10 Dollars

The Banque Canadienne Nationale was itself only two years old when this note was issued, formed in 1924 from the merger of the Banque Nationale and the Banque d'Hochelaga — two Quebec-based institutions with deep roots in French-Canadian commercial life. The new bank inherited both circulation privileges and outstanding note liabilities from its predecessors, which created administrative complexity around which series to retire first.

Canadian chartered banks retained the right to issue their own notes until 1944, when the Bank of Canada Act amendments phased out private circulation entirely. The Canadian Bank Note Company in Ottawa handled production for much of the chartered banking sector simultaneously, meaning competing institutions' notes often rolled off the same presses.