10 Dollars

The Imperial Bank of Canada was one of the older chartered banks still operating independently in 1923, having resisted the consolidation pressures that had already consumed several of its contemporaries. It would survive until 1961, when it finally merged with the Canadian Bank of Commerce to form the Canadian Imperial Bank of Commerce — one of the last major private bank mergers in Canadian history before the chartered bank landscape hardened into its current oligopoly.

The Canadian Bank Note Company had been printing chartered bank issues from Ottawa since 1897, and by the 1920s the relationship between CBNC and the remaining independent banks was well established. Notes from this period are prone to corner wear at the folds, particularly along horizontal crease lines where the cotton content is highest.