Withdrawn Canadian banknotes
Smaller denominations have been replaced by coins, and larger ones are felt to be no longer required in an era of electronic transmission of most large transactions.
The note was coloured an appropriate royal purple; both the King & his consort Queen Mary were featured, with Windsor Castle appearing on the back.
The note was coloured sepia, or burnt sienna; the face featured Sir John A. Macdonald, and the back depicted a fertility allegory.
[3] There had been two previous printings of the $500 note by the Dominion of Canada, one in 1925 featuring King George V, and one in 1911 picturing Queen Mary.
The denomination was withdrawn on the advice of the Solicitor General and the Royal Canadian Mounted Police (RCMP), as it was often used for money laundering and organized crime.
Currency withdrawn from circulation remains legal tender, but this does not oblige any creditor to accept it as a medium of exchange.
On February 27, 2018, the Government of Canada announced in their 2018 Federal Budget that there are plans to make all withdrawn banknotes no longer legal tender.
[9] The current five denominations—$5, $10, $20, $50 and $100—will not be affected at this time, but the government may decide to remove legal tender status from older series versions of these denominations in the future.
