Personal Finance

got a roll of loonies from bank and most of them are damaged - will the bank replace?

  • Last Updated:
  • Dec 30th, 2021 11:54 am
Member
Jun 28, 2011
463 posts
140 upvotes
VANCOUVER

got a roll of loonies from bank and most of them are damaged - will the bank replace?

I went to the bank yesterday and got a roll of loonies. When I opened the roll today, nearly all of the loonies were damaged - $16 worth.
Will banks exchange damaged coins for new ones? I bank with CIBC fwiw.
pic attached.
Images
  • damaged loonies.jpg
8 replies
Deal Addict
Oct 23, 2017
2965 posts
2633 upvotes
GTA West
Those look like the handful of loonies and toonies I pulled out of the drain trap of my washing machine last week. Black and corroded from bouncing around there. And what a smell! I had that machine for 10 years and didn't know that trap existed. I didn't even recognize the coins at first and thought they were zlotys left over from our Poland trip many years ago. I tried but could not get all the black coating off the coins with a scouring pad. I'm gonna try and spend them.
Deal Addict
Nov 6, 2015
1354 posts
1022 upvotes
Guelph, ON
Wow, looks like the results of an archeological dig!
Sr. Member
Sep 29, 2007
817 posts
143 upvotes
Are those even loonies..?
Deal Expert
User avatar
Mar 9, 2007
15620 posts
13286 upvotes
Think of the Childre…
maybe they are dated back in the 1800's

WOULD SOMEBODY THINK OF THE CHILDREN!!!
Deal Addict
May 16, 2017
2809 posts
3664 upvotes
UrbanPoet wrote: Bank will exchange them.
They can ship them out to Bank of Canada.
Coins are handled by the Mint not BoC. Regardless, if damaged coins were given out by the bank that is where they should go back to as recommended by the Mint.

Also, Banks aren't obligated to exchange damaged currency but often do so - the BoC will do so as long as they can verify the validity of the notes.
Deal Guru
Feb 4, 2015
10332 posts
6699 upvotes
Canada, Eh!!
Try opening them... might be chocolate inside :)

Those are some of the worst loonies I've seen... even coins from Augustus era are better!!
2022/3: BOC raised 10 times and MCAP raised its prime next day.
2017,2018: BOC raised rates 5 times and MCAP raised its prime next day each time.
2020: BOC dropped rates 3 times and MCAP waited to drop its prime to include all 3 drops.
Member
Jun 28, 2011
463 posts
140 upvotes
VANCOUVER
Update - went to my home branch (where I got these damaged loonies) and they did exchange them.
They verified the transaction first and said sometimes clients come in with a large volume of rolled loonies which they don't have time to verify. :rolleyes:
Note to self: check each roll of loonies at the bank

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