20 Dollars Canadian Bank of Commerce

The Canadian Bank of Commerce was one of the dominant chartered banks operating under the Bank Act, which permitted private note issue in Canada until the Bank of Canada Act of 1934 effectively ended the practice. By 1921, chartered bank notes were already a shrinking part of the circulating supply, squeezed out by Dominion of Canada notes at the lower denominations. A $20 face value meant this note was aimed squarely at commercial transactions rather than everyday retail use.

The American Bank Note Company had relocated its Ottawa operation from its earlier Canadian printing base, making the Ottawa attribution accurate for this period rather than a misreading of a branch imprint.