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If you have any old paper 1 or 2 dollar bills – you have until the end of the year to use before they lose their legal tender status

If you have any old paper 1 or 2 dollar bills – you have until the end of the year to use before they lose their legal tender status
/ Jeff Kingma / iStock / Getty Images Plus

If you have any old paper 1 or 2 dollar bills – you have until the end of the year to use before they lose their legal tender status

Stores can still accept these bills if they want to, they just don’t “have to” and you can always take exchange them at the bank for their face value or keep it as a souvenir, but as of January 1st, 1’s, 2’s, 25’s, 500’s, and 1,000 dollar banknotes will lose their legal tender status

IF you do happen to have a $500 bill  - only about three dozen of them still exist, so depending on condition, its value could range from $20,000 to $60,000.

Here’s the breakdown of the BoC's last count of affected bills in circulation:

$1 bill: 150,230,000

$2 bill: 103,036,000

$25 bill: 1,840

$500 bill: 40

$1,000 bill: 632,019

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The federal government has indicated that it currently has no plans to take any other banknotes out of circulation.

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