Between 1871 and 1944, Canadian chartered banks were authorized to issue bank notes for circulation in Canada.[1] In 1899, they were invested with the additional authority to issue bank notes for circulation in any British colony or possession.[2] For several decades thereafter, the chartered banks were the only issuers of larger denominated notes for circulation in Canada, and an important source of notes for circulation in the British West Indies.
In 1934, the newly established Bank of Canada was given "the sole right to issue notes payable to bearer on demand".[3] Coincident with the introduction of the new Bank of Canada notes in 1935, arrangements were made for the gradual contraction in the quantity of chartered bank notes in circulation. As of the end of 1944, the Canadian government withdrew permission for Canadian banks to issue new notes for circulation in Canada; and by 1950, liability for all outstanding Canadian bank notes was transferred to the Bank of Canada, where such notes may still be redeemed.[4] The total value of the notes outstanding at that time was $13,302,046.60.
Domestic issues
Notes for circulation in Canada were issued in a variety of different denominations, including 1, 2, 3, 4, 5, 10, 20, 25, 40, 50, 100, 500 and 1000 dollars. In 1871, the smallest denomination allowed was 4 dollars,[5] which was raised to 5 dollars in 1880.[6]
The following is a list of banks with note-issuing privileges and the periods during which they issued notes in Canada. The end dates are the dates appearing on the last note issues, but notes may have circulated for some time after.
| List of Canadian Chartered Banks that issued notes
for circulation in Canada [7] | |
|---|---|
| Bank | Dates of Issues |
| Agricultural Bank | 1834-1837 |
| Arman's Bank | 1837 |
| Bank of Acadia | 1872 |
| Bank of Brantford | 1859 |
| Bank of British Columbia | 1862-1894 |
| Bank of British North America | 1852-1911 |
| Bank of Clifton | 1859-1861 |
| Bank of Fredericton | 1837-1838 |
| Bank of Hamilton | 1872-1922 |
| Bank of Liverpool | 1871 |
| Bank of London | 1883 |
| Bank of Lower Canada | 1839-1851 |
| Montreal Bank/ Bank of Montreal |
1817-1942 |
| Bank of New Brunswick | 1820-1906 |
| Bank of Nova Scotia | 1834-1935 |
| Bank of Ottawa | 1874-1913 |
| Bank of Prince Edward Island | 1856-1877 |
| Bank of the County of Elgin | 1856 |
| Bank of Toronto | 1856-1937 |
| Bank of Upper Canada | 1819-1861 |
| Bank of Vancouver | 1910 |
| Bank of Western Canada | 1859 |
| Bank of Yarmouth | 1860-1891 |
| Banque De Boucherville | 1837 |
| Banque Canadienne | 1836 |
| Banque Nationale/ Banque Canadienne Nationale |
1860-1935 |
| Banque du Peuple | 1835-1892 |
| Banque de St. Hyancinthe | 1874-1892 |
| Banque de St. Jean | 1873-1906 |
| Banque d'Hochelaga | 1874-1920 |
| Banque Internationale de Canada | 1862-1895 |
| Banque Provinciale du Canada | 1900-1936 |
| Banque St. Jean Baptiste | 1875 |
| Banque Ville Marie | 1873-1889 |
| Barclays Bank Canada | 1929-1935 |
| British Canadian Bank | 1884 |
| Canada Bank Company[8] | 1792 |
| Canadian Bank of Commerce | 1867-1935 |
| Central Bank of Canada | 1884 |
| Central Bank of New Brunswick | 1847-1860 |
| Charlotte County Bank | 1852-1859 |
| City Bank of Montreal | 1833-1857 |
| City Bank, Saint John, New Brunswick | 1836-1838 |
| Colonial Bank of Canada | 1859 |
| Commercial Bank of Canada | 1857-1862 |
| Commercial Bank of Manitoba | 1885-1891 |
| Commercial Bank of Montreal | 1835-1836 |
| Commercial Bank of New Brunswick | 1837-1860 |
| Commercial Bank of the Midland District | 1832-1854 |
| Commercial Bank of Windsor | 1860-1898 |
| Consolidated Bank of Canada | 1876 |
| Crown Bank of Canada | 1904 |
| Dominion Bank | 1871-1938 |
| Eastern Bank of Canada | 1929 |
| Eastern Townships Bank | 1859-1906 |
| Exchange Bank of Canada | 1872-1873 |
| Exchange Bank of Toronto | 1855 |
| Exchange Bank of Yarmouth | 1869-1902 |
| Farmers Bank of Canada | 1907-1908 |
| Farmers' Bank of Rustico | 1864-1872 |
| Farmers' Joint Stock Banking Company | 1835-1849 |
| Federal Bank of Canada | 1874-1884 |
| Goderich Bank | 1834 |
| Gore Bank | 1836-1856 |
| Grenville County Bank | 1856 |
| Halifax Banking Company | 1825-1898 |
| Hart's Bank | 1837-1838 |
| Henry's Bank | 1837 |
| Home Bank of Canada | 1904-1920 |
| Hudson's Bay Company | 1820-1870 |
| Imperial Bank of Canada | 1875-1939 |
| International Bank of Canada | 1858-1859 |
| MacDonald and Co. | 1863 |
| Maritime Bank of the Dominion of Canada | 1873-1882 |
| Mechanics Bank of Montreal | 1872 |
| Mercantile Banking Corporation | 1878 |
| Merchants Bank of Canada | 1868-1919 |
| Merchants Bank of Halifax | 1864-1899 |
| Merchants Bank in Montreal | 1874 |
| Merchants Bank of Montreal | 1837 |
| Merchants Bank of Prince Edward Island | 1871-1900 |
| Metropolitan Bank, Montreal | 1872 |
| Metropolitan Bank of Toronto | 1902-1912 |
| Molsons Bank | 1837-1922 |
| Newcastle District Loan Company | 1836 |
| Newcastle Banking Company | 1836 |
| Niagara District Bank | 1854-1872 |
| Niagara Suspension Bridge Bank | 1836-1841 |
| Northern Bank | 1905 |
| Northern Crown Bank | 1908-1914 |
| Ontario Bank | 1857-1898 |
| People's Bank of Halifax | 1864-1903 |
| People's Bank of New Brunswick | 1864-1905 |
| Pictou Bank of Nova Scotia | 1874-1882 |
| Provincial Bank of Canada in Stanstead | 1856 |
| Quebec Bank | 1818-1911 |
| Royal Bank of Canada | 1901-1943 |
| Royal Canadian Bank | 1865-1872 |
| Saint Francis Bank | 1850 |
| Sovereign Bank of Canada | 1902-1907 |
| St. Lawrence Bank | 1872 |
| St. Stephens Bank | 1830-1903 |
| Stadacona Bank | 1874 |
| Standard Bank of Canada | 1876-1924 |
| Sterling Bank of Canada | 1906-1921 |
| Summerside Bank of Prince Edward Island | 1866-1900 |
| Tattersall Bank | 1830 |
| Traders Bank of Canada | 1885-1910 |
| Union Bank | 1838 |
| Union Bank of Canada | 1886-1921 |
| Union Bank of Halifax | 1861-1909 |
| Union Bank of Lower Canada | 1866-1871 |
| Union Bank of Montreal | 1840 |
| Union Bank of Prince Edward Island | 1864-1877 |
| United Empire Bank of Canada | 1906 |
| Western Bank of Canada | 1882-1890 |
| Westmorland Bank | 1854-1861 |
| Weyburn Security Bank | 1911 |
| Zimmerman Bank | 1854-1856 |
British West Indies issues
In the British West Indies, Canadian bank notes circulated from 1900 to 1950 alongside notes of the Colonial Bank (later, Barclays Bank) and, in some places, notes of smaller denominations issued by local authorities.[9]
The following is a list of the Canadian banks that issued notes for circulation in the British West Indies, together with the dates and denominations of those issues.
| List of Canadian Chartered Banks that issued notes
for circulation outside of Canada | ||
|---|---|---|
| Bank | Dates of
Issues |
Denominations |
| Canadian Bank of Commerce | ||
| - Barbados | 1922 and 1940 | $5, $20, $100 |
| - Jamaica | 1921 and 1938 | £1, £5 |
| - Trinidad | 1921 and 1939 | $5, $20, $100 |
| Bank of Nova Scotia | ||
| - Jamaica | 1900, 1919,
1920 and 1930 |
£1, £5 |
| Royal Bank of Canada [10] | ||
| - Antigua | 1913, 1920
and 1938 |
$5 |
| - Barbados | 1909, 1920
and 1938 |
$5, $20, $100 |
| - British Guiana | 1913, 1920
and 1938 |
$5, $20, $100 |
| - Dominica | 1913, 1920
and 1938 |
$5 |
| - Grenada | 1909, 1920
and 1938 |
$5 |
| - Jamaica | 1911 and 1938 | £1, £5 |
| - St Kitts | 1913, 1920
and 1938 |
$5 |
| - St Lucia | 1920 | $5 |
| - Trinidad | 1909, 1920
and 1938 |
$5, $20, $100 |
| Union Bank of Halifax | ||
| - Trinidad | 1905 | $5, $10, $20, $50, $100 |
References
- ^ See Bank Act, Statutes of Canada, 1871, chapter 5; Bank Act, Statutes of Canada, 1944, chapter 30, section 61. For a complete catalogue of Canadian chartered bank note issues, see R. J. Graham (ed.), Canadian Bank Notes, 9th ed., The Charlton Press, Toronto, 2019
- ^ See An Act to amend the Bank Act, Statutes of Canada, 1899, c. 14
- ^ Bank of Canada Act, Statutes of Canada, 1934, chapter 43, section 24
- ^ See An Act to amend the Bank Act, Statutes of Canada, 1944, chapter 30, section 61.
- ^ Bank Act, Statutes of Canada, 1871, chapter 5, section 8.
- ^ Bank Act, Statutes of Canada, 1880, chapter 22, section 12(2).
- ^ The list includes some banks and other institutions that issued notes prior to the establishment of Canada in 1867 and the enactment of the first Bank Act in 1871.
- ^ It is uncertain whether these notes were ever put into circulation.
- ^ For a history of these issues, see Michael H. Ryan, "Canadian Banknotes for the British West Indies, 1900-1950", International Bank Note Society Journal, vol. 58, no. 1 (2019), pp. 22-35. Available at SSRN: https://ssrn.com/abstract=3700505 or http://dx.doi.org/10.2139/ssrn.3700505
- ^ The 1920 and 1938 issues were also denominated in sterling: $5 = £1.0.10; $20 = £4.3.4; $100 = £20.16.8. Not all notes are known in issued form.
- Pick, Albert (1990). Standard Catalog of World Paper Money: Specialized Issues. Colin R. Bruce II and Neil Shafer (editors) (6th ed.). Krause Publications. ISBN 0-87341-149-8.
