10 Dollars

The Farmers' Joint Stock Banking Company operated briefly in Toronto during the mid-nineteenth century, one of dozens of Upper Canadian chartered banks that flourished — and frequently collapsed — under the permissive banking legislation of the period. Notes issued by these institutions circulated on the strength of the issuing bank's local reputation, redeemable in specie at the counter. When a bank failed, its notes became worthless almost overnight, and holders had little recourse.

The American Bank Note Company engraving is characteristic of the high-security printing that Canadian chartered banks routinely commissioned from New York firms throughout this period, domestic printing capacity being insufficient for the volume and complexity required.