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In 2023, it was reported that Laurier will stay on the five-dollar bill for some time. [10] On December 16, 2024, it was announced that the image of Terry Fox would be replacing Laurier's image on the next edition of the $5 banknote, with an image of Laurier being used for the $50 note when a new design of that note is implemented.
The first note, the $10 bill featuring Viola Desmond, was revealed on International Women's Day, 8 March 2018, and was released to the public on 19 November 2018. [1] Future notes will come at a slower pace than previous series to allow technological innovations to be worked into their design as time goes on.
Beginning in 2001, the Bank of Canada introduced a new series of notes called "Canadian Journey", featuring images of Canadian heritage and excerpts from Canadian literature. The $10 was first issued on 17 January 2001; the $5 on 27 March 2002; the $100 note on 17 March 2004, the $20 on 29 September 2004, and the $50 on 17 November 2004.
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This was the first new $1000 bill printed since the 1954 Canadian Landscape series. The banknotes were often referred to as "pinkies" because of their colour. [15] On average, a $1000 banknote remained in circulation for 13 years [15] owing to its infrequent use. It was released on 4 May 1992. [33]
The current five denominations—$5, $10, $20, $50 and $100—will not be affected at this time, but the government may decide to remove legal tender status from older series versions of these denominations in the future. [10] As of January 1, 2021, the $1, $2, $25, $500 and $1,000 bills from every series are no longer legal tender. [2]
The primary impetus for the new banknotes was "the need to stay ahead of counterfeiters". [2] [3] By 2002, 10% of retailers in some parts of Canada refused to accept the $100 banknotes of the 1986 Birds of Canada series in financial transactions, [4] and by 2004, the counterfeit ratio for Canadian currency had risen to 470 parts per million (ppm). [5]
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