5 Dollars

The 1937 series was the Bank of Canada's second issue overall, following the inaugural 1935 bilingual notes. By 1937 the bank had separated the English and French versions into distinct notes — a political retreat from the unified bilingual design that had already drawn complaints from both language communities. This note carries either the Osborne/Towers or Gordon/Towers signature combination depending on when it was issued; Osborne left as Deputy Governor in 1938, making his pairing the shorter-lived of the two.

BABN printed the entire series in Ottawa. Towers' signature appears on both pairings — he served as Governor from 1934 to 1954, the longest tenure in the bank's history.