Check if your older British Pounds, US Dollars, Euros, or Swiss Francs are still legal tender, and learn how to exchange withdrawn banknotes into Canadian Dollars.
Turned Away by Your Bank? Major Canadian banks (RBC, TD, Scotiabank, BMO, CIBC) strictly refuse to accept or deposit older series foreign banknotes, including paper Bank of England £20/£50 notes (withdrawn in 2022), discontinued €500 Euro bills, recalled 8th series Swiss Francs, and older 'small head' US greenbacks. Your money is not worthless. Currency Mart evaluates authentic older series banknotes and exchanges them for Canadian cash across our 4 branches in Toronto and Winnipeg.
Withdrawn from legal tender circulation on September 30, 2022. Replaced by polymer banknotes.
| Banknote Category | Central Bank Status | Big 5 Bank Acceptance | Currency Mart Acceptance |
|---|---|---|---|
| 🇬🇧 Paper £20 & £50 (Adam Smith, Boulton & Watt) | Withdrawn Sept 2022 | Rejected | Accepted (Toronto & Winnipeg) |
| 🇬🇧 Paper £5 & £10 (Elizabeth Fry, Charles Darwin) | Withdrawn 2017/2018 | Rejected | Accepted (Toronto & Winnipeg) |
| 🇺🇸 Pre-1996 "Small Head" US $100, $50, $20 Bills | Legal Tender in US | Often Rejected (High Scrutiny) | Accepted (Optical Scan Verified) |
| 🇪🇺 Discontinued €500 Euro Banknotes | Production Ceased 2019 | Often Rejected | Accepted (Subject to Verification) |
| 🇨🇭 Swiss Franc 8th Series Banknotes | Recalled April 2021 | Rejected | Accepted (Repatriated via SNB) |
| 🇩🇪 German Deutsche Mark (DEM Banknotes) | Replaced by Euro | Rejected | Accepted (Eligible Bundesbank series) |
If you hold withdrawn foreign cash such as paper British Pounds (£20 or £50), pre-1996 US hundred-dollar bills, discontinued €500 Euro banknotes, or recalled Swiss Francs, do not throw them away. While major Canadian chartered banks (RBC, TD, BMO, CIBC, Scotiabank) routinely refuse obsolete banknotes, Currency Mart branches in Toronto and Winnipeg evaluate and exchange eligible older banknote series into Canadian Dollars.
The Bank of England officially withdrew paper £20 and £50 notes from circulation on September 30, 2022. You can exchange eligible paper British Pound notes into Canadian cash directly at Currency Mart retail branches: in Toronto at 332 Yonge St (Downtown) and 5 Fairview Mall Dr (North York), and in Winnipeg at 102-138 Portage Ave East (Downtown) and 1225 St Mary's Rd (St. Vital).
Yes, by US law, all US paper currency issued since 1861 remains legal tender at face value. However, foreign merchants, overseas banks, and Canadian chartered banks often refuse 'small head' pre-1996 series banknotes due to counterfeit concerns. Currency Mart verifies authentic older US currency with advanced optical scanners and converts them to CAD.
Canadian banks operate under automated central vault logistics. Repatriating physical withdrawn banknotes back to foreign central banks (like the Bank of England or Swiss National Bank) requires specialized insured international courier contracts and manual authentication, which retail bank branches are unwilling to process for retail customers.
Skip airport markups and big bank spreads. Collect authentic physical banknotes at our 4 retail branches or order securely online for home delivery across Canada.