20 Dollars

The Union Bank of Canada had operated since 1865, but by the time this note was issued in 1921, the institution was in its final years — it was absorbed by the Royal Bank of Canada in 1925, one of the more significant consolidations in Canadian banking history. Notes from this late period circulated briefly before being called in during the merger, and surviving examples that saw genuine use are correspondingly scarce.

The American Bank Note Company maintained a production facility in Ottawa, so despite the American name, this was domestically printed work. Winnipeg as the place of payment reflects the Union Bank's strong western Canadian presence, built largely on prairie agricultural finance.