![]() There were one million of the bills still in circulation in 2006, a number that has dropped by just 300,000 in the twelve years since, according to the latest information available from the bank.įirst introduced in 1935, the $1,000 bill has a portrait of the Queen on the front and a pair of pine grosbeaks on the back. The Bank of Canada has struggled to eliminate the bill. Now there's a new incentive to part with the high-value cash: Canadians could find they're sitting on stacks of useless currency if they put off exchanging it at a bank. The $1,000 bills, nicknamed "pinkies" because of their reddish-purple hue, were phased out in 2000 at the urging of the RCMP, which wanted to curb their use in money-laundering.Īt the time, the government said individuals could hold these bills for as long as they wanted, but no new ones would be printed. In 2012, while announcing some austerity measures to get the federal budget back to balance, then-finance minister Jim Flaherty announced the penny would be discontinued and cash transactions rounded. This is not the first time a monetary instrument has been phased out by a budget. ![]()
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