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Bilingual note with the bank title BANQUE CANADIENNE NATIONALE across the top in bold letterpress. A central allegorical vignette in intaglio shows a classical female figure with torch and staff, attended by two other figures, representing commerce and prosperity. Oval portrait medallions appear at the left and right margins, each enclosing a bust portrait of a bank official; large green guilloche numeral V underprints flank the central vignette, with the serial number in red printed twice across the upper field and the date Montreal, Feb. 1st 1929 inscribed bilingually above each numeral. |
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Executed entirely in green intaglio, the reverse centres on a large oval guilloche medallion enclosing the Canadian coat of arms with provincial shield quartering, surrounded by an elaborate lathe-work frame. Large numeral 5 counters appear at left and right within ornate scroll borders, and a scalloped guilloche frame runs the full perimeter of the note. |
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The Banque Canadienne Nationale was itself a young institution in 1929, formed only five years earlier from the merger of the Banque Nationale and the Banque d'Hochelaga. This note belongs to one of its earliest independent charter series, issued just months before the October crash effectively ended the private bank note era in Canada as a practical matter — Dominion notes had long competed with chartered bank issues, and the Depression years accelerated the political case for centralized currency.
The Canadian Bank Note Company printed the series in Ottawa, as was standard for BCN's chartered issues by this period. Surviving examples in high grade are harder to locate than the print run would suggest, partly due to mass redemptions during the early 1930s contraction.