Guides

Damaged, old or withdrawn banknotes: can you still exchange them?

2 min read

A pile of old, withdrawn banknotes

Why an exchange office refuses some banknotes

An exchange office resells the banknotes it buys. So it can only accept notes others will accept in turn: in good condition, not torn, stained, written on or overly worn. That's our rule too: we exchange foreign banknotes in good condition, and never coins.

Damaged banknotes

A damaged banknote isn't necessarily lost. The central bank that issued it can assess and redeem it:

  • Canadian dollars: the Bank of Canada's redemption service handles damaged notes, through your financial institution or by mail.

  • US dollars: the US Treasury has a service dedicated to mutilated currency.

  • Euros: the national central banks of the euro area.

Old or withdrawn banknotes

Currency

Situation

What to do

US dollar

All notes issued since 1861 keep their full value

Exchangeable if in good condition

Euro, first series

Keep their value and can be exchanged indefinitely at euro-area central banks

Ask whether the counter takes them

Pound sterling, paper £20 and £50 notes

Not accepted in shops since September 30, 2022

The Bank of England still exchanges them, including by post

Canadian dollar, $1, $2, $25, $500 and $1,000 notes

No longer legal tender since January 1, 2021

The Bank of Canada redeems them at face value

For US dollars, the Bureau of Engraving and Printing confirms US banknotes remain valid no matter when they were printed.

Scottish and Northern Irish banknotes

They're real pounds sterling, but many exchange offices outside the UK won't buy them. Spend them there. See our UK and Ireland guide.

Before you sell back your currency

Check your notes' condition, keep them flat and set aside the most worn ones. Then read how to sell back foreign currency after a trip.

Frequently asked questions

Is a slightly torn note accepted?

Usually not at an exchange office. Go through your bank or the central bank that issued it.

Is my old Canadian $1,000 note still worth anything?

Yes, its face value. It's no longer legal tender, but the Bank of Canada redeems it.

About the author

ClickExchange

ClickExchange team

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