2 Dollars

The 1937 series was the Bank of Canada's second issue, replacing the inaugural 1935 bilingual notes that had separated English and French versions into distinct printings — a political awkwardness resolved here by printing both languages on a single note. Towers served as the Bank's first Governor, appointed at its founding in 1935, while Osborne held the Deputy Governor position.

The British American Bank Note Company printed this series from its Ottawa plant, competing with and sometimes sharing contracts alongside the Canadian Bank Note Company throughout the mid-twentieth century. Known cancellation and redemption rates for the 1937 $2 are high; circulating examples that survived were heavily used, and the denomination saw more daily handling than the larger face values.