10 Dollars

The Banque Canadienne Nationale was a Montreal-based francophone institution formed in 1924 from the merger of the Banque Nationale and the Banque d'Hochelaga. By 1935, Canadian chartered banks were operating under a system about to be dismantled — the Bank of Canada Act of 1934 had established the central bank, which began operations in March 1935, and the chartered banks' note-issuing privileges were already on a legislated path toward extinction. This note was printed in the final years when private banks in Canada could still circulate their own currency.

The Canadian Bank Note Company handled the majority of chartered bank printing work in this period. Privilege tax obligations under the Finance Act made over-issuance a practical liability, not merely a regulatory one.