10 Dollars

The Royal Bank of Canada's 1933 Chartered bank issues came at the nadir of the Depression, when public confidence in commercial paper was badly shaken. Several Canadian chartered banks had already collapsed in the preceding decade, and the Dominion government was under serious pressure to nationalize note-issuing rights entirely — which it eventually did through the Bank of Canada Act of 1934, ending chartered bank circulation privileges over the following years. This note belongs to the last generation of privately-issued Canadian currency.

The Canadian Bank Note Company in Ottawa printed the bulk of chartered bank issues for multiple institutions simultaneously, reusing security printing infrastructure across competing clients — an unusual arrangement by any international standard.