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20 Dollars

Issuer Merchants Bank of Halifax
Year 1869
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Shape Rectangular
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Obverse description The central vignette presents a three-masted sailing vessel engraved in fine intaglio, set within an oval frame inscribed 'CANADIAN CURRENCY 1 JULY 1871'. The bank title 'THE MERCHANTS BANK OF HALIFAX' is rendered in bold letterpress across the centre, with the denomination '20' repeated in large numerals within ornate guilloche panels at left and right and vertically along both side borders. The note is dated 'Halifax, Nova Scotia, 1st October, 1869' and carries a large red overprint 'TWENTY DOLLARS', with 'SPECIMEN' stamped in black at lower left.
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Variants P#S1177a - Issued note
P#S1177b - Green overprint: CANADIAN CURRENCY, 1 JULY, 1871
Comments

The Merchants Bank of Halifax was chartered in 1864 and became one of the more aggressive maritime expansion stories of post-Confederation Canada — by the time this note was printed it had already begun pushing into central Canadian markets, a strategy that eventually saw it absorbed into the Royal Bank of Canada in 1901. The British American Bank Note Company, established in Ottawa in 1866, was still a young firm when it took on this work; the Merchants Bank was among its earliest institutional clients.

Pick 1177 is scarce. Halifax-chartered private bank notes from the 1860s rarely survived in quantity — redemption rates were high and institutional record-keeping of surviving paper was inconsistent.

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