Catalog
5 Dollars
| Issuer | Bank of Toronto |
|---|---|
| Year | 1935 |
| Type | Standard circulation banknote |
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|---|---|
| Obverse lettering | CHARTERED BY ACT OF PARLIAMENT THE BANK OF TORONTO DOMINION OF CANADA Five Dollars Will pay to Bearer Toronto, 2nd Jan. 1935 5 FIVE FIVE FIVE FIVE FIVE CANADIAN BANK NOTE COMPANY, LIMITED |
| Reverse description | The reverse is printed in orange-brown and centres on a large circular medallion with a classical female portrait in fine intaglio engraving, flanked by two ornate rosette counters each bearing the numeral '5'. The curved inscription 'BANK OF TORONTO' arches around the central medallion, with decorative foliate and floral guilloche work filling the background field. The printer's imprint 'CANADIAN BANK NOTE COMPANY, LIMITED' appears in small letterpress at the lower margin. |
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| Comments |
The Bank of Toronto, founded in 1855, never became a central bank — it remained a commercial chartered bank issuing its own currency under the Bank Act until it merged with the Dominion Bank in 1955 to form the Toronto-Dominion Bank. By 1935, however, that right was nearly spent: the Bank of Canada Act of that same year established the central bank and set in motion the gradual withdrawal of chartered bank notes from circulation, with redemption deadlines eventually killing the practice entirely.
The Canadian Bank Note Company in Ottawa handled the bulk of chartered bank printing by this period, having consolidated much of the market. This note sits at the very end of a century-long tradition of private Canadian currency issuance.