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Topic: 1967 $1s out of register microprinting  (Read 1925 times)
Dean
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« on: February 21, 2024, 12:24:10 am »

Hi,

I took a closer look at some centennial $1 notes that I recently picked up and I noticed a shift in the green microprinted background relative to the black overprint.

Would notes like this be considered error notes?

Thanks,
Dean


rxcory
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« Reply #1 on: February 21, 2024, 11:36:52 am »

There were nearly 140 million of these commemorative $1 notes printed in a relatively short period of time. It could be that slight variances were seen as acceptable in an effort to get large quantities into circulation.

Interestingly, Statistics Canada places the population of Canada in 1967 at about 20,500,000. That averages out to almost 7 of the $1 banknotes for each person.


CPMS member 1994
Dean
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« Reply #2 on: February 21, 2024, 03:25:35 pm »

There were nearly 140 million of these commemorative $1 notes printed in a relatively short period of time. It could be that slight variances were seen as acceptable in an effort to get large quantities into circulation.

Interestingly, Statistics Canada places the population of Canada in 1967 at about 20,500,000. That averages out to almost 7 of the $1 banknotes for each person.

I was under the impression that the notes labelled "1867-1967" are not actually legal tender and were intended to be keepsakes whereas the Centennial $1s with prefixes and serial numbers were printed as currency.  People mistook the "1867-1967" souvenir notes as legal tender and started to spend them.  Can anybody confirm this?

 

Bob
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« Reply #3 on: February 21, 2024, 09:40:05 pm »

The green tint and the black portion were printed in separate operations.  Registration was not perfect every time.  The slight displacement is normal, not an error.  Both 1867 $1 with serial numbers and with dates were printed for circulation, and were legal tender.

Collecting Canadian since 1955
hdldddpd
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« Reply #4 on: March 04, 2024, 12:58:00 am »

I was under the impression that the notes labelled "1867-1967" are not actually legal tender and were intended to be keepsakes whereas the Centennial $1s with prefixes and serial numbers were printed as currency.  People mistook the "1867-1967" souvenir notes as legal tender and started to spend them.  Can anybody confirm this?

 

That is correct.  The 1867-1967 notes are not legal tender.  I was only 6 at the time but remember this well as it was the centennial coins and bank notes that got me interested in numismatics.  My parents tried spending them; some stores took the 1867-1967 notes and others did not.  Banks did not at the time they still should not. 

Just Bank Notes
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« Reply #5 on: March 04, 2024, 10:57:11 am »

CPMF’s “Bob” is correct - both 1867 $1 varieties are indeed legal tender.
 
Let’s ask a simple question: have Canadian banks historically and presently redeemed all $1 Centennial issue notes?  They do, because they are legal tender.  Consider the alternative: banks rejecting deposits of certain $1 notes that appear to be legal tender to average citizens.  This would undermine the Bank of Canada’s goal of maintaining public confidence in all Canadian currency.

The government and Bank of Canada anticipated that people might want to save a $1 Centennial note as a souvenir and printed 1867-1967 notes aimed at them.  While there was no intention for these notes to enter circulation, it happened.  The last post mentioned some stores not accepting the 1867-1967 notes (I recall the same) and this had to be rectified in a hurry for the sake of commerce and credibility.

JBN     
whitenite
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« Reply #6 on: March 04, 2024, 08:46:59 pm »

Regarding the discussion on the legal tender status of 1867-1967 $1 banknotes, I was a 9 year old kid at the time and I was collecting coins and paper banknotes already by this time and the Bank of Canada want to have a "keepsake" for the public in 1967.  At the time, RCMP agreed to permit the Bank of Canada to produce this run of 1867-1967 Serial Number banknotes without the traditional serial number as the production was limited to 12,000,000 banknotes.  You need to consider that in 1967, there were over 1 billion $1 banknotes in circulation and to counterfeit a $1 banknote was not of interest to organized crime as the returns were very low when compared to higher denominations such as $20 banknote.

The $20 banknote was the most counterfeited banknote at the time as $20 banknotes were gaining popularity for spending purposes due to inflation and cost of living as well as the limited use of credit cards.

I can remember the Bank of Toronto-Dominion in Toronto in July 1967 dispensing the 1867-1967 banknotes by the bundles and nobody questioned its legal status.  Even as a paperboy for the Toronto Star between 1969 and 1974, these banknotes were in circulation and I cannot remember anyone refusing to accept it including the stores and banks.  At lot of people thought that these banknotes were cool which was a new word in 1967 courtesy of the Hippies.

My thoughts, Whitenite
 

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