5 Dollars

The 1935 Bank of Canada series was the first issue produced after the Bank's establishment that same year — Canada had operated without a central bank until then, relying on chartered commercial banks to issue their own notes. The transition was abrupt by international standards, and the new notes had to simultaneously establish institutional credibility and replace a deeply entrenched private system.

Two versions of each denomination were printed for this series: one in English and one in French. P#42 is the English-language note; the French counterpart, P#43, is the scarcer of the pair. Osborne served as the Bank's first Deputy Governor; Towers was its founding Governor, a position he held until 1954.