New $100 bill

ScottyZ

Since poker players generally tend to see large bills more often than the general public, this may be of interest.

The design of a new $100 bank note was released today:

http://www.bankofcanada.ca/en/press/2004/pr04-4.htm

The $100 note is scheduled to actually go into circulation on Mar 17.

ScottyZ

cdncougar

Any news on when the new $20 note is to be released? I think the new $100 looks great! Bring on the new $20 and $50 ASAP!

ScottyZ

From the article:

"The Bank of Canada plans to introduce new $20 and $50 notes later this year."

ScottyZ

Jack King

looks like it was influenced by the british pound..but i like it.

Anonymous

It is about time, most stores do not accept the current $100 bill because of all the counterfeits

ScottyZ

Yes, a (physical) currency is only as good as the perceptions of the people using it. And the security of this currency is highly dependent on the knowledge of the security features by those who are using it.

And unfortunately it sometimes does become difficult to use large bills if people perceive counterfeiting as a risk.

Some information (even a video!) is available here

http://www.bankofcanada.ca/en/banknotes/counterfeit/education/index.html

about the security features of the new $100, as well as the security feautres of the other notes in circulation.

At least casinos usually take large bills.

ScottyZ

Nutz

I suppose I better get used to them if I'm going to be stuffing my pockets with them :shock:

djw

I like it... not that I really ever use $100's (or even $50's). 98% of my transactions are debit.

I don't know if that is going to change people's acceptance of them or not really. Why bother accepting a $100? How much business are you losing by not doing it?

I guess you would have to see how many customers are actually wanting to do a transaction with a $100 bill, and weigh that against potential loss.

esool

From what I understand it is actually illegal to refuse to take legal Canadian currency within Canada. Just because you do not have a smaller bill you are not allowed to shop in that store. :evil: I say it is the responsibility of the store owner's to get counterfit detection equipment not ours to change our money.

I like the new 100.....How long before it is no good?

ScottyZ

From what I understand it is actually illegal to refuse to take legal Canadian currency within Canada.

If fact, it's exactly the opposite.

No person or business in Canada is legally required to accept *any* form of payment (including currency, credit card, debit card, cheque, IOU slip, Candian Tire money, etc) whatsoever for any good or service. Conversely, any form (even non-standard forms) of payment which is mutually acceptable to and agreed on by both parties is acceptable as a so called "legal tender".

For example, Amazon.ca is not legally required to accept payments in cash. A convenience store is not required by law to accept cheques. Technically, no business is under any kind of obligation to sell you anything, irrespective of what form of payment you want to make.

See

http://www.bankofcanada.ca/en/banknotes/legislation/faq/

for some brief explanations, or the Currency Act for the full legal mumbo-jumbo.

http://www.canlii.org/ca/sta/c-52/

ScottyZ

vinsanity

I'd suggest everyone try to travel to Southeast Asia or some other developing country at least once. No better feeling in the world than tipping your taxi driver a 50,000 bill.

esool

ScottyZ wrote:

If fact, it's exactly the opposite.

No person or business in Canada is legally required to accept *any* form of payment

ScottyZ

Wow, good thing I have not made a big scene at a store somewhere over my mis-information.
Thanks for saving what little dignity I may still have!

ScottyZ

looks like it was influenced by the british pound..but i like it.

I'm not sure what the British Pound looks like, but I just saw a 20 Euro bill, and the new $100 looks a lot like it. It has a lot of the same security features too (hologram stripe, denomination number which is printed with half on each side of the bill and visible by holding it to the light)

Wow, good thing I have not made a big scene at a store somewhere over my mis-information.
Thanks for saving what little dignity I may still have!

Hehe. Just save your big bills for the casinos.

Another piece of trivia based on the Currency Act is people often wonder if there is a maximum amount of coins that stores *must* accept... like can you pay for a Yugo entirely in dimes (the 10 cent kind, not the $1000 kind) Yes there is. Zero. No-one is legally required to accept payment in any specific form in Canada.

ScottyZ

Jeremy

I heard that stamps are also considered legal tender? Has anyone else heard this?

On the $100, as long as it stays brown, I don't care. Like the Maestro said
"...at home I make bills that are brown for my sound"

ScottyZ

I heard that stamps are also considered legal tender?

As long as both parties agree on stamps as a form of payment, stamps can be used to legally complete a transacation.

But calling some specific object (e.g stamps, bank notes) "legal tender" is, stictly speaking, vacuous in a legal sense. Two parties *may* use stamps (or bank notes, or whatever) to complete a legal business transaction; however no party is legally required to either accept or offer any specific form of payment.

I believe the correct legal usage of the phrase "legal tender" applies to the transaction itself, not the form of payment which was used to complete the transaction.

ScottyZ

Jeremy

That's interesting. The scenario I heard was that someone had a really small utility bill of some sort, and they sent in a few stamps to cover it, and the utility accepted this as payment. Possible? Urban legend? I don't know, but I suppose in the age before computerized everything, this might have been more plausible.

ScottyZ

Yes, that's possible (even today) as long as the utility company accepts the stamps as a form of payment.

On the other hand, the utility company also has the right to refuse this (or any) form of payment. So, I would suggest checking with the counter-party before trying to make any payment in a weird form.

"Scotty, Thank you for your inquiry, but unfortunately we cannot accept bacon fat as a form of payment for your phone bill at this time."

Mmmmm...bacon fat... :P

ScottyZ

ScottyZ

The new $100 note was put into circulation today.

http://www.bankofcanada.ca/en/press/2004/pr04-10.htm

ScottyZ

SupaMuncher

So the only ones we're waiting on are the 20 and the 50, right?

I wonder why they chose to roll out bills in the order that they do. You'd think that it would make more sense to go 5, 10, 20, 50, 100...but, then again, it's government. Can't give them too much credit.

ScottyZ

Yes, currently the 5, 10, and 100 (issued today) notes are in circulation from the new series, and the 20 & 50 coming in the future. I'm not sure of the motivation behind the ordering of the note releases.

ScottyZ

SupaMuncher

Hmm...10, 5, 100, 20, 50...maybe it's some encoded pattern that will assure perpetual success for the Liberal Party. I bet sponsorship scandal is involved somehow.

ConfusedONE

i like them new $100 bills...looks smaller in size compared to the old bills though :unsure:

i got the new bills from the casino when i cash in some chips
fresh new money smells pretty good LMAO

*wonders how the new $20s and $50s will look when, and if, they come out* :?:

Jay

I could care less, as long as I get lots of it.

ConfusedONE

Jay wrote:

I could care less, as long as I get lots of it.

LOL yeah show me the money

MiamiKeith

ScottyZ wrote:

I heard that stamps are also considered legal tender?

As long as both parties agree on stamps as a form of payment, stamps can be used to legally complete a transacation.

But calling some specific object (e.g stamps, bank notes) "legal tender" is, stictly speaking, vacuous in a legal sense. Two parties *may* use stamps (or bank notes, or whatever) to complete a legal business transaction; however no party is legally required to either accept or offer any specific form of payment.

I believe the correct legal usage of the phrase "legal tender" applies to the transaction itself, not the form of payment which was used to complete the transaction.

ScottyZ

Ummm... on the actual money, it says "this note is legal tender". Are you saying that this doesn't mean anything? You say that private people/businesses are not required to accept it if they don't want to (and I'm sure you're right, even though I haven't bothered reading the FAQ you posted) BUT... doesn't it being legal tender mean that there is some sort of requirement for the government and/or banks to honour it?

About the poll: I like the new 100's. The more the better. If anyone doesn't like them, I'd be more than willing to take any excess off your hands, free of charge ;-)

Keith

ScottyZ

Ummm... on the actual money, it says "this note is legal tender". Are you saying that this doesn't mean anything?

Yes, that particular statement is legally vacuous, and a misleading use of the word "tender".

Check out this post from the thread:

ScottyZ wrote:

I heard that stamps are also considered legal tender?

As long as both parties agree on stamps as a form of payment, stamps can be used to legally complete a transacation.

But calling some specific object (e.g stamps, bank notes) "legal tender" is, stictly speaking, vacuous in a legal sense. Two parties *may* use stamps (or bank notes, or whatever) to complete a legal business transaction; however no party is legally required to either accept or offer any specific form of payment.

I believe the correct legal usage of the phrase "legal tender" applies to the transaction itself, not the form of payment which was used to complete the transaction.

ScottyZ

You say that private people/businesses are not required to accept it if they don't want to (and I'm sure you're right, even though I haven't bothered reading the FAQ you posted) BUT... doesn't it being legal tender mean that there is some sort of requirement for the government and/or banks to honour it?

This is not restricted to private people/businesses. Neither banks (which are also private businesses anyway) nor the government is required to accept payments in any specific form, including bank notes.

ScottyZ

MiamiKeith

Ummm... on the actual money, it says "this note is legal tender". Are you saying that this doesn't mean anything?

Yes, that particular statement is legally vacuous, and a misleading use of the word "tender".

Hmm. Where do you get your information from? You are saying that the statement which is printed on the note itself is incorrect? Somehow I doubt this. Why would they write this on the note if it is not true? Clearly, the note itself is legal tender. This is why the statement "this note is legal tender" appears on the note, as opposed to, say, the statement, "this note itsn't REALLY legal tender, we're just foolin' with ya"

This is not restricted to private people/businesses. Neither banks (which are also private businesses anyway) nor the government is required to accept payments in any specific form, including bank notes.

I think you're misunderstanding me here. I'm not talking about using the cash as a form of payments for goods or services. I'm talking about financial institutions honouring the bank notes (ie, the physical pieces of paper) as currency being of a certain value. This is not the same as the Becker's across the street agreeing to accept the note as payment for a chocolate bar.

Keith

ScottyZ

Hmm. Where do you get your information from? You are saying that the statement which is printed on the note itself is incorrect? Somehow I doubt this. Why would they write this on the note if it is not true? Clearly, the note itself is legal tender. This is why the statement "this note is legal tender" appears on the note, as opposed to, say, the statement, "this note itsn't REALLY legal tender, we're just foolin' with ya"

Hehe. That might be funnier if it did say that, and slightly more accurate.

Seriously though, just because a phrase is on a bank note doesn't necessarily cause that phrase to have any legal meaning or content on its own. U.S. bank notes have the phrase "In God We Trust" on them.

The laws governing bank notes (in Canada) are called the Currency Act and the Bank of Canada Act, but instead of trying to wade through all of that, the easiest reference source is:

http://www.bankofcanada.ca/en/banknotes/legislation/faq/index.html

(Also, certain sections of the Criminal Code deal with counterfeiting.)

The most relevant passage is:

Although the Bank of Canada Act gives the Bank of Canada the sole authority to issue bank notes for circulation in Canada, the Bank of Canada has no control over, or responsibility for, how bank notes are used to settle commercial transactions.

It is our understanding of the general law in this area that a tender of bank notes as payment does not necessarily compel the retailer who is owed money to accept that form of payment. The form of payment which is mutually acceptable to the parties to a transaction appears to us to be essentially a matter of private agreement between those parties. For example, a provider of goods or services could insist on payment by credit card or cheque.

I'm talking about financial institutions honouring the bank notes (ie, the physical pieces of paper) as currency being of a certain value.

Bank notes have no intrinsic value, nor does Canadian currency on the whole. People are often surprised by this, because it's so contrary to our usual way of thinking. I guess people find it hard to swallow that their hard earned money it technically worthless.

What Canadian currency *does* have in abundance is extrinsic value. I am quite certain that I'll be able to exchange one of my Canadian dollars (plus tax) for a chocolate bar at the Becker's tomorrow. Or two weeks from now. Or any time before Becker's decides to jack up the price of a chocolate bar. What might disturb a lot of people is that the fact that a chocolate bar is on display at a Becker's gives me no legal right whatsoever to buy it. Forget about trying to legally force a specific form of payment (say, a bank note) for the chocolate bar on the shop keep. 8)

A financial institution in particular is not obligated to take any specific form of deposit from you, or any specific form of payment for any good or service, just as is the case for any other business.

ScottyZ

MiamiKeith

Seriously though, just because a phrase is on a bank note doesn't necessarily cause that phrase to have any legal meaning or content on its own. U.S. bank notes have the phrase "In God We Trust" on them.

The laws governing bank notes (in Canada) are called the Currency Act and the Bank of Canada Act, but instead of trying to wade through all of that, the easiest reference source is:

http://www.bankofcanada.ca/en/banknotes/legislation/faq/index.html

(Also, certain sections of the Criminal Code deal with counterfeiting.)

The most relevant passage is:

Although the Bank of Canada Act gives the Bank of Canada the sole authority to issue bank notes for circulation in Canada, the Bank of Canada has no control over, or responsibility for, how bank notes are used to settle commercial transactions.

It is our understanding of the general law in this area that a tender of bank notes as payment does not necessarily compel the retailer who is owed money to accept that form of payment. The form of payment which is mutually acceptable to the parties to a transaction appears to us to be essentially a matter of private agreement between those parties. For example, a provider of goods or services could insist on payment by credit card or cheque.

The fact that people aren't forced to accept it doesn't mean that it's not legal tender. It's called "legal tender", not "forced tender".

And, IMO, the most relevant passage of that FAQ is the question "what is legal tender?" Read it, and you will see that they use bank notes as an EXAMPLE of legal tender, clearly implying that bank notes are, in fact, legal tender.

Bank notes have no intrinsic value, nor does Canadian currency on the whole. People are often surprised by this, because it's so contrary to our usual way of thinking. I guess people find it hard to swallow that their hard earned money it technically worthless.

Isn't the Canadian currency backed by something? It must be. At the very least, a collection of foreign currencies.

What Canadian currency *does* have in abundance is extrinsic value. I am quite certain that I'll be able to exchange one of my Canadian dollars (plus tax) for a chocolate bar at the Becker's tomorrow. Or two weeks from now. Or any time before Becker's decides to jack up the price of a chocolate bar. What might disturb a lot of people is that the fact that a chocolate bar is on display at a Becker's gives me no legal right whatsoever to buy it. Forget about trying to legally force a specific form of payment (say, a bank note) for the chocolate bar on the shop keep. 8)

Again, this has nothing to do with what I am talking about. Beckers is neither the government nor a financial institution.

A financial institution in particular is not obligated to take any specific form of deposit from you, or any specific form of payment for any good or service, just as is the case for any other business.

Are you sure about this? Do you have a source that says this? Or are you just assuming that it is true? Remember that financial institutions in Canada have A LOT of regulations which they must follow, many of which are much more strict than those which apply to Beckers.

Keith

MiamiKeith

A financial institution in particular is not obligated to take any specific form of deposit from you, or any specific form of payment for any good or service, just as is the case for any other business.

ScottyZ

As I suspected, you were wrong about this. Beckers may not have to sell you a chocolate bar if they don't want to, but a bank DOES have to let you open an account if you request one, and DOES have to accept deposits from you. It's all covered in a piece of legislation called the "Bank Act" (http://laws.justice.gc.ca/en/B-1.01/fulltoc.html). Not only do they have to accept cash from you, they also have to accept government-issued cheques. Furthermore (I actually had heard this before, although I wasn't 100% sure if it was true) any bank has to cash a government cheque for you, whether you are a customer of that particular bank or not. And, they are not allowed to charge you for this service.

As I was saying before, a bank is NOT the same as Beckers. They have a lot of strict regulations which they must follow.

Keith

HellmuthFan

I have never held a $100 bill before...wow a lot of security protection on that new bill :shock: