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The $1 and the $2 notes stopped being issued in 19, respectively, and were replaced with the loonie and toonie.

Other rare bank notes, such as the $25 bill, can also fetch thousands of dollars. The value of one bill can range from $20,000 to $60,000 depending on its condition, according to the website Canada Currency. The $500 bill is one of the rarer bank notes, and with just over three dozen of the bills in existence, they are extremely hard to come by.

However, there may be more money to be made by selling the rarer bills to collectors. The bank added that people can also opt to keep their older banknotes as souvenirs. While these rare bills will be losing their status in the coming weeks, it does not mean that the banknotes are suddenly worthless.Ĭanadians with these outdated bank notes can take them to their financial institution or send them to the BoC to redeem for their face value. You can pay with any of these forms of money, even though they are not considered 'legal tender'," the BoC said. "Money is not just bank notes but takes many different forms: credit cards, debit cards, cheques, and contactless payments using mobile devices. The BoC noted that stores can still accept these bills as payment if they so choose.

"Most Canadians will not be affected because the bank notes targeted by this announcement have not been produced in decades and are rarely used in transactions," the BoC said in a statement. However, the bank says the decision to remove legal tender status from these bills will have little impact on the majority of Canadians. The Bank of Canada (BoC) issued a reminder on Thursday that hundreds of millions of $1, $2, $25, $500, and $1,000 bank notes will have their legal tender status removed as of Jan. Any Canadians who have old paper bills in their wallets have until the end of the year to use them in day-to-day transactions before merchants no longer have to accept them.