5 Dollars

The Canadian Bank of Commerce was one of the few Canadian chartered banks still issuing its own currency into the 1930s, long after most competitors had quietly exited the practice. The 1922 series came at an awkward transitional moment — the 1923 Finance Act amendments were tightening federal control over chartered bank circulation, and notes of this type were effectively on borrowed time.

The Canadian Bank Note Company had been handling CBOC printing since the early twentieth century, a relationship that produced consistent but not particularly experimental work. Worth noting: CBNC's Ottawa operation was well established by this date, so attribution here is straightforward, unlike some earlier issues where British security printers complicated the record.

Redeemable at any CBOC branch — that liability sat on the bank's books until redemption or destruction.