I have always wanted one of these. http://www.cbc.ca/news/politics/bank-notes-legal-tender-1000-bill-1.4554758
How would that work? If you gave it to someone, and they redeem it, wouldn't it still work like legal tender?
The Banks will accept these for a determined amount of time ,it could be 5 years etc. I had 25 of those 1000 dollar bills one time and the bank made me sign a statement that they were not responsible if I got mugged outside the Bank . that I found a bit funny. I wish I had kept one of them now , but life has a way of eating up your funds. the 1000 dollar bills are funding the underground economy ,and this is their main reason for the decision to stop using them . If I had those today , I would spend it all on ancient coins !
Possibly so. The term "legal tender" is overrated anyway as it applies to debt only. In cases like this one, it would of course be possible for one individual to give a $1000 bill to another individual who could then keep it or turn it in. Businesses however will probably say nah, we do not accept those any more: According to the CBC article, "the government will no longer allow those bills to be used to pay for goods and services" - so you can either keep it or take it to the bank ... Christian
The Canadian government attempting to dictate what form of currency a customer uses to buy goods and services from another party shows how it differs from that of the United States. In the U.S., you can use whatever form of currency that you please so long as both parties are in agreement. For example, I've seen this demonstrated on a television program wherein artwork was used to pay off a bill at a restaurant. The Canadian government should be put in its place and told to go bugger off by its citizens with these kinds of outlandish proposals.
Even if they eliminate these notes (1000, 25, 2, 1) they should ALWAYS be redeemable by the government that printed them and guaranteed them at that time. It's a crappy thing to print money, and then say, these aren't worth anything anymore, and then old bills turn up in the future. Sorry, deadline has passed. That's bogus.
Umm, the US has done away with such high value notes a long time ago. Of course they do not cease to be legal tender, but once turned in, they are taken out of circulation. What an outlandish concept ... Had no idea that bartering is illegal in Canada. One thing is correct however: The difference between the US and most other countries in this world is that "elsewhere" coins and/or notes may be taken out of circulation, and at some point even lose their value once the redemption period is over. Christian
Contrary to 'popular' opinion, bartering is NOT illegal in Canada. We are free to make any kind of mutually acceptable deal between individuals as we please. It should be obvious to anyone, however, that going in to Walmart and attempting to pay for your purchases by making a deal with the manager for something like 'artwork' is ludicrous in the extreme. All 'no longer legal tender' means is that the specific denominational form is no longer valid for general use. It does not mean that the value of the currency is not recognized. The $2 bill went the way of the dinosaurs here in 1996, but has been acceptable as circulating currency until just last month, when it and the $1000 bill were both designated as no longer being legal tender. Those pieces are no longer valid for general use, but the Canadian government honours their face value in perpetuity. They can be deposited into your bank account at any time, but they will not be returned to circulation. Unlike the United States, where the people seem to want to dictate what passes for money, we Canadians seem to have a better grip on what is reasonable in that regard and are quite willing to accept that our $1 and $2 coins are a superior form of currency than their paper forerunners, and that the $1000 bill should be a non-entity. Personally, I have never even seen a $1000 bill, and have never even been sure that such a thing exists (until now...). But I have seen plenty of paper money that is essentially unusable after a mere six months in circulation, costing taxpayers a ridiculous amount of money for the printing of replacement bills... oh, right! The United States still does that, to the tune of several billion dollars a year, for something that is just convenient for stuffing onto an exotic dancer's g-string and for little else.
