25 Dollars

The 1935 Bank of Canada series was the first issue by the newly established central bank, created by the Bank of Canada Act of 1934. The 25-dollar denomination is among the more unusual face values in Canadian history — it was dropped entirely after this inaugural series and never reissued, making it a one-year type with no successor.

Two English-language and two French-language versions were printed for each denomination in 1935, reflecting a political compromise over bilingual currency. The English and French issues are catalogued separately, each with distinct text and slightly different design treatments. P#49 is the English-language variant.

Osborne was the Bank's first Deputy Governor; Towers its first Governor.