4 Dollars

The Canadian Bank of Commerce was only two years old when this note was issued — chartered in 1867 and opened for business in 1868, it was still establishing its branch network and competing hard against the older chartered banks of Upper Canada. The 4-dollar denomination was a peculiarity of Canadian private banking practice, rooted in the era when notes were issued in multiples designed to equal common U.S. currency values; the 4-dollar bill paired with a 1-dollar note to make a U.S. five.

The British American Bank Note Company had relocated to Ottawa from Montreal only shortly before this printing, making this an early example of their Ottawa production. The denomination was eliminated under the 1871 Bank Act, which standardized chartered bank notes and phased out the 4-dollar bill entirely.