50 Dollars

The Canadian Bank of Commerce was one of the dominant chartered banks operating under the Bank Act of 1871, which permitted private institutions to issue their own currency — a system that persisted until the Bank of Canada's founding in 1934. At the $50 level, notes like this one functioned almost exclusively in commercial and interbank settlement; ordinary retail transactions simply didn't require them, which kept actual street circulation low.

The American Bank Note Company's New York facilities handled engraving and printing for numerous Canadian chartered banks during this period, a practical arrangement given the superior intaglio infrastructure south of the border. ABNC's work on Canadian chartered issues is generally consistent in quality, with the deep ink impression typical of their commercial commissions.

Survivor population at this denomination is thin — the combination of high face value and the 1944–1950 redemption deadlines under federal winding-up legislation eliminated most examples before collectors took serious notice.