At the time of a series change, the suffix letter returns to the letter A and repeats the cycle.
The first letter of such a serial number identifies the Federal Reserve Bank (FRB) which issued the note; since there are 12 FRBs, this letter is always between A and L.
The last letter advances through the alphabet when all eight character serial numbers have been printed for a specific Federal Reserve Bank within the same series.
The $500 bill is perhaps the Holy Grail for Canadian currency aficionados.
With just over three dozen of the bills in existence, they are extremely hard to come by – and extremely expensive to acquire.
The Bo C says eliminating the older bills will help it ensure that only the most up-to-date bank notes are in circulation.
“Newer bank notes have better security features that make them difficult to counterfeit, and they are in better condition overall,” the bank said in a page added to its website after the budget announcement.
No timeline has been set for the change, but the Bo C says it will not happen “overnight,” and nothing can happen until the necessary legislation is passed on Parliament Hill.
It says banking institutions will continue to accept the affected bills for a period of time, after which they’ll need to be sent directly to the Bo C for redemption.
The woman is reclining on a bountiful harvest and leaning against an apple-filled tree, with one of her breasts exposed. Only 40 bills from the original printing of 20,900 remain in circulation.