Until 1858, many notes were issued denominated in both shillings/ pounds and dollars (5 shillings = $1 therefore 1 pound = $4). Others, including the Montreal Bank (later called the Bank of Montreal), issued notes for several decades. Large numbers of chartered banks were founded in the 1830s, 1850s, 1860s and 1870s, although many issued paper money for only a short time. $1 banknote of the Colonial Bank of Canada issued in 1859 Most G20 nations used 50 PPM as their benchmark to stay below. The Bank of Canada's medium-term planning target is to stay below 30 PPM. It has since started modestly rising to 36 PPM in 2014. In 2012, the counterfeiting rate had fallen to its lowest point, at 28 PPM. In 2004 Canada's counterfeit rate had ballooned to 470 PPM. The number of fake Canadian bills rose as high as 117 PPM by 1997. By the late 1990s, the rise of powerful and affordable home computers, store-bought graphics software, easy-to-use scanners and colour ink-jet printers were breeding a new generation of counterfeiters. In 1990, Canada's counterfeit ratio was just 4 PPM, ranking its currency among the most secure in the world. Normally used to judge the potency of molecules in a solution, PPM in the counterfeit sense refers to the number of fake banknotes found in circulation for every one million genuine notes. Ĭounterfeiting is measured using a system borrowed from chemistry known as parts per million (PPM). Individuals may keep the banknotes indefinitely. Financial institutions must return the banknotes to the Bank of Canada, which will destroy them. All older cotton-paper banknotes prior to the 2013 polymer series are now considered unfit for circulation due to their lacking of modern security features, such as a metallic stripe. A polymer note costs 19 cents to produce, compared to 9 cents for a typical cotton-paper note. Even as Canada's counterfeiting problem escalated, the shift to polymer was viewed as too expensive. The new Frontier series of banknotes significantly improves security primarily by using a polymer substrate to make up the note instead of the previously used fabric. Counterfeiting has decreased annually since that peak, with only 53,536 notes passed in 2010. The number of counterfeit notes passed annually in Canada peaked in 2004, when 553,000 counterfeit notes were passed. Counterfeiting Įfforts to reduce counterfeiting in recent years have sharply reduced the number of counterfeit notes in circulation. Cotton fibre was discontinued and replaced by a synthetic polymer starting in 2011, with the last of the paper banknotes being made available in November 2013. Banknotes were printed on paper composed of pure cotton. All wording on the notes appears in both of Canada's official languages, English and French. Notes are issued by the Bank of Canada, but the actual production of the banknotes is outsourced to the Canadian Bank Note Company in accordance with the specifications and requirements of the Bank of Canada. On, Prime Minister Justin Trudeau announced that the $20 bill would be updated to feature the new king, Charles III. Medical research, invention of the pacemaker, a DNA double helix, and a vial of insulin The currently produced banknote series of the Canadian dollar both consist of polymer banknotes: the 7th series (Frontier), which was launched in 2011, and the 8th series, which was launched in 2018.Ĭanadian National Vimy Memorial and poppiesĬCGS Amundsen in arctic waters, a map of Canada's North, and the word arctic in Inuktitut (ᐅᑭᐅᖅᑕᖅᑐᖅ, 'ukiuqtaqtuq') Banknotes issued in Canada can be viewed at the Bank of Canada Museum in Ottawa. The current series of polymer banknotes were introduced into circulation between November 2011 and November 2013. The Bank of Canada has contracted the Canadian Bank Note Company to produce the Canadian notes since then. All current notes are issued by the Bank of Canada, which released its first series of notes in 1935. Currently, they are issued in $5, $10, $20, $50, and $100 denominations. Macdonald ($10), Queen Elizabeth II ($20), William Lyon Mackenzie King ($50), and Robert Borden ($100)īanknotes of the Canadian dollar are the banknotes or bills (in common lexicon) of Canada, denominated in Canadian dollars (CAD, C$, or $ locally). Obverse of the 2011 Frontier series depicting portraits of Wilfrid Laurier ($5), John A.
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