Ask the Expert — Paper money

Hey there, time traveller!
This article was published 07/04/2018 (3065 days ago), so information in it may no longer be current.

Dear Mike,

I have some old paper money I have saved for many years. I recently heard the government will soon no longer honour these bills. Do you think they will become more valuable over the years or should I take them to the bank and exchange them for the face value?

— Brenda M., Winnipeg

 

Dear Brenda,

Since the government made this announcement we have had a lot of people bringing us their old paper money. Once the government passes legislation those bills will be demonetized. The bills that will be affected are the one, two, twenty, five-hundred and one thousand dollar bills. 

Some of these have significant value while others are only worth their face value. Many different factors come into play when determining the value and collectability of paper money. The series, signatures, serial numbers, etc. Most important is the condition of the bills.

It is hard to say what the future value of these bills is. My personal thought is that with the younger generation not using cash to buy things the memories of paper may become lost as time goes on.

Mike Huen is an antique dealer and owner of Mike’s General Store. If you would like to have an item appraised, email your questions and include a photo to mike@mikesgeneralstore.com and put “Free Press” in the subject line, or write to Mike’s Appraisals, 52 St. Anne’s Rd., Winnipeg, MB, R2M 2Y3.