5 Pounds The Canadian Bank of Commerce

The Canadian Bank of Commerce was one of a shrinking number of chartered banks still exercising their Dominion-granted right to issue private banknotes when this series appeared. The Bank of Canada Act of 1934 didn't immediately end chartered bank circulation — notes remained legal tender and continued to be issued through 1944-45, though the banks were progressively taxed out of the business.

The American Bank Note Company had relocated its Canadian operations to Ottawa, and this note was produced there rather than in New York. The £5 denomination in pound sterling is a curiosity for notes printed this late — most Canadian commerce had long settled into dollar reckoning, and pound-denominated issues reflected specific transactional needs rather than everyday retail use.