10 Dollars

The Banque d'Hochelaga was a Montreal-based French-Canadian institution, founded in 1874 to serve a commercial community that felt underserved by the anglophone banking establishment. By 1914 it was a mid-sized regional player — substantial enough to commission Waterlow & Sons for its notes, but still a decade away from its 1924 absorption into what became the Banque Canadienne Nationale.

Waterlow's London shop handled a significant volume of Canadian chartered bank work during this period, competing directly with the American Bank Note Company for those contracts. The ten-dollar denomination was the upper practical limit for everyday commercial transactions at the time.