Bank of Canada
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- Materials (download or order):
Bank Notes
Frequently asked questions
- How do I check that a bill is real?
- If I think I have a fake bill, what should I do?
- If a bill doesn't have a metallic stripe, is it a fake?
- Which bill is counterfeited most often?
- Can a business/retailer refuse to accept a bill?
- How serious a problem is counterfeiting?
- How does the Bank of Canada fight counterfeiting?
- Why doesn't the Bank reimburse me if I have a fake bill?
- If I have a bill that looks worn or is from an older series, where can I exchange it?
- What should I do with a contaminated or mutilated bill?
- Why should I bother to check money?
- 1. How do I check that a bill is real?
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All genuine bills have security features to help you check that the bills are real. Always check two or more security features. Use the TiLL method and check to protect your money. TiLL is a simple word to help you remember how to check bank notes. Once you know the method, you can check all the latest bills (the ones with the metallic stripe) because all five denominations have the same security features. Remember – security features work but only if you use them.
- 2. If I think I have a fake bill, what should I do?
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If you suspect a bill is counterfeit, do not use it. Take it to your local police for verification. It is illegal to knowingly use a counterfeit bill or to keep one without a lawful reason.
If you work with customers:
- Explain that you think the bill may be a fake. Ask for another bill – one with a metallic stripe.
- Advise the customer that the bill should be given to local police for verification.
- Notify the local police of an attempt to pass a suspected fake bill.
- Avoid putting yourself at risk.
- Remember that the customer may not know that the bill is suspicious and may be an innocent victim.
- 3. If a bill doesn't have a metallic stripe, is it a fake?
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Older-style bills do not have a metallic stripe. They have other security features but they are less secure. The $5 and $10 bills from the latest series were first issued without a metallic stripe but those designs have since been upgraded to include the stripe.
If in doubt about a bill, ask for one with a metallic stripe. All five denominations from the latest and most secure series have the same security features, including a stripe.
- 4. Which bill is counterfeited most often?
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It changes from year to year, but the lower denominations are frequently targeted by counterfeiters. They rely on people not making sure that their money is real. The Bank recommends routine checks of at least two security features on all bills.
- 5. Can a business/retailer refuse to accept a bill?
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The payment method must be acceptable to both the buyer and the seller. A seller also has the right to refuse a bill. Fake $5s, $10s, and $20s account for a significant proportion of all counterfeit notes in circulation, so refusing a higher denomination bill may not protect against counterfeiting. For security reasons, some businesses don't accept larger denominations. They don't want large bills on the premises, or they don't want to manage a float to make change. The Bank of Canada encourages retailers to check at least two security features on all bills – not just the higher denominations. This protects retail's bottom line and customers' wallets.
- 6. How serious a problem is counterfeiting?
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Counterfeiters can use profits to fund other serious crime that affects you and your community. This can happen even though the number of fake bills in circulation in Canada is much less than one per cent of the real bills in circulation. View recent counterfeiting statistics.
- 7. How does the Bank of Canada fight counterfeiting?
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We create materials and programs to help Canadians learn how to quickly identify real bills. The Bank researches new design and security features to make bills easier to check and harder to counterfeit. We work with commercial banks and armoured car companies to strengthen the system for distributing bills. We support law enforcement efforts to investigate counterfeiting crimes and prosecute offenders.
We also work to withdraw counterfeit and older, less secure bills from circulation.
- 8. Why doesn't the Bank reimburse me if I have a fake bill?
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Counterfeiting creates victims of crime. Like all other central banks, the Bank does not reimburse people for counterfeits because this could encourage criminals to make counterfeit money.
- 9. If I have a bill that looks worn or is from an older series, where can I exchange it?
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To exchange an older or worn bill, take it to your financial institution. They forward the bills to the Bank of Canada. With those institutions, the Bank closely monitors quality and removes counterfeit, old, and worn bills from circulation.
- 10. What should I do with a contaminated or mutilated bill?
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In both cases, the bill must be sent to the Bank of Canada for examination. A contaminated bill may be a health or safety hazard. A bill is mutilated when its value cannot be determined without special examination. Follow the links for detailed instructions.
- 11. Why should I bother to check money?
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Checking money is a good idea because:
- Cash is a convenient, basic means of payment that is worth protecting.
- Bills have reliable security features that are easy to check. But these security features only work if you use them.
- You can prevent financial loss for you and/or your customers.
- You can help reduce counterfeiting crime and prevent counterfeiters from funding other serious crimes.