Before you toss out whatever’s sitting in that junk drawer, it might be worth checking what you actually have.
Like coins, Canada has a surprisingly rich history of rare and collectible banknotes, and some of them are worth considerably more than their face value — especially if they were pulled out of circulation, printed in limited quantities, or feature a production quirk that makes them unusual.
A few of them have sold for ridiculous amounts at auction over the years, including a rare 1870 Dominion of Canada $2 note that was purchased for a whopping $360,000 USD just last year.
With that in mind, here are seven Canadian bills worth keeping an eye out for.
$5 (1922) — up to $3,500
A $5 bill from 1922.Hertiage Auctions.
Before the Bank of Canada was established, paper money in Canada was issued by commercial banks, including The Molson Bank, which was founded right here in Montreal. Each private institution had to hold enough gold and silver to back its currency, and bills from the Molson Bank are now highly sought after by collectors because of their connection to the famous brewing family.
Some $5 bills from this era are selling for upwards of $3,000 on auction sites.
If you come across one, it’s worth hanging onto.
$20 (1935) — up to $75,000
At the time this note was issued, Princess Elizabeth was third in line to the British throne.Bank of Canada Museum
This is the big one. The $20 bill from 1935 was one of the Bank of Canada’s earliest and most famous banknotes, and one of the first to feature Elizabeth II as an eight-year-old princess. What makes certain versions especially rare is that only about one in five were printed in French. If you have the French version in good condition, it could be worth as much as $75,000.
$2 (1935) — up to $5,000
A $2 bill from 1935.coinsandcanada.com
The $2 bill was phased out in 1996 when the toonie was introduced, and the 1935 French version is now considered a popular collector’s item. It features a detailed portrait of Queen Mary on one side and Mercury, the Roman god of transportation, on the back.
$5 “Devil’s Face” (1954) — up to $11,000
A Canadian $5 bill from 1954.limperiumducollectionneur.com
In 1954, a new Bank of Canada portrait of Queen Elizabeth II was issued, and if you look closely at the highlighted areas in her hair above her left ear, you can make out what appears to be a face with horns. The design was quickly spotted, widely reported and eventually modified, meaning only a limited number of these bills made it out before the engraving was changed.
As a result, they go for large amounts on auction markets.
$1,000 Modified (1954) — up to $15,000
The modified version of Canada’s $1,0000 note from 1954.Bank of Canada Museum
Canada used to have $1,000 bills.
The modified version of the large note from 1954 replaced the controversial devil’s face with a cleaned-up portrait of the Queen. The back features a covered bridge and the Saguenay River in L’Anse-Saint-Jean, Quebec, part of a landscape series showcasing natural scenes from across Canada.
It would be worth considerably more if it still had the original engraving, but it’s still a solid collector’s piece.
$1,000 “Pinkie” (1988) — up to $5,000
A $1,000 note from 1988.leftovercurrency.com
The pink $1,000 bill, known as the “pinkie,” was part of the Birds of Canada series and featured two pine grosbeaks on the back. It was phased out completely in 2000 after it became apparent the bills were being used primarily for large-scale criminal transactions, since high-denomination notes make it a lot easier to move a million dollars in a bag.
If you have one in good condition, it could be worth up to $5,000.
$10 Butterfly Fold Error (1989) — up to $3,000
A large butterfly fold error is found on the right half of this $10 bill.Heritage Auctions
Error notes are among the most collectible bank notes in Canada, and a $10 bill from 1989 featuring a fold error in the bottom right corner is one of the more well-known examples. Collectors pay a premium for production mistakes simply because of their rarity.
Worth noting: fake fold errors do exist, made by cutting notes from full sheets that can be purchased on the market, so authentication matters here.
