20 Dollars

The Bank of Hamilton was a Canadian chartered bank that survived into the consolidation era — it was absorbed by the Canadian Bank of Commerce in 1924 after a prolonged period of weakness. By 1904, Canadian chartered banks still retained the right to issue their own circulating notes, a privilege that would not be federally extinguished until 1944, and competition among private issuers was fierce enough that presentation mattered.

Western-Fournia in Chicago handling a Canadian bank's printing is worth noting — most Hamilton-issued notes from the period were produced by the American Bank Note Company or British American Bank Note Company. A Chicago firm in the mix suggests either a pricing arrangement or a capacity constraint elsewhere.