This is not the first time a monetary instrument has been phased out by a budget. In , while announcing some austerity measures to get the federal budget back to balance, then-finance minister Jim Flaherty announced the penny would be discontinued and cash transactions rounded.
At the time, the government said individuals could hold these bills for as long as they wanted, but no new ones would be printed. Now there's a new incentive to part with the high-value cash: Canadians could find they're sitting on stacks of useless currency if they put off exchanging it at a bank. The Bank of Canada has struggled to eliminate the bill.
There were one million of the bills still in circulation in , a number that has dropped by just , in the twelve years since, according to the latest information available from the bank. Car insurance. Life insurance. Best cheap car insurance. Best life insurance companies. Best homeowners insurance.
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Despite the magic of PayPal, Square, credit cards , and mobile wallets , some of us need to carry around cash. Treasury has discontinued—or that are just plain rare. Here are the most notable ones.
They originally featured a portrait of Alexander Hamilton but were later redesigned to portray Thomas Jefferson. The reverse side features a reproduction of one of the most famous paintings in American history—"Declaration of Independence" by John Trumbull. When someone presumably realized that it might be confusing to have the same former Secretary of the Treasury on multiple denominations, Hamilton was replaced with that of another president—the 22nd and the 24th, Grover Cleveland.
Inflation , of course. As of December , U. The Treasury argues that keeping the denominations inconveniently small minimizes the possibility of money laundering.
There are only , of these bills bearing Cleveland's visage still in existence. Martha Washington is the first and only woman to appear as the primary portrait on U. It was discontinued in and was the second-longest issued paper money.
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