2 Dollars

Obverse description	The obverse is laid out in a horizontal format with the denomination numeral "2" repeated in ornate oval guilloche panels at left, centre, and right. The central vignette, executed in fine intaglio engraving, presents two classical allegorical female figures flanking a large "2" medallion, one seated and one standing, rendered in the style typical of early North American bank note art. The upper border reads "UPPER CANADA" with a panel inscription "THE MERCHANTS BANK" and the promise text "Will pay TWO DOLLARS on demand to A. Stevens or bearer, Toronto, May 4 1837," with manuscript cashier and president signatures below; a small portrait vignette of a female head appears at lower right, and a harbour scene with steamships occupies the left panel.
Obverse lettering	UPPER CANADA THE MERCHANTS BANK TWO DOLLARS Will pay on demand to A. Stevens or bearer Toronto, May 4 1839 Cash. Pres. TWO 2
Reverse description	The reverse is largely plain, printed on aged cotton paper with no central vignette or decorative elements, consistent with early Canadian private bank note practice of leaving reverses unprinted. Faint manuscript endorsements are visible at the left edge, along with fold lines and toning typical of circulated notes of this period.
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