Update on the 500.00 notes

News: Welcome to the Canadian Paper Money Forum.

After calling 12 caterer's in the Toronto area I finally found them and was lucky enough to speak to the woman who had accepted the 4 500.00's. She could not tell me which version they were but she told me they looked brand new and was able to inform me which bank she deposited them in. She was very curious as to why I was so intent on finding them....and when I told her of their value I don't think she believed me. I went to the branch and spoke with one of the tellers who remembered them.....but unfortunately they had already been sent for "disposal" , his words. It is too bad that bank tellers don't understand collecting or how much some of these notes are worth that they send away to be burned . I think if I was lucky enough to be working in a bank I would probably be fired my 1st day for checking all of the notes I was taking in . Just wondering where do the bank's old notes go and what actually happens to them?

They get sent to the regional Bank of Canada offices for destruction. Once the notes get shipped out of the banks, they're history, quite literally.

Sorry, but my guide is missing in action right now.
What would their value be?? Or should I ask?  

That is really sad - but great that you took the time and effort to follow-up. Perhaps a moment of silence would be appropriate....

That would make 42 outstanding notes instead of 46.

Louis

TSK TSK!

 Sid  There value is really not establisted yet as they were discribed as brand new but the english version in E.F. is $60,000 and the french only say's extremely rare in any grade.

 Maybe they were 1911 notes and valued at $200,000 in V.F. each

Don't lose hope entirely.  There is a chance, at least, that they will be intercepted on their way through to the destruction process and offered to the Bank of Canada museum.

Yes didn't the currency museum get the last two that surfaced a couple years ago?

I was told a story by a dealer a few months ago, whereby a lawyer dealing with an estate discovered 10 such notes, and without knowing what they were simply turned them into the bank as part of the proceeds of the estate. Really wonder if such things happen, by chance has anyone heard of such stories.

I was told today (Saturday) at lunch at the TNS show in Hamilton by Dick Dunn, that a few years ago, some were turned in for destruction, but as Bob mentions, they were intercepted and purchased by the National Currency Collection for $500 each. Not a bad acquisition, if you ask me.

Curious, if four (or ten) such notes are deposited at a bank and find their way to the Bank of Canada Museum...  are they considered "redeemed" such that the reduce to Bank of Canada Liability.  If you look at the Bank of Canada bank note liability - four $500 notes were redeemed about four years ago, reducing the number of outstanding notes by four and reducing the liability by $2000.  There was no similar accounting for a depsoit of ten such notes for if this part of the story is true, then these notes did not make it back to the Bank of Canada.  I can't imagine someone hanging onto 10 notes.... one or two would have made it into an auction.

 
Eyevet,

to answer your question, yes, this ten bills may have been deposit in a bank without being send to the Bank of Canada for destruction. They can be "lost in transit" which means, they have been send to an other bank or regional or main branch and sleep somewere in a vault. I will give you a scenario.

Mr. X deposit an UNC 1914 500$ in Small-town-somewhere-in-Canada. Assuming that the teller accept the bill and make a deposit in a regular account. this bill will travel with the rest of day cash and will be put in the vault until there's a pick up ( banks don't keep a lot of cash) and will be send to the regional branch. The bank employee that receive this bill and count the amount of money at the regional branch will be probably unable to put it in the computer and will count it as a "cash flow" and put it in the vault with the rest of "uncommon bills" like 1$, 2$, 1000$. The story told me that the bank employees are lazy and don't clean very often the vault. They usually finished in a casemate without seeing light during years...until somebody decide to clean up this mess. Then those bills are send with rest to the main branch where they are count, all serial numbers are put in a computer, they are checked and selected "in" or "out". If they are out, they will be send to the Bank of Canada, if they are in, they will remain in circulation and send back to the banks, but you must understand that a bank employee not knowing paper collecting can keep this bill as a regular issue with another " cash flow" and will be send with the 100$ bills. Bank of Canada notice are not followed as a bible...it is  common to find new 1$ or 2$ bills in a vault. They just sleep with the "cash flow".