1 Dollar

The Merchants Bank of Toronto was chartered in 1832, making it one of Upper Canada's earliest joint-stock banks. By 1836 it was still a young institution, and outsourcing note production to Terry, Pelton & Co. was standard practice for colonial banks lacking access to domestic security printers of any sophistication — Boston and Providence were the logical choices, well-established in commercial engraving work for American state banks of the same period.

Notes from this early Toronto Merchants Bank issue are genuinely rare. The bank itself was absorbed into the Canadian Bank of Commerce in 1922, but the attrition of nearly nine decades of redemption, fire, and simple discard accounts for why pre-Confederation Canadian chartered bank notes at this denomination survive in so few hands.