Canadian Banknotes Through the Ages

Canadian banknotes have a rich history that spans over a century. The first banknote issued by the Dominion of Canada was in 1867, featuring a portrait of Queen Victoria.

The early banknotes were made of paper and were not very durable. In 1870, the Canadian government introduced a new design that featured a vignette of the Canadian Shield.

Over time, the design of Canadian banknotes has undergone many changes. In 1935, the Canadian government introduced a new series of banknotes that featured a portrait of King George V.

The Bank of Canada took over the production of banknotes in 1935, and since then, the design has evolved significantly.

The history of Canadian banknotes is a fascinating story. The first paper money issued in Canada denominated in dollars were British Army notes, issued between 1813 and 1815 in denominations between $1 and $400.

These emergency issues were a result of the War of 1812, a conflict that had a significant impact on Canada's financial system. The British Army notes were a temporary solution to meet the financial needs of the time.

In 1817, the Montreal Bank issued the first banknotes, marking a new era in Canadian currency.

In 1935, the Bank of Canada issued its first series of bank notes. This marked a significant milestone in the country's monetary history.

The Bank of Canada was created in 1934 and given responsibility to regulate the country's money supply.

In 1937, the Bank of Canada produced a second series of bank notes, just two years after the first issue.

This was prompted by changes in Canadian government legislation requiring the Bank of Canada to produce bilingual bank notes.

The Bank of Canada had to adapt to a new requirement, which was a significant change at the time.

The subsequent abdication of Edward VIII also played a role in the creation of the new series of bank notes.

The 1954 Canadian Landscape series was the third series of banknotes issued by the Bank of Canada.

The series was designed in 1952, following the accession of Elizabeth II to the throne after the death of her father George VI.

Her portrait appeared on all denominations in the series, which marked a significant departure from the 1937 series.

The design changes were made to portray themes more typical of Canada, with the Canadian coat of arms appearing centrally in the background of the obverse.

This was the first series to include the Canadian coat of arms.

The banknote series became known as the "Devil's Head" series, due to the resemblance of the Queen's hair to a grinning demon.

The second variant of the series was issued in 1956, following design modifications for all denominations.

The 1969 Scenes of Canada series was a significant departure from earlier banknote designs. This series was introduced due to growing concerns over counterfeiting.

The design changes included the introduction of colourful, wavy patterns and new Canadian scenic vignettes. Portraits of former Canadian prime ministers were also re-introduced, joining Laurier and Macdonald from the 1935 and 1937 series.

The 1969 Scenes of Canada series marked the last time a $1 banknote was issued, with the banknote being replaced by a dollar coin, known as a loonie, in 1987.

Printing of the $1 banknote ceased in 1989, but both the $1 bill and coin were produced concurrently for a 21-month period from June 1987 to April 1989.

The year 2001 marked a significant change in Canadian banknotes.

The Canadian government introduced a new series of banknotes, featuring polymer technology for added durability.

The $100 note, for instance, featured a portrait of William Lyon Mackenzie King, the 10th Prime Minister of Canada.

The new series also introduced advanced security features, such as a unique thread and a hologram.

The $50 note, on the other hand, featured a portrait of James Douglas, the first Governor of British Columbia.

The Bank of Canada's decision to introduce polymer banknotes was a response to the growing need for more secure and durable currency.

The new banknotes were also designed to be more resistant to wear and tear, making them last longer in circulation.

The $20 note, which featured a portrait of Viola Desmond, a civil rights activist, was also part of the new series.

The introduction of polymer banknotes in 2001 was a major step forward in Canadian currency history.

The 2011 Frontier series of Canadian banknotes was a significant update to the country's currency. This series featured a new polymer substrate, making the bills more durable and resistant to wear and tear.

The Canadian government introduced the 2011 Frontier series to improve security features and make the bills more difficult to counterfeit. The new series included a transparent window, raised ink, and a security thread.

The 2011 Frontier series was a major upgrade from the previous series, which had been in circulation since 1986. The new bills were designed to be more secure and easier to use.

The Canadian government worked with the Bank of Canada to introduce the 2011 Frontier series, which included denominations of $5, $10, $20, $50, and $100. The new bills featured portraits of important Canadian figures, including Sir Wilfrid Laurier and Queen Elizabeth II.

Canadian banknotes have a rich history, and one aspect of that history is the collection of banknotes over the years.

The first Canadian banknote was issued in 1817, and it featured a portrait of King George III.

The first paper banknote was introduced in 1867, and it was used to finance the construction of the Intercolonial Railway.

In 1935, the Canadian government introduced the first series of banknotes with a portrait of the monarch, King George VI.

The Canadian government started to issue banknotes with polymer material in 2011, which is more durable and secure than traditional paper.

The Canadian Museum of History has a vast collection of Canadian banknotes, with over 300,000 notes on display.

Banknotes are produced with the utmost care, as the Bank of Canada outsources the actual production to the Canadian Bank Note Company. They follow the Bank of Canada's specifications and requirements.

All the wording on the notes appears in both English and French, reflecting Canada's bilingual nature. This ensures that everyone can understand and use the banknotes, regardless of their language.

The production process has evolved over time, with a switch from pure cotton paper to a synthetic polymer material starting in 2011.

The face of a monarch on currency is a symbol of a country's relationship with the institution. It's a decision that can be influenced by the level of attachment to the monarchy and the strength of the republican movement in a country.

Different countries approach this decision differently, depending on their unique circumstances. For example, Barbados cut ties with the British monarch as its head of state in 2021, while other Caribbean nations have said little about depicting King Charles on their bills and coins.

Canada may be an outlier among Commonwealth nations with closer ties to the monarchy. Most Canadians would get rid of the monarchy, but that's easier said than done.

Some countries are taking a more deliberate approach to updating their currency. Australia, for instance, is revamping its coins, but it won't replace Queen Elizabeth with her son on the $5 notes. Instead, it will honour Indigenous culture and history in its design.

Here's a brief rundown of how some countries are handling the issue:

The production of Canadian banknotes is a fascinating process. The Bank of Canada issues the notes, but a company called the Canadian Bank Note Company actually prints them.

The Bank of Canada has very specific requirements for the notes, including the use of both English and French on the wording.

All the paper used for the notes was made from pure cotton until 2011.

Counterfeiting has been a significant concern for Canadian banknotes, with efforts to reduce it resulting in a sharp decline in the number of counterfeit notes in circulation.

The number of counterfeit notes passed annually in Canada peaked in 2004, when 553,000 notes were passed.

Financial institutions must return older cotton-paper banknotes prior to the 2013 polymer series to the Bank of Canada, which will destroy them, as they lack modern security features.

A polymer note costs 19 cents to produce, compared to 9 cents for a typical cotton-paper note.

The counterfeiting rate in Canada has fluctuated over the years, with a peak of 470 PPM in 2004 and a low of 28 PPM in 2012.

The Bank of Canada's medium-term planning target is to stay below 30 PPM.

The counterfeiting ratio is measured in parts per million (PPM), a system borrowed from chemistry, and is used to judge the number of fake banknotes found in circulation for every one million genuine notes.

In 1990, Canada's counterfeit ratio was just 4 PPM, ranking its currency among the most secure in the world.

The rise of powerful and affordable home computers and store-bought graphics software in the late 1990s led to an increase in counterfeiters and a subsequent rise in the counterfeiting rate.

The 1935 series of Canadian banknotes was a significant one, as it was the only series to include $25 and $500 denominations, both of which were short-lived. The $25 note was withdrawn on 18 May 1937.

Stacks of unissued 1935 $500 notes were destroyed in February 1938, and issued $500 notes were recalled and withdrawn from circulation five months later. This marked the end of these two denominations.

The $1, $2, and $1,000 notes were withdrawn in 1989, 1996, and 2000, respectively, due to various reasons. The $1 and $2 denominations were replaced with coins, colloquially referred to as the "loonie" and "toonie" respectively, with the loonie simultaneously replacing the $1 bill as well as the preceding Voyageur dollar coin.

Commemorative issues are special banknotes that are printed to mark important events or anniversaries. The Bank of Canada has issued several commemorative notes over the years.

One notable example is the $25 note, which was withdrawn from circulation but is still legal tender. It features King George V and Queen Mary on the front and Windsor Castle on the back.

The $1 note, also withdrawn from circulation, has a dark green main colour and features Elizabeth II on the front. It was issued in 1967 to commemorate the 100th anniversary of the Canadian Confederation.

The $20 note, issued in 2015, has a green main colour and features the Canadian National Vimy Memorial on the back.

Here's a list of some of the commemorative issues:

These commemorative issues are a unique way to mark important events in Canadian history.

The 1935 series was the only series to have included $25 and $500 denominations, both of which were short-lived. The $25 note was withdrawn on 18 May 1937.

Stacks of unissued 1935 $500 notes were destroyed in February 1938, and issued $500 notes were recalled and withdrawn from circulation five months later. This was a significant move, as it marked the end of a series that had only just begun.

The $1 and $2 denominations were also withdrawn, in 1989 and 1996 respectively. The $1 and $2 notes were replaced with coins, colloquially referred to as the "loonie" and "toonie" respectively.