Visit the
Canadian Paper Money Forum

Last updated on:
- fixed menu

Home CPM Forum Members The Notes Wiki  LogoutNews Help Resources

Canadian Paper Money Site



Canadian Paper Money Society

Join our discussions "around the circle" on the Canadian Paper Money Forum



The Bank of Canada came into being through the work of a typically Canadian institution, a Royal Commission. The Royal Commission on Banking and Currency recommended the establishment of a central bank in Canada in September of 1933.

Up to that time, issuing bills was almost exclusively a function of private or chartered banks. Provincial and municipal governments in the 1830's to 1860's even issued notes for themselves.

By 1866 the Government, hugely in debt, implemented government-issued bills in denominations of $1 to $1000. In 1871 the Government started to restrict the banks from issuing their own currency, by taking over $1 and $2 bills and permitting the bank to produce only larger denominations.

When the Bank of Canada finally came into being in 1935, the banks were given 10 years to reduce their issues to 25% of their paid-up capital. In 1944, the Bank Act removed completely the right to issues bills.

Since then, the Bank has released several different "designs" we call series.



Copyright 1998 - 2007 The entire contents of this website are copyright, including all images. Permission is granted to non-profit organizations on the condition that such copies are not sold or otherwise used for profit. Unless specifically stated otherwise, images of banknotes are copyright by the Bank of Canada and are used here with permission.