![]() ![]() Starting 1996, all notes except $1 and $2 were redesigned to have a larger portrait of the people depicted on them. The denomination proved to be unpopular and is now treated as a curiosity, although it is still being printed. In 1976, a $2 note was added, 10 years after the $2 denomination of United States Note was officially discontinued. Since United States Notes were discontinued in 1971, Federal Reserve Notes are the only type of currency circulating in the US. A $1 note was added in 1963 to replace the $1 Silver Certificate after that type of currency had been discontinued. The $500, $1,000, $5,000 and $10,000 denominations were last printed in 1945 and discontinued in 1969, making the $100 bill the largest denomination banknote in circulation. They switched to small size in 1929 and are the only type of currency in circulation today in the United States. After that date they stopped to be redeemable in anything, much like United States Notes (which later led to the halting of the production of United States Notes). No new denominations to replace the $1000 note are being considered at the present time.Federal Reserve Notes were first issued in 1914, and differ from their predecessor Federal Reserve Bank Notes in that they were liabilities of the whole Federal Reserve System. More widely used denominations, as well as cheques, credit and debit cards, and electronic transfers, will continue to provide Canadians with a choice of ways in which to make payments. In 1999, for example, there were about 3.8 million $1000 notes in circulation, representing less than 0.3 per cent of all notes in circulation. The note is rarely used for cash transactions. The withdrawal of the $1000 note will have little impact on Canada's currency system and its ability to meet the needs of businesses and individuals. ![]() The Bank of Canada will ensure that a good supply of notes of lower denominations is available to replace the discontinued notes. All $1000 notes returned to the Bank of Canada will be destroyed. The $1000 notes will be withdrawn over time with the help of financial institutions, which have been asked to return the notes to the Bank of Canada as they are deposited or exchanged by the public. This is true for all Bank of Canada notes that are no longer issued, such as one- and two-dollar notes. Individuals will be free to hold and use the notes for as long as they want. The Bank of Canada stressed that even after it has stopped issuing $1000 notes, the notes already in circulation will remain legal tender and will retain their full face value. This decision was recommended by the Department of Finance in consultation with the Bank of Canada, the federal Solicitor General, the Royal Canadian Mounted Police, and other Canadian law enforcement agencies. The announcement follows the federal government's approval of an amendment to the Bank of Canada Notes Regulations to eliminate the $1000 note as part of the fight against money laundering and organized crime. ![]() ![]() The Bank of Canada announced today that, effective May 12, it will stop issuing $1000 bank notes and will begin to withdraw them from circulation. ![]()
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