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10 Dollars
| Issuer | Sovereign Bank of Canada, Toronto |
|---|---|
| Year | 1902-1907 |
| Type | Standard circulation banknote |
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|---|---|
| Obverse lettering | INCORPORATED BY ACT OF PARLIAMENT The Sovereign Bank of Canada WILL PAY TO THE BEARER ON DEMAND TEN DOLLARS TORONTO, MAY 1ST, 1902 COUNTERSIGNED PRESIDENT AMERICAN BANK NOTE COMPANY, OTTAWA |
| Reverse description | The reverse of this note is unprinted, presenting a plain cream-coloured cotton paper surface with no vignettes, lettering, or decorative elements. |
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| Comments |
The Sovereign Bank of Canada was a short-lived chartered bank, incorporated in 1901 and failed spectacularly in 1908 — one of the more dramatic Canadian bank collapses of the Edwardian period. Notes issued in the final years of its operation, particularly 1906–1907, were left outstanding when the bank closed, and holders faced the uncertainty typical of pre-federal-deposit-insurance bank failures in Canada. Under the Bank Act, Dominion notes had priority, but chartered bank noteholders were next in line — cold comfort when assets fell short.
ABNC handled most of Canada's chartered bank printing at the time, working from its New York shops. The engraved plates were expensive, which is partly why so many failed banks had visually accomplished notes.