Canadian Paper Money - Questions & Answers

This page attempts to answer frequently asked questions pertaining to Canadian Paper Money.  If you have any specific questions relating to the subject, please E-Mail and I will respond to the best of my knowledge.  This page was last updated on 20-Feb-2012.

Table of Contents

• 0)  What is it worth?
• 1)  What are Shinplasters and are they valuable?
• 2)  When did Canada introduce bilingual notes?
• 3)  What are Devil's Face notes?
• 4)  What does the "*" beside the serial number represent?
• 5)  What are Canadian grading standards when it comes to paper money?
• 6)  What organization can I join if I want to learn more about Canadian paper money?
• 7)  What is Criminal Code, Section 457?
• 8)  What are the last $1 (1973) and $2 (1986) notes worth?
• 9)  What is special about the $1 note with the serial number '1867 1967'?
• 10)  What are the current denominations and portraits/images on Canadian currency?
• 11)  Why is there an American (US) flag on current Canadian notes?
• 12)  Where can I find graphics of Canadian notes?
• 13)  Where can I sell specific notes or an entire collection?

0)  What is it worth?

• Collectors may use the Charlton guide to estimate what their Canadian notes are worth.  Value will depend on many factors, such as age, condition, relative scarcity and collector demand.  In addition, values will vary for a given type based on signatures, special varieties and sometimes even serial number.  The latest value guide is the Charlton Standard Catalogue of Canadian Government Paper Money, 24th (2012) Edition.  You may purchase this reference directly from the publisher at The Charlton Press, online booksellers, your local bookstore or collectibles (coins and stamps) store.  Or, just visit your local library.  If you are writing to me regarding the current catalogue value, please keep in mind the above and be very specific.  Questions such as: 'I have a 1937 $10 bill, what is it worth?' are not enough.  The answer: '$10 and up.'.  Please be more specific as to condition, signatures, prefix, serial number, asterisks, anomalies (errors), etc... so that I may provide an adequate response.  Please note some of the more common questions regarding valuations are on this page, specifically those regarding 25 cent notes and recently discontinued $1 and $2 notes, no longer in circulation.

1)  What are Shinplasters and are they valuable?

• Shinplasters refer to the fractional currency that was first introduced to Canada in 1870.  25-cent notes were printed as a temporary solution to the shortage of Canadian coin.  The issue became so popular with the public that it remained in circulation for many years.  Shinplaster issues were also done for the years 1900 and 1923.
  
  
• "Many attribute the expression 'shinplaster' to the use of fractional U.S. notes by soldiers of the Revolutionary War period to prevent their boots from chafing.  The term was first used in Canada with reference to the merchants' scrip which appeared in abundance in 1837-38.  Subsequently, it came to be applied to 25-cent Dominion of Canada notes from the time of their first appearance in 1870."  ...excerpt from the The Charlton Standard Catalogue of Canadian Government Paper Money, 15th (2003) edition, p. 78.
  
  
• "Nickname for 19th century U.S. and Canadian fractional notes, for their small size.  Term was also applied in a derogatory manner to the Confederate notes of the U.S., due to their dubious value."  ...excerpt from The Standard Catalog of World Paper Money - General Issues, 6th edition, 1990, p. 32.
  
  
• Many have asked if these notes have any value.  Value is always subjective, as you will see below.  The following tables show the latest valuations (in Cdn funds) as provided in the Charlton Standard Catalogue of Canadian Government Paper Money, 24th (2012) edition, p. 111, 149, and 175.  Pick valuations (in US funds as per Standard Catalog of World Paper Money - General Issues, 12th (2008) Edition, p. 190, by Krause Publications, are shown immediately below in italics for comparison purposes.  Charlton types are prefixed 'DC' whereas Pick type are prefixed by 'P'.  Market prices may vary over time and geography.
  
  

  
  Dominion of Canada - 25 cents - 1.3.1870
  
  Cat #      Series            G          VG           F          VF          EF         AU        UNC
  ----------------------------------------------------------------------------------------------------
  DC-1a      A            150.00      375.00      600.00     1000.00     1600.00      3,200      4,750 CAD
  P-8b       A below date             375.00                1,000.00                             4,500 USD
  
  DC-1b      large 'B'     15.00       45.00       75.00      200.00      550.00      1,250      3,250 CAD
  DC-1b-i    small 'B'     15.00       45.00       75.00      200.00      550.00      1,250      3,250 CAD
  P-8c       B below date              50.00                  220.00                             3,000 USD
  
  DC-1c      Plain         12.00       25.00       45.00      150.00      400.00        850      1,600 CAD
  P-8a       no plate letter           30.00                  175.00                             1,500 USD
  ----------------------------------------------------------------------------------------------------
  
  
  
  Dominion of Canada - 25 cents - 2.1.1900
  
  Cat #      Variety           G          VG           F          VF          EF         AU        UNC
  ----------------------------------------------------------------------------------------------------
  DC-15a     Courtney       6.00       11.00       15.00       30.00       90.00        190        550 CAD
  P-9a       Courtney                  12.00                   30.00                               500 USD
  
  DC-15b     Boville        6.00        9.00       12.00       25.00       80.00        150        450 CAD
  P-9b       Boville                    8.00                   25.00                               425 USD
  
  DC-15c     Saunders       7.00       13.00       18.00       40.00      125.00        250        650 CAD
  P-9c       Saunders                  12.00                   40.00                               600 USD
  ----------------------------------------------------------------------------------------------------
  
  
  
  Dominion of Canada - 25 cents - 2.7.1923
  
  Cat #      Variety           G          VG           F          VF          EF         AU        UNC
  ----------------------------------------------------------------------------------------------------
  DC-24a     Auth Hyndman      9       17.00       25.00       45.00      135.00        250        700 CAD
  P-10       Hyndman-Saunders          17.00                   45.00                               625 USD
  
  DC-24b     No Auth Hyndman   9       17.00       25.00       45.00      135.00        250        600 CAD
  P-11a      Hyndman-Saunders          17.00                   45.00                               600 USD      
  
  DC-24c     No Auth McCavour  5        7.00       10.00       23.00       70.00        140        250 CAD
  P-11b      McCavour-Saunders          8.00                   25.00                               275 USD
  
  DC-24d     No Auth Campbell  5        7.00       10.00       23.00       70.00        140        250 CAD
  P-11c      Campbell-Clark             8.00                   25.00                               275 USD            
  ----------------------------------------------------------------------------------------------------
  
  

  
  

2)  When did Canada introduce bilingual notes?

• Following the creation Canada's central bank, the Bank of Canada introduced its first paper money issue.  In 1935, separate unilingual English and French were produced.  In 1937, a bilingual issue was created as it became clear that it was too expensive to produce separate English and French versions.

3)  What are Devil's Face notes?

• Early printings of the 1954 Bank of Canada issue show the image of a devil's head in the Queen's portrait.  Highlights in the Queen's hair, behind her ear, show a devil-like image.  Controversy forced the redesign of the Queen's portrait.  The devilish image was eventually removed in a modified issue by darkening the highlights.  The devil's face close-up is shown above followed by the modified portrait.

4)  What does the "*" beside the serial number represent?

• Banknotes that show the '*' symbol before the serial number are known as asterisk notes, more commonly known as replacement notes.  Starting with the 1954 Bank of Canada issue, defective notes produced during the printing process were replaced by these 'replacement notes' which carried the asterisk before the serial number.  Starting in 1981, with the introduction of triple-letter prefix notes, the use of the asterisk was displaced in favor of the use of the letter 'X' in place of the 3rd letter in the serial number.  With respect to the 1979 Black Serial Number issue (which contained no letters in the serial numbers) replacement notes were distinguished through the use of the number '1' in place of the second digit.  In recent years, the practice of using distinguishing characters ended.  Nevertheless, replacements are still used to substitute for faulty notes removed before issuance to the public.  It is just that they do not have any identifying features as before.  Some refer to these new types as 'insert notes'.  The current guide attempts to list these based on data submitted by collectors.

5)  What are Canadian grading standards when it comes to paper money?

• UNCIRCULATED (UNC) - A perfect note. Crisp and clean as issued and without any folds, creases, blemishes or discoloration. Colours have original hue and brightness. Some issues may have ripples (as made). Mention must be made if the design is not perfectly centred with usual width of margins.
  
  
• ABOUT UNCIRCULATED (AU) - Similar to Uncirculated, but with the allowance of a light fold (usually a vertical centre fold) or two or three very light counting folds, but not both. Counting creases resulting in broken paper fibres, or any other creases, reduce the grade depending on their number and severity. The practice of using almost and about to designate a slightly lower grade, or a plus in the case of lower grades to designate in-between grades is common, e.g. almost AU or EF plus. Notes not perfectly centred with the usual width of margins must be so described.
  
  
• EXTREMELY FINE (EF) - Similar to Almost Uncirculated, but the centre fold, vertical or horizontal, may be a crease, i.e. paper fibres are broken, or there may be up to three heavy counting folds (not creases) or two light creases, but no combination of the above. There should be almost no evidence of wear, soiling or blemishes. The centering and margins if not perfect must be noted.
  
  
• VERY FINE (VF) - A fairly crisp and clean note. It may have several major and minor creases and folds, and some evidence of wear especially along the edges or at the corners. There may be some slight decrease in hue and intensity of the colours. The design in the creases should not be worn off.
  
  
• FINE (F) - A note with considerable evidence of circulation. Numerous creases and folds, but a small degree of firmness remaining. Usually fairly soiled and the hue and intensity of the colour are slightly reduced. There may be a slight amount of the design worn off along the major creases.
  
  
• VERY GOOD (VG) - A heavily circulated note but with all the major design still visible. Usually limp with no crispness or firmness, quite soiled, hue and intensity of the colour will be faded or altered. A moderate amount of the design may be worn off along the major creases or in the counting crease areas. Numerous other defects may apply (see list below).
  
  
• GOOD (G) - Soft and very limp, often with tears and small pieces missing. Usually some of the major design is worn off. Note may be quite dark in appearance. Manuscript signatures, dates and sheet numbers may be faint or unreadable. Usually has numerous tears and other defects.
  
  
• FAIR (FR) - Similar to Good, but larger pieces missing. Manuscript signatures, dates and sheet numbers may be worn off or entirely faded out. Often has numerous tears and other defects.
  
  
• POOR (P) - As a Fair note, but with a major portion of the note torn off or the design obliterated. Often numerous tape repairs. Generally collectable only because of rarity.
  
  In addition, to accurately grade a note it is necessary to consider any additional impairments. These should include:
  
  1. Minor counting creases or edge defects, especially for EF and AU grades.
  2. Tears, pinholes or signature perforations.
  3. Stains, smudges, crayon marks or writing.
  4. Missing corners, cut and punch cancellations or edge defects.
  5. Rubber stamp impressions.
  6. Any repairs, such as with sticky tape, scotch tape, stamp hinges, etc.
  7. Chemical damage, paste or glue from attachment to a page.
  8. Poorly centered or badly trimmed edges.
  
  A note with portions missing should be graded as if it were a whole note, then the amount missing should be fully described.
  Proof, specimen and essay notes are commonly accepted as being in Uncirculated condition. Otherwise, they should be described as impaired, with the type and degree of impairment stated.
  The above grading guide has been endorsed by the CPMS, Canadian Paper Money Society.
  
  ...excerpt from the The Charlton Standard Catalogue of Canadian Government Paper Money, 15th (2003) edition, pp. x-xi.
  
  

6)  What organization can I join if I want to learn more about Canadian paper money?

• The Canadian Paper Money Society
  
  Established in 1964 and incorporated in 1972, the Society is a non-profit educational organization interested in Canadian bank notes, banking, and other Canadian paper money. It publishes The Canadian Paper Money Journal annual and four newsletters and has library and other facilities available. The Society is sustained by regular members' contributions of $30.00 per year or Life Membership (available after at least one year of regular membership. (All other countries $30.00 U.S. funds). The official address of the Society is:
  
  Canadian Paper Money Society
  Attn: Dick Dunn, Secretary-Treasurer
  P.O. Box 562, Pickering, ON
  L1V 2R7, CANADA
  
  E-mail: info@cpmsonline.ca

7)  What is Criminal Code, Section 457?

• The reproduction of bank note images is governed by the Criminal Code of Canada.  As well, the Bank of Canada owns the copyright on the designs which is governed by the Copyright Act.  Reproduction of unaltered bank note images for any lawful use (educational, commercial, advertising, etc.) is permitted as long as the restrictions listed in Section 457 of the Criminal Code of Canada are respected. (...excerpt from Bank of Canada site)

1. No person shall make, publish, print, execute, issue, distribute or circulate, including by electronic or computer-assisted means, anything in the likeness of
   (a) a current bank-note; or
   (b) an obligation or a security of a government or bank.
   
   
2. Subsection (1) does not apply to
   (a) the Bank of Canada or its employees when they are carrying out their duties;
   (b) the Royal Canadian Mounted Police (RCMP) or its members or employees when they are carrying out their duties; or
   (c) any person acting under a contract or licence from the Bank of Canada or Royal Canadian Mounted Police (RCMP).
   
   
3. A person who contravenes subsection (1) is guilty of an offence punishable on summary conviction.
   
   
4. No person shall be convicted of an offence under subsection (3) in relation to the printed likeness of a Canadian bank-note if it is established that the length or width of the likeness is less than three-fourths or greater than one-and-one-half times the length or width, as the case may be, of the bank-note and
   (a) the likeness is in black-and-white only; or
   (b) the likeness of the bank-note appears on only one side of the likeness.
   

8)  What are the last $1 (1973) and $2 (1986) notes worth?

• Many collectors have put aside these notes in the hope of significant appreciation over time.  These notes are no longer in circulation, having been replaced by coin.  As stated in the paragraph on shinplasters, value is subjective.  The following tables show the latest valuations (in Cdn funds) as provided in the Charlton Standard Catalogue of Canadian Government Paper Money, 24th (2012) edition, pp. 289-290, 314.  Latest Pick valuations (in US funds as per Standard Catalog of World Paper Money - Modern Issues, Volume III, 14th Edition (2008), pp. 198-9), by Krause Publications, p. 158.) are shown immediately below in italics for comparison purposes.  Charlton types are prefixed 'BC' whereas Pick type are prefixed by 'P'.  Market prices may vary over time and geography.  Also note that the following tables show the most common varieties, and exclude replacement notes which are much scarcer.
  
  

  
  Bank of Canada - $1 - 1973
  
  Cat #      Series                                               VF          EF         AU        UNC(5)
  ----------------------------------------------------------------------------------------------------
  BC-46a     Lawson/Bouey, 2 letters (1)                                               2.00       2.00-4.00 CAD
  P-85a      Lawson/Bouey (steel engraved back)                             1.00                  5.00 USD
  
  BC-46ai    Lawson/Bouey, 3 letters (2,3)                                             2.00       2.00-4.00 CAD
  P-85b      Lawson/Bouey (lithographed back, serial #AAF-)                 1.00                  6.00 USD
  
  BC-46b     Crow/Bouey, 3 letters (4)                                                            2.00-4.00 CAD
  P-85c      Crow/Bouey                                                     1.00                  3.50 USD
  ----------------------------------------------------------------------------------------------------
  (1) Prefix PA worth significantly more due to rarity
  (2) Prefixes AFF and EAK worth more due to sub-types relating to steel engraved versus lithographed printing
  (3) Prefixes ALM and EAN noted with much higher values
  (4) Prefixes ALM, BFL, EAN, ECV, and ECW noted with higher values
  (5) UNC range reflects notes in UNC, CH-UNC, and GEM-UNC grades
  
  
  Bank of Canada - $2 - 1986
  
  Cat #      Series                                    F          VF          EF         AU        UNC(3)
  ----------------------------------------------------------------------------------------------------
  BC-55a     Crow/Bouey (ARF-ARZ)                                                      4.00       6.00-8.00 CAD
             Crow/Bouey (AUA-AUF) (1)                                                  4.00       6.00-8.00 CAD
  P-94a      Crow/Bouey                                                                           8.50 USD
  
  BC-55b     Thiessen/Crow (AUG,AUH,AUJ) (2)
             Thiessen/Crow (AUK-AUN)                3.00        5.00       15.00      30.00      60.00-95.00 CAD
             Thiessen/Crow (AUP-AUZ)                                                   4.00       6.00-10.00 CAD
             Thiessen/Crow (BBA-BBZ)                                                   4.00       6.00-10.00 CAD
             Thiessen/Crow (BBP) large B            4.00        6.00       14.00      25.00      55.00-70.00 CAD
                                 small B            4.00        6.00       15.00      30.00      60.00-75.00 CAD
             Thiessen/Crow (BGA-BGZ) 2 small B's                                       6.00       9.00-14.00 CAD
                       1 small B and 1 large B      7.00       15.00       25.00      45.00      80.00-110.00 CAD
                                     2 large B's    7.00       15.00       25.00      50.00      90.00-120.00 CAD
             Thiessen/Crow (BRA-BRZ)                                                   3.00       4.00-6.00 CAD
             Thiessen/Crow (BUA-BUZ)                                                              3.00-4.00 CAD
             Thiessen/Crow (CBA-CBG)                                                              3.00-4.00 CAD
             Thiessen/Crow (CBH)                                                       4.00       6.00-10.00 CAD
  BC-55b-i   Thiessen/Crow (EBA-EBZ)                                                              4.00-6.00 CAD
             Thiessen/Crow (EGA-EGP)                                                              3.00-4.00 CAD
             Thiessen/Crow (EGR)                                            3.00       7.00      12.00-15.00 CAD
  P-94b      Thiessen/Crow (2)                                                                    4.00 USD
  
  BC-55c     Bonin/Thiessen (CBH)                                                                 4.00-6.00 CAD
             Bonin/Thiessen (CBI-CBJ)                                                             3.00-4.00 CAD
             Bonin/Thiessen (CBK)                                                                 4.00-5.00 CAD
  BC-55c-i   Bonin/Thiessen (EGR)                                                                 3.00-4.00 CAD
             Bonin/Thiessen (EGS-EGT)                                                             3.00-5.00 CAD
             Bonin/Thiessen (EGU)                                                                 3.00-5.00 CAD
  P-94c      Bonin/Thiessen                                                                       4.00 USD
  ----------------------------------------------------------------------------------------------------
  (1) Prefixes AUG, AUH, AUJ, AUK, AUL, AUM, and AUN worth significantly more due to rarity
  (2) Prefixes AUG, AUH, and AUJ worth significant amounts (hundreds/thousands) due to rarity
  (3) UNC range reflects notes in UNC, CH-UNC, and GEM-UNC grades
  

  
  

9)  What is special about the $1 note with the serial number '1867 1967'?

• Many collectors have asked about this note.  Here is the story:  In 1967, the Bank of Canada produced 12,000,000 specially numbered notes to commemorate 100 years of Canadian Confederation.  These notes beared the serial number '1867 1967' to distinguish themselves as a special collector's edition, apart from regular serial numbered notes.  Since these special centennial notes were extensively hoarded by the public, they remain quite common and carry very little premium.  The notes bearing regular numbers are worth a little more being in relative short supply (despite the fact more were produced).  The table below reflects the latest valuations (in Cdn funds) as provided in the Charlton Standard Catalogue of Canadian Government Paper Money, 24th (2012) edition, pp. 280.  Latest Pick valuations (in US funds as per Standard Catalog of World Paper Money - Modern Issues, Volume III, 14th Edition (2008), p. 198), by Krause Publications, p. 158.) are shown immediately below in italics for comparison purposes.  Charlton types are prefixed 'BC' whereas Pick type are prefixed by 'P'.  Market prices may vary over time and geography.  Also note that the following table shows the most common 1867 1967 variety, and excludes less common regular serial number and replacement notes (denoted by a '*' star or asterisk).
  
  

  
  Bank of Canada - $1 - 1967 - serial number '1867 1967'
  
  Cat #      Series                       VG           F          VF          EF         AU        UNC(2)
  ----------------------------------------------------------------------------------------------------
  BC-45a     No serial number (1)                               2.00        2.00       2.00       3.00-4.00 CAD
  P-84a      1867-1967                              1.25                    1.50                  3.50 USD
  ----------------------------------------------------------------------------------------------------
  (1) Notes with a 'true' serial number worth more
  (2) UNC range reflects notes in UNC, CH-UNC, and GEM-UNC grades
  
  

  
  

10)  What are the current denominations and portraits/images on Canadian currency?

• $5 - Front: Sir Wilfrid Laurier;  Back: Child on toboggan, snowflakes, child and parent skating, poem by Roch Carrier, children playing hockey - mostly Blue, with various colour tints.
• $10 - Front: Sir John A. Macdonald;  Back: Poppies, "In Flander's Fields", doves, modern peace-keeping soldier, Vimy Memorial and two soldiers, two children and a veteran - mostly Purple, with various colour tints.  The poem is correct and there is no error
  
• $20 - Front: Queen Elizabeth II;  Back: The Raven and the First Men / excerpt from Gabrielle Roy's novel, The Hidden Mountain / The Grizzly Bear / The Spirit of Haida Gwaii / Mythic Messengers (art work by Bill Reid) - mostly Green, with various colour tints
• $50 - Front: William Lyon Mackenzie King;  Back: Oct. 18 1929 newspaper headline, "Women are Persons" / Quotation from Article One of the Universal Declaration of Human Rights (1948) / scales of justice / statue of the group of women known as the Famous Five / Therese Casgrain Volunteer Award - mostly Red, with various colour tints
• $100 - Front: Sir Robert Borden;  Back: Miriam Waddington's poem, "Jacques Cartier in Toronto", Champlain's map of Canada (1632) and birch bark canoe / Radarsat-1 / satellite image of Canada / telecommunications antenna - mostly Brown, with various colour tints.  Note: new 'polymer' (plastic) note recently issued November 2011.  For more info, visit http://www.bankofcanada.ca/banknotes/

11)  Why is there an American (US) flag on current Canadian notes?

• Sorry, there is no US flag on current Bank of Canada issues.  The flag commonly mistaken for the American version is the 'Red Ensign' flag.  This is what prevailed before the Maple Leaf design came into existence.  More detailed information can be found at the following informational site by Paul Wallis: http://www.cdnpapermoney.com/English/BoC/Flag_Rumour.htm.

12)  Where can I find graphics of Canadian notes?

• Ron Wise, various Dominion of Canada, Bank of Canada and Specialized notes

13)  Where can I sell specific notes or an entire collection?

• One of the best ways to sell individual notes is through online auctions such as eBay.  It is also a good way to acquire notes to fill gaps in a collection.  As a seller, you pay a nominal fee for the right to list your item(s) and a small commission which is based on the final selling price of the item.  Traditional auction houses are also a good avenue.  They too receive a commission for the sale of the item(s) on your behalf.  For those interested in this route, visit Jeffrey Hoare Auctions, Inc..  Finally, there are dealers and fellow collectors.  There are pros and cons to each so choose wisely.
  
  The auction method will 'generally' attain the best result in terms of final price.  The key here is 'proper' categorization, listing and description of the item.  As a safety cushion, sellers have the option of placing a reserve price to ensure the item does not sell for less.  Some online auctions allow fixed price sales or features that allow a buyer to purchase a note at a set price.  In other words, no auction takes place and the sale will go to the first buyer willing to agree to the terms.  I have seen rare items sell for ridiculously low prices as the seller simply did not know what he/she had!  Be careful.  The biggest advantage to the auction process is that it represents a competitive process where the seller has the ability to attain the best price, especially where there is multiple interest in a given lot.  Common items tend not to do well at auctions.  For those who like the do-it-yourself approach, the online strategy is a good option, otherwise you can go the traditional auction house route and leave it to the experts.  Dealers represent another solution, although trust is paramount.  Reputable dealers will generally offer 40-60% of the list price of a given item, and in some cases more for rare and highly sought-after items.  If you go this route, make sure the dealer has a good background.  Also, go to several to get several offers.  The disadvantage here is a very limited audience.  Finally, there are local clubs where you can buy/sell/trade with fellow collectors.