100 Dollars

The Banque Canadienne Nationale was itself only two years old in 1925, having been formed in 1924 through the merger of the Banque Nationale and the Banque d'Hochelaga. This note is among the earliest issued under the merged institution's name, printed by the Canadian Bank Note Company in Ottawa under the provisions of the Bank Act, which still permitted chartered banks to issue their own circulating notes — a practice that would survive until 1944–45 when the Bank of Canada assumed sole right of issue.

At the $100 denomination, circulation was limited almost entirely to commercial and interbank transactions. Survivor rates are low, and most known examples passed through few hands.