Catalog
1 Dollar = 5 Shillings
| Issuer | Agricultural Bank, Toronto |
|---|---|
| Year | 1837 |
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| Reference(s) | P#S1561 |
| Obverse description | Black letterpress and intaglio note with a central vignette of a standing female figure with a sheaf and farming implements, flanked by a circular ONE DOLLAR counter and a rural harvest scene to the right. A portrait vignette of a woman appears at left, with a cattle scene at far right; large ONE counters occupy the lower corners. The issuer title THE AGRICULTURAL BANK arcs across the top, with UPPER CANADA and TORONTO in the margins. |
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| Obverse lettering | THE AGRICULTURAL BANK UPPER CANADA TORONTO Five Shillings CURRENCY ONE Promises to Pay at its Office in Montreal bearer on demand for Value received ONE DOLLAR |
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| Comments |
The Agricultural Bank of Toronto was a short-lived chartered institution that collapsed in 1837, the same year this note was issued — caught in the broader financial panic that swept across North America as land speculation imploded and specie payments were suspended throughout Upper Canada. Notes from this bank had an extremely brief window of legitimate circulation before the bank's failure rendered them worthless, which is precisely why surviving examples are rare.
The dual denomination — one dollar equated to five shillings — reflects the awkward monetary reality of pre-Confederation Canada, where British shillings and American dollars competed in daily commerce with no clean official equivalence enforced at the counter.