Bank of Canada to Upgrade $10 the 18 May

News: Welcome to the Canadian Paper Money Forum.

here is the press release :
http://www.bankofcanada.ca/en/press/2005/pr05-1.htm

Brilliant, absolutely brilliant.

Take note, collectors, that all original $10 notes are expected to be REMOVED from circulation within one year of the new notes appearing.  Get your paws on them now because they won't be around for long.

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{http://www.bankofcanada.ca/en/banknotes/graphs/photos/general/2001-04/cjs_10bb.gif}

I agree, Brent.  If, in case the "lost prefixes" of BEL thru BEP gets released (which is highly unlikely), you should get them and hold on to them!  Better yet, hold on to any current $10 Jenkins/Dodge prefixes (especially BER), as they may be worth a premium in ten or twenty years down the road!

I was at the Scotiabank in St. John's, NL this morning, the teller had crispy tens, but I turned them down because the prefix of FEK, a two-year old prefix, was what she had.

By the way, is the upgraded ten still an issue of 2001 or is it an issue of 2005?

They will be "ISSUE OF 2005"

I wonder if they are going to fix the "missing circles"

I suspect that they will.  With changes to the lithograph printing stage that are this substantial, I'll bet that there will be no more missing circle notes on the 2005's.

I had 8 UNC missing circle $10's at one time, but only kept three.  Charlton's still doesn't list them as a variety in the catalogue.  I wonder if they will ever be recognized as a variety by the collecting community at large.

Strangely enough, I do not see any windowed security thread on the rear of the "sample" new $10 note.

However, I see the windowed security thread listed on the press release.

Jonathan  

I think this is another case like the 1935 and devils face series were they were withdrawn from circulation and destroyed. So i defenetly believe that our "original" 2001 series $10 would become valuable in years to come!

Bank of Canada to issue new $10 bank notes to thwart counterfeiters
 
Canadian Press

Thursday, January 20, 2005

OTTAWA (CP) - Canadians will be getting new $10 bills starting in 18 May 2005 as the Bank of Canada continues its efforts to battle counterfeiters by adding more security features to its paper currency.

The upgraded $10 note will have the same security features found on the $20, $50, and $100 bills issued last year, although the illustrations will be the same as the existing note issued in 2001, the Bank of Canada said Thursday. The $10 note features Sir John A. Macdonald, Canada's first prime minister.

The improved security features include a metallic holographic stripe, a watermark portrait, a windowed colour-shifting thread woven into the paper, a see-through number, and enhanced fluorescence under ultraviolet lighting.

The Bank of Canada said it will work with the financial industry to remove previous versions of the $10 note from circulation and expects that most of the older bills will be out of circulation in about a year.

http://www.canada.com/businesscentre/story.html?id=16957a96-44f7-47ee-b5bd-f8782f2ce5a6

Brilliant, absolutely brilliant.

Take note, collectors, that all original $10 notes are expected to be REMOVED from circulation within one year of the new notes appearing.  Get your paws on them now because they won't be around for long.

{http://www.bankofcanada.ca/en/banknotes/graphs/photos/general/2001-04/cjs_10bf.gif}
{http://www.bankofcanada.ca/en/banknotes/graphs/photos/general/2001-04/cjs_10bb.gif}

Windowed Security Thread

Save up your J/D $10's of the current run, there aren't that many of them!

I'll try my trusty Scotiabank at least once a week, in hopes of getting my hands on some crisp BES or BER Jenkins/Dodge $10's...

Jonathan  

A repair guy today told me that the BoC has suddenly recalled the re-designed 10s. Looks like there could be a problem with them and may need to be reprinted. FEP may in fact never see circulation.  

A repair guy  Would you care to clarify who you were talking to?  The average appliance repair technician doesn't seem to be someone who you would expect to be up on the latest with the BoC.  (No offence intended to anyone who knows an appliance repair technician or who is one).

If the upgraded tens were to be recalled, it would be announced on the Bank of Canada website.  

Besides, it's awfully late for April Fool's jokes.  

If there is enough evidence that the new tens are being recalled, we welcome your feedback.  

Jonathan, out!  

The " repair guy " repairs banknote acceptors and developes the software necessary when our notes change. This guy had some notes but the BoC wanted them returned before the software could be completed. This is not to say definatively that the issue has problems but I see no other reason for the recall.

The BoC release in January states :

The Bank of Canada is also collaborating with its partners to ensure the smooth introduction of the upgraded $10 note into daily cash exchanges. The Bank is providing manufacturers of bank note handling equipment—such as automated banking machines (ABMs), change-makers, and automated ticket dispensers—with the necessary information to make the required adjustments to their equipment. "In order to ensure that bills are not rejected by bank note handling equipment, it is important for the owners and manufacturers of this equipment to be ready for the upgraded note on 18 May 2005," said Roy Poppe, President of the Canadian Automatic Merchandising Association. "This simply makes good business sense."

They may just want them back so that they don't enter circulation ahead of time.

It's official, both answers are deserving of being considered correct but only time will tell for sure.

So does that really mean the upgraded tens are being recalled?  Will they be delayed?

The " repair guy " repairs banknote acceptors and developes the software necessary when our notes change. This guy had some notes but the BoC wanted them returned before the software could be completed. This is not to say definatively that the issue has problems but I see no other reason for the recall.

The BoC release in January states :

The Bank of Canada is also collaborating with its partners to ensure the smooth introduction of the upgraded $10 note into daily cash exchanges. The Bank is providing manufacturers of bank note handling equipment—such as automated banking machines (ABMs), change-makers, and automated ticket dispensers—with the necessary information to make the required adjustments to their equipment. "In order to ensure that bills are not rejected by bank note handling equipment, it is important for the owners and manufacturers of this equipment to be ready for the upgraded note on 18 May 2005," said Roy Poppe, President of the Canadian Automatic Merchandising Association. "This simply makes good business sense."

This is to answer your question jonathan. Some new tens have been sent vendors to upgrade all machines and they want all those new 10's back so that they do not get circulated before may 18

So I guess that means that the vendors borrowed the upgraded tens as a "test" to see if the machines would accept them or not, and then sent them back to the Bank of Canada before they hit circulation, right?  

Thats the whole point. The prefix that was used was FEP... Those FEP notes used can probably be said to be test notes. However, unlike the S/R, RS, 330, and AXA/EXA notes we will probably not have anyway of knowing which FEP notes were used as tests simply because each FEP note used had a random serial number and only the BoC will know which serial numbers were used. This information will be confidential and we will probably never know. When the 2005 $10 is released the first ones out will likely be with the prefix FEP and BET or BEW.
Of course, another possibility could be a similar senario to that G/R prefix from the 1954 $2 series. During the 60's the BoC issued G/R as both test and regular usage. Only certain number ranges were designated to the test issue while the rest of the G/R prefix was issued for regular circulation. The G/R test runs were returned to the BoC where they were destroyed and only a couple remain in the museum in Ottawa are there are no circulated copies that are yet known to remain. Again, this is only possibilities, if i wrote anything that is false, please correct me and lets see what others think  

The G/R test runs were returned to the BoC where they were destroyed and only a couple remain in the museum in Ottawa are there are no circulated copies that are yet known to remain.

I refer you to the Online Canadian Paper Money Museum where the only G/R test note known to be in public hands (ie: a collector, not the Bank of Canada or an institutional collection) is shown.
http://moneymuseum.bwjm.ca/rare_gr-test.asp

All in, there is at most 3 G/R test notes remaining today, as of last count.  The one shown at the Museum is in the hands of a collector, and the Bank of Canada has at least one, possibly 2.

But now we're getting off-track.

PBW: And of course, you can see it at http://www.cdnpapermoney.com/English/BoC/1954M_2.htm as well.

When the 2005 $10 is released the first ones out will likely be with the prefix FEP and BET or BEW.

Is there any reason you are not wondering about BEU or BEV?  

Went to the BoC currency musem yesterday and I got 4 consecutive UNC 2001 series 10$ notes;
serial # BER9999218  

I tell ya, there's going to be some activity in the $10 Highs/Lows list come May 18th...

Can't wait!