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20 Dollars

Issuer Bank of Canada
Year 1935
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Size 190 x 92 mm
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Protection type Watermark
Protection description Watermarked cotton paper with a latent pattern visible when held to light.
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The 1935 Bank of Canada series was the institution's first issue, produced the year the Bank opened for business — Canada had no central bank until then, with chartered banks issuing their own notes. The transition was abrupt: Dominion of Canada notes and chartered bank currency were called in and replaced by this single series within a compressed window.

Two distinct English and French versions were printed for most denominations in 1935 — a political concession that was quietly abandoned in 1937 when fully bilingual notes replaced both. P#46 is the English version; the French-language counterpart is P#47.

Osborne was the Bank's first Deputy Governor; Towers its first Governor, appointed at 37.