10 Dollars

The Bank of Montreal was Canada's oldest chartered bank, and by 1923 its private banknote-issuing days were numbered. The Dominion government had been steadily squeezing chartered bank circulation since the 1910s, and the Bank of Canada — which would eventually assume sole note-issuing authority — was only twelve years away from its 1935 establishment. Notes from this late series were never issued in large quantities relative to earlier decades.

The Canadian Bank Note Company had been printing for the chartered banks since 1897 and held a near-monopoly on Canadian commercial note production by this period. Ottawa was both the printing location and, not coincidentally, where federal oversight of bank circulation was administered.