It is not illegal to own a $1,000 Canadian bill, but it is no longer considered "legal tender" for transactions. While the Bank of Canada removed their legal tender status as of January 1, 2021, to combat money laundering, these notes retain their full $1,000 face value and can be redeemed at financial institutions or kept as collector's items.
Are $1000 and $500 bills real? Yes. Although they are not in circulation – or part of the money supply – they are absolutely valid as legal tender in the United States. In theory, you could use them to buy $1000 worth or $500 worth of goods or services.
As of January 1, 2021, the $1, $2, $25, $500 and $1,000 bills from every Bank of Canada series are no longer legal tender. These bank notes have not been produced in decades, so the decision to remove them from circulation has had little impact on most of us.
No, the U.S. stopped making $1,000 bills (and larger denominations) in the 1940s, with the last printing in 1945, and the Federal Reserve officially discontinued them in 1969 due to lack of use and to combat crime, but they remain legal tender and can be found with collectors, often worth much more than face value.
They are worth $1000 in Canadian dollars, but are no longer Legal tender. There might still be a programme in place to turn them in and get their face value for them to the bank of Canada via a Chartered Bank. Otherwise, they are only of value to collectors.
Yes, $1,000 bills are extremely rare today, as the U.S. Treasury discontinued printing them and most in circulation were destroyed, making surviving examples highly sought after by collectors and worth significantly more than their face value, especially in good condition or with special features like star notes. While they remain legal tender, you won't find them in everyday transactions.
$100 polymer note - Bank of Canada.
High-denomination bills like the $1,000 note are still considered legal tender. That means banks could accept them, though policies vary by institution.
The United States 5000-dollar bill (US$5000) is an obsolete denomination of United States currency. The note features president James Madison. It is still legal tender. The United States Department of the Treasury discontinued the note $5000 bill in 1969 and it is now valued by currency collectors.
Printing of the $1,000 note ceased in 2000. The denomination was withdrawn on the advice of the Solicitor General and the Royal Canadian Mounted Police (RCMP), as it was often used for money laundering and organized crime. The Bank of Canada has requested that financial institutions return $1,000 notes for destruction.
Be Aware of the Myths
You might have heard that the discontinued $2 Canadian bill is worth $10,000 — but that's wrong. Indeed, a $2 paper bill at auction did sell for $10,000 — but not because it was $2. Instead, it was because the signatures of the wrong officials were on it.
A $1,000 bill is worth significantly more than its face value today, typically ranging from around $1,500 to over $5,000 for common circulated notes, but high-grade or rare examples (like star notes or specific Federal Reserve districts) can fetch tens of thousands or even hundreds of thousands of dollars, as they are popular collector's items.
Yes, $1,000 bills exist as historical U.S. currency, but they are no longer printed or in general circulation, having been discontinued in 1969 due to lack of use and concerns about illegal activities like money laundering. While they are technically still legal tender, the Treasury wants them turned in, making them valuable collectibles, often worth far more than their face value.
Here are eight smart ways you can put $1,000 in savings to work for you.
The United States $100,000 bill issued in 1934 is illegal for a private individual to own.
Yes, some rare $2 bills can be worth $5,000 or more, but most are only worth face value; high value depends on age (pre-1900), red/blue seals (not green), perfect condition, or special features like star notes or unique serial numbers, with some 1890 notes fetching over $4,500 and error notes reaching tens of thousands.
The United States no longer issues bills in larger denominations, such as $500, $1,000, $5,000, and $10,000 bills.
A $1 bill could be worth up to $150,000 if it's part of a rare pair from the 2014-2016 printings that have matching serial numbers, specifically a "Series 2013" bill with a "B" Federal Reserve Seal and a star at the end of its serial number. The real value comes from pairing two of these misprinted bills, as millions were accidentally printed with duplicate numbers, and finding the matching set is the key to the high price.
Bank notes that are no longer legal tender. Since January 1, 2021, the Canadian $1, $2, $25, $500 and $1,000 bank notes are no longer considered legal tender. Essentially, this means that you may not be able to use them in cash transactions. Don't worry—these bank notes have not lost their face value.