed.

Thank you,

Michael Zigler
Canadian Paper Money Society member #316

Here is the response that I received by e-mail this morning:

Dear Mr. Zigler,

This is in response to your e-mail in which you inquired about the Canadian Journey $10 bank notes.

As you already know, the Bank of Canada started issuing the Canadian Journey series with the $10 on 17 January 2001, followed by the $5 on 27 March 2002, and the $100 on 17 March 2004.

Right now, the Bank's focus is on issuing the new $20 and $50 bills, but we are committed to developing the most secure notes in all denominations and we monitor all notes on a regular basis.

We expect to issue the Canadian Journey $20 and $50 notes by the end of this year. For security reasons, I cannot give further details about notes that have not yet been issued.

I thank you for your interest in Canadian bank notes.

Regards,

Sylvie Dionne
Bank Note Communication and Compliance Team
Bank of Canada
1-888-513-8212
www.bankofcanada.ca

I guess we shall not keep our hopes up for a "revised" $10 note very soon.

I predict that pretty soon, we will indeed see new $10 prefixes with the new Jenkins/Dodge combo.  The FEN's reported in the past few weeks are in the low 4-Million range, so we should definitely see a signature changeover in the FEN's (or BEK's) fairly soon.  I also predict that the next new $10's will remain the same with the same security features as on the new $5's (which have recently been reported with the new Jenkins/Dodge combo).

So, I predict that our $10's are currently in process, with our original security features, or with some high-tech features as on the new $100's.

I will be touching base with the forum as much as I can, so I will be looking forward to the release of the next FE* or BE* prefix, hopefully soon!

Later, Jonathan