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20 Dollars

Issuer Bank of Toronto
Year 1935
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Value 20 Dollars
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Obverse description Black intaglio print on a golden-yellow underprint with guilloche borders. The central vignette presents a steam locomotive in motion, flanked left by a portrait of Queen Victoria in a tiara within an oval frame, and right by an allegorical pastoral scene with figures and cattle. The denomination numeral '20' appears in large figures at both upper corners, with serial numbers in red at left and right.
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Reverse description Printed in red-orange intaglio, the reverse centres on a large oval medallion bearing a profile portrait of Queen Victoria facing left, surrounded by fine lathe-work and floral scroll ornaments. The curved inscription 'BANK OF TORONTO' arches above the central vignette, while denomination numerals '20' appear within circular guilloche cartouches at each lateral extremity.
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The Bank of Toronto issued this 1935 series note during the final years of its independent existence — the bank merged with the Dominion Bank in 1955 to form Toronto-Dominion Bank, one of the last such private bank consolidations in Canadian history. By 1935, Canadian chartered bank notes were already living on borrowed time; the Bank of Canada had been established that same year and would progressively assume the monopoly on note issuance, with chartered banks ultimately losing that right entirely by 1950.

The Canadian Bank Note Company in Ottawa handled production for much of the chartered banking sector by this period, their work distinguishing itself through fine intaglio line engraving.