1 Dollar

The Union Bank of Montreal was chartered in 1865 — which makes a note attributed to it in 1838 immediately suspect. No Union Bank operating under that name in Montreal had legal note-issuing authority that early. The more likely issuer is a predecessor institution or a misattributed charter, and the Pick reference P#1977 falls within a range used for Canadian chartered bank notes where attribution has historically been contested or revised.

Guilloche underprint on Canadian chartered bank paper this early is unusual — most security printing of this sophistication arrived in the 1850s with American bank note companies entering the Canadian market.