20 Dollars

The Bank of Montreal's 1923 Dominion-era chartered bank issues came at a transitional moment for Canadian private banknote circulation. The federal government had been steadily encroaching on the chartered banks' right of issue since the 1914 Finance Act emergency measures, and by the 1930s that right would effectively end. Notes from this period were still in active commercial use but issued against tightly controlled redemption requirements under the Bank Act.

The Canadian Bank Note Company had consolidated its position as the dominant printer for chartered bank issues by this point, handling production for most of the major institutions out of Ottawa. Pick 550 is not a common survivor — $20 face value meant these circulated hard in commercial transactions and were rarely set aside.