It might seem like most stores are loathe to accept those $100 bills you hand over when paying for your purchase. Same cashiers may react to a $50 bill with a blank stare.
Even smaller denomination bills are getting the once over before the clerk will complete your transaction.
The Bank of Canada says large bills aren’t being turned away nearly as often as they used to be. Its latest survey shows that 96 per cent of retail outlets will accept your $50 and $100 bills.
Still, the Bank also says stores can’t be compelled to accept Canadian currency under federal law. While the Bank of Canada Act gives the bank the sole right to print money, the bank has no authority over how its notes are used to settle debts, says Joe Basile of the bank’s currency education team.
Some provinces, however, have regulations requiring businesses to accept exact amounts of cash to settle debts. But the law is mute on providing change, for example when you hand over a $50 bill to pay for a $40 item.
The forgeries can be very accurate, the Bank of Canada admits. Store owners say many forgeries pass the ultra-violet (UV) light test used to find counterfeit bills.
However, the forgeries may not look completely authentic. The metallic patch in the upper-left corner, for example, may be gold in a forged bill, while the patch on the real bill changes from gold to green when tilted.
The ink on a fake bill may run if you put water on it. As well, the detail in a legitimate bill, such as the fine lines in the eyes of the portrait, might not be duplicated perfectly in a forgery.
Security features
The new bills include several upgraded security features designed to foil counterfeiters.
© Bank of Canada/Banque du Canada
The new $100 bill was introduced in March 2004
The new $20 bill was unveiled in August 2004
When the bill is tilted, brightly coloured numerals (100) and maple leaves will «move» within the holographic stripe. There is a colour-split within each maple leaf.
Watermarked portrait. Hold the note to a light and a small ghost-like image of the portrait appears to the left of the large numeral (100).
Windowed colour-shifting thread. Hold the note to the light and a continuous, solid line appears. From the back of the note, the thread resembles a series of exposed metallic dashes that shift from gold to green when the bill is tilted.
See-through number. Hold the note to the light and the irregular marks on the front and back will form a perfectly aligned number 100.
The bank unveiled a new $50 bill on October 13, 2004. It will release the bill into circulation in late November.
© Bank of Canada/Banque du Canada
The new $50 bill was unveiled in October 2004
In 2005, the Bank of Canada plans to upgrade the $10 again. Here are some more enhanced security features on the latest $10 bill.
A glowing blue Canadian coat of arms and red security fibres appear when viewed under UV light.
A hidden number 10 can be seen here when the bill is viewed along its edge.
The golden maple leaves shimmer when the bill is tilted.