In 1986, Canadians saw new TWO and FIVE Dollar banknotes released by the Bank of Canada (BoC). Two years later, the FIFTY and ONE HUNDRED notes were introduced. Each had the same Prime Ministers as the previous series while the TWO, TWENTIES & ONE THOUSAND denominations all featured a more mature bust of Queen Elizabeth. A different Canadian bird was featured on the backs with bold large markers. And like the 1979 series, the serial number, along with a bar code, remained on the REVERSE for all notes. In 1989, the TEN was introduced and the TWENTIES came two years later, in 1991. For some, the BIRDS Series was immensely popular with modern borderless design elements plus a square foil optical security device for the four highest denominations ($20, $50, $100 & $1000).
For the BoC last TWO DOLLAR note, the transition (change-over) point between the Crow-Bouey signature combination occurred with seven prefixes: AUG to AUN. This is unusual in itself since previous series only had one, or two, prefixes with a signature change-over (rarely 3 but NOT 7). How the mix up occurred only the printers know. But a few sheets with the Thiessen-Crow signature combination did appeared with the same prefixes. The majority of AUG-AUN were Crow-Bouey but a few Thiessen-Crow AUG, AUH & AUJ surfaced. These 3 prefixes are the most scarce of the bunch and command very high BV (several thousand dollars). Most discoveries are sold by large auction houses. Thiessen-Crow AUK, AUL, AUM, AUN have been discovered in sufficient quantities to be considered "collectible" and hold a smaller yet slightly higher premiums than the Crow-Bouey AUG-AUN prefixes.
Thiessen-Crow ARX replacements with serial numbers below 3.4M had a small run of 80,000 and can be quite expensive while notes above 1.4M (920,000) are much more common and only garner a small premium in the highest grades. There are a small number of collectors who also collect Large & Small B on the BBP & BBX notes. The BRX replacement had a whopping 3.4M run and gets a minor premium (3-4 X Face Value). Thiessen-Crow EBR is a short change-over (2M or less) and the EBX replacement (3.8M) is similar to its BRX "cousin." It gets very tricky to distinguish a Bonin-Thiessen BRX (72,000) replacement from a Royal Canadian Mint issued BRX (common & often passed on as a circulated issued replacement). Be sure to consult a catalogue or steer clear of the RCM sold notes since many sellers don't distinguish correctly. Last, but certainly not least, is the Bonin-Thiessen EBX replacement which has grown in popularity (nearly 160,000 issued) and will fetch about 15X FV in UNC grades.
Keep in mind that the Birds Two Dollar note was the last of this denomination, and like the 1973 One Dollar, had bundles hoarded by individuals. Hundreds and thousands of these keep surfacing in great UNC condition so that regular prefixes tend to have very little collector interest (or premium) unless they happen to be special serial numbers.
For the FIVE's, a few intrepid collectors noticed that there were both YELLOW Back Position Numbers (Yellow BPN's) on the initial Crow-Bouey signature combinations and these began to commanded higher premiums once the BPN's appeared in BLUE (Blue BPN). It began with the EOH prefix and with serial numbers above 2.6M (estimated) the BPN's had blue ink. These Blue BPN's commanded as much as 100X FV. For a better understanding of the BPN function, find this printers' TERM explained on Notable Terms.
The first replacement, ENX started with YELLOW BPN which changed to blue after 2.26M. The initial yellow BPN run seems to have been harder to obtain than the successive blue BPN. The Crow-Bouey signature changed over to the new Thiessen-Crow combination during the release of the EPC & EPW prefixes. Approximately two and a half million EPC Crow-Bouey notes were produced but these have commanded a LOWER premium than the (7.6M) Thiessen-Crow majority. It is more than likely that only a few of the Thiessen-Crow EPC were released for circulation. A scant 40,000 EPW Crow-Bouey (with very low serial numbers) were produced so these are probably one of the most expensive change-overs you'll see (from $5000 - $6000). I have rarely seen the Crow-Bouey EPW prefix come up for auction and believe that they're very scarce indeed.
Many years later it was also determined that the BOC created/issued 100,000 paper- polymer hybrids with the Bonin-Thiessen signature. One of these GOG prefix "Test notes" (SN: 0100000 - 1999999) commanded $23,000 during a 2013 Geoffrey Bell Auction. In addition to this super rare discovery, a Bonin-Thiessen HNB note was also discovered well before the HNB prefix was ever released (& when it was released, it was with the Knight-Dodge signature combo). I have seen images of the GOG test note but never the HNB Bonin-Thiessen note.
As a collector, you would be much more likely to find a FNX replacement (40,000) which has also been fairly scarce. Once again, I have only seen this note sell a few times & most often it dud not reach Charlton's estimates (such as $750 for CU) but this may change as new members enter the hobby.
Bonin-Thiessen INSERT REPLACEMENTS (unidentifiable & with no "X" to signify replacement function) with the GOT (SN: 7.72-7.74M) & GOV (SN: 7.18-7.20M) prefixes were first discovered by brick searchers at the time of their release. This convention continued with the GPH (SN: 9.82-9.84M) & Knight-Thiessen ANH (SN: 3.56-3.96M) inserts. The Knight-Dodge signature had the GPZ (SN: 9.00-9.80M); HNA (SN: 9.800-9.999M) & ANP (SN: 4.320-4.54M) prefixes used for larger runs of INSERT REPLACEMENTS.
Three years after the appearance of the Twos & Fives, the BoC launched the TENS with the Thiessen-Crow signature combination and a moderately staid, or uneventful issue. Only 840,000 BDH prefixes were produced and it must have caught collectors by surprise since the BV on this signature change-over has remained lofty for as long as I can remember. I have seen several C-U TPG examples auctioned off (or put up for sale) with soft results so I have remained unconvinced at the pricing panels' enthusiastic estimates.
Thiessen-Crow ADX had a whopping 5.1M release & can be purchased in consecutive runs. These are not worth the BV (& are NOT sought after) unless you're absolutely bent on attaining a cheap replacement which will never appreciate by much. Even, the ATX (2.1M) is plentiful for this signature combination and inflation typically outpaces appreciation.
The first INSERT REPLACEMENT was discovered with the Bonin-Thiessen BDP prefix (4.440-4.460M) and Charlton awarded it a hefty premium that I have never seen. The last designated replacement Bonin-Thiessen ATX (140,000) I've only seen a few times up for auction & yet its awarded half the premium of the undesignated BDP insert. It must be the mongrel replacement in Charlton's eyes since BDZ (0.0-0.04M) has also been bumped up into "scarce territory" much like the BDP. Brick-searcher designated insert replacement ranges seem to have a strong following on the pricing panel. I find it odd that in the two decades I have been tracking Bird inserts, I've have yet to see hammer match Charlton's estimates year after year.
The TWENTIES were a series which had inconsistent Serial Number FONTS as well as missing Back Position Number's (No BPN). The Thiessen-Crow EIJ prefix was the first to be seen "without serifs" on the middle "I" for the first 4M numbered. Collectors took notice of these as well as their EIX replacements. EIJ above 4M had "I" with serifs as did prefixes EIK to EIZ. A second set of EIX replacements (above 2.6M) were printed "with serifs." Prefix AIA to AIV had the letter "I" with NO the serifs (& were considered unremarkable). The "ESJ" prefix ended at 4.16M with the first (preferred) signature and the remaining 5.84M had the Bonin-Thiessen (more common) signature combination.
The Bonin-Thiessen $20 issue remained uneventful for prefixes ESK to ESY. A smaller number of ESZ prefixes were discovered to have no Back Position Number (No BPN) so these & prefixes EVA; EVC; EVD; EVE & EVH had a SMALL portion (plates used) which had No BPN. All command significant premiums (compared to regular notes with BPN visible) but the EVH proved to be the most elusive & commands significant collector enthusiasm (& the highest premium). Note that all EVB had no BPN & prefixes EVJ to EVU had BPN and since these were consistent full 10M runs do not have the same collector interest. The replacement used throughout this series was AIX (1.2M) and this note demands a small premium. Nearly as popular was the change-over AWC prefix (2M). For a better understanding of the BPN function, find this printers' TERM explained on Notable Terms.
Knight-Thiessen notes began with the AWC prefix. AWD-AWL were normal runs and AWM became the short (2M) prefix with a significant premium. The first INSERT REPLACEMENT was discovered with AWE & AWH (below 160,000 & 100,000 respectively) and the AWI insert (1M to 1.1M range). These notes all demand premiums greater than the designated "X" replacements of former signature combos (according to the pricing panel).
The last & lengthy signature combination was the Knight-Dodge signature combination. EYF had an unexpected short run and demands a good (X7.5FV) premium in top GU grade. This last signature combo also had 22 INSERT REPLACEMENTS recorded by brick searchers. Please refer to your catalogue for specific serial number ranges if you are interested in acquiring an example of one (or each). Just under one-half billion Knight-Dodge regular prefixes were produced so they are plentiful. I have not noticed a great demand for the insert replacements. More collectors seem to desire the EV_ not lacking a BPN, or a prefix with (or without) a serif, a signature change-over or short prefix.
Bank of Canada's 1975 $50 BC-51, which featured the RCMP's Musical Ride dome formation on the reverse, had quite a collector following since there were elusive *H/C & EHX replacements to acquire. The 1988 Birds $50 featured a snowy owl on the reverse, but the issue remained incredibly stable with no surprises, nor any elusive replacements to seek. By this time, collectors knew that the third X in a 3 letter prefix designated replacement function so large runs of EHX were caught & sold cheaply by dealers. This series saw 4 different signature variations & it was during its last Knight-Dodge Deputy Governor/Governor appointments, that insert replacements were released. Under a half million FHZ & FME Insert Replacement notes (check your Charlton for exact Serial Number ranges) were released & it is these elusive notes which became the "darlings" for this staid denomination.
Once again, like BC-98, the 1988 $100 denomination did not have a surprise-filled release. Everyone knew that AJX functioned as a replacement and there became a bit of a stir over whether the Back Plate Number (BPN) was either clear (CL) visible or hidden (H). If you think you would be interested in these notes then check your Charlton. The $100 also had four signature variations (including Bonin-Thiessen & Knight-Thiessen) but it was the last low 20,000 runs of BJR & BJT prefixes (check your Charlton for exact Serial # ranges) that garnered the most collector enthusiasm as these were considered the most elusive of all the $100 replacements (& were the ones that were the least caught/identified).
If you thought the $50 & $100 Birds denominations were the most "boring" of all the BIRDS series, you'd be wrong. That distinction would have to fall to the long awaited $1000 note. It may be hard to imagine now but the 1954 $1000 note was in use right into the late 1980's! The 1988 Thiessen-Crow $1000 first appeared with the EKA prefix and nearly 2M were released. Only 389,685 Thiessen-Crow EKX replacements were released but once again, most collectors knew whether the $1000 was a replacement (or regular) so many high quality replacements were sent for certification. 4.16M Bonin-Thiessen $1000 notes also trickled out of the issuing banks. I have to say that when I attended a 2018 grading workshop hosted by the RCNA, Steve Bell asked the 24 attendees who owned a $1000 note. Nearly every single hand went up (not me!) I can only think of buying something collectible with that type of denomination & these notes just aren't scarce enough to generate much interest. Although they're quite an attractive purple and feature the Pine Grosbeak on the reverse, they're very tough to sell!