20 Dollars

The 1935 Bank of Canada series was the institution's first issue, produced the year the Bank opened for business — Canada had no central bank until then, with chartered banks issuing their own notes. The transition was abrupt: Dominion of Canada notes and chartered bank currency were called in and replaced by this single series within a compressed window.

Two distinct English and French versions were printed for most denominations in 1935 — a political concession that was quietly abandoned in 1937 when fully bilingual notes replaced both. P#46 is the English version; the French-language counterpart is P#47.

Osborne was the Bank's first Deputy Governor; Towers its first Governor, appointed at 37.