As banks were established in Canada in the early 1800s, they issued their own notes, as did various governments and even merchants. In central Canada, the efforts of the growing financial community to solve the problem of currency were complicated by a loss of “hard” currency (gold and silver coins) to the United States with an increase in cross-border trade. As a result, sentiment in favour of a national currency increased.

Following Confederation in 1867, Parliament confirmed its control of currency with legislation and began to issue Dominion of Canada notes. Notes issued by both the government and the chartered banks were in common use for many years, until (and for a transitional period after) the Bank of Canada was created in 1934 and given sole responsibility for issuing paper currency in Canada.

A special commemorative $25 note bearing the date May 6, 1935, was issued in honour of the Silver Jubilee of King George V. Similar to the 1935 series this denomination was printed in English and French. The dates 1910-1935 appear at the top of the note and the inscription, TWENTY-FIFTH ANNIVERSARY OF THE ACCESSION OF H.M. KING GEORGE V, appears below the portrait.

In honour of the 100th anniversary of Confederation, a modified version of the 1954 $1 note was issued, bearing the date 1967. The centennial logo was added to the left side of the note’s face and a view of Canada’s original Parliament Buildings, destroyed by fire in 1916, was substituted for the Prairie landscape that had appeared on the back of the earlier $1 notes. A second version, with the dates 1867-1967 in place of the serial numbers, was also issued.

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In 2001, the Bank introduced the new $10 note from the Canadian Journey series, followed by the $5 note in 2002. The Bank issued the new $100 bill in March, the $20 note in September, and the $50 note in November of 2004. As part of its ongoing efforts to improve the security of Canadian bank notes, the Bank of Canada issued a $10 note with upgraded security features on 18 May 2005 and completed the series with an upgraded $5 note on 15 November 2006.

Notes in the new series are distinguished by new and enhanced security features to help fight counterfeiting and a tactile feature to help the blind and visually impaired identify the different denominations.

The new notes are the same size and retain the same dominant colours as previous bank note series. The Queen and the prime ministers shown on the new series are depicted on the same denominations. However, new portraits were engraved for both security and aesthetic purposes.

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• making the bank notes readable on high-speed note-processing equipment;
• incorporating codes to be read by portable electronic reader that (either audibly or with a vibrating signal) identifies the denomination of bank notes for visually impaired users.

New, larger portraits of former Canadian prime ministers and the Queen were engraved to take better advantage of the security offered by intaglio printing. Canadian birds were the new focal point for the backs of the notes. The birds chosen had to blend with the colour of the bank note and had to be found across Canada.

The $1 note was not reissued as part of this series and was gradually withdrawn from circulation. More recently, the $2 note has also been withdrawn. Both denominations (which remain legal tender) were replaced by more durable and longer-lasting coins, reducing the costs of producing Canada’s currency.

As part of the fight against money laundering and organized crime, the 1,000 denomination was withdrawn for circulation in 2000.

This series represented another complete departure in design from earlier issues:

• colourful, wavy patterns were introduced;
• a new series of Canadian scenic vignettes was created;
• portraits of former Canadian prime ministers were re-introduced.

The main characteristic of the new design was the use of multicoloured tints beneath the dominant colour. This series was often dubbed the “multicoloured series”. With the exception of the $1 note, the use of black ink was abandoned. Furthermore, the words “this note is legal tender” replaced the phrase “will pay to the bearer on demand,” reflecting the fact that Canada’s currency had long ceased to be redeemable in gold. The $1,000 denomination was not included in this issue.

Unlike previous series, the 1969-79 series did not have the same date of issue for all denominations, but rather the year in which the printing plate was produced.

Originally, the Queen’s portrait was to appear on all denominations. However, the Minister of Finance requested the inclusion of portraits of former Canadian prime ministers on the new bank notes to enhance national identity.

With the ascension to the throne of Queen Elizabeth II in 1952, plates were prepared for the third series of Bank of Canada notes. They were very different from the 1937 series, although the colours and bilingual nature were retained. The portrait was moved from the centre of the bank note to the right-hand side where it was less susceptible to wear caused by the folding of notes. The elaborate detail of earlier issues was simplified, and the earlier allegorical figures were replaced by Canadian landscapes. The Canadian coat of arms was first introduced in this series and formed part of the background design. This is the only series on which the portrait of the Queen appears on all denominations.

This series caused controversy because highlighted areas of the Queen’s hair gave the illusion of a grinning demon behind the ear. The term “Devil’s Head” is commonly used to describe these bank notes. The Bank of Canada had both bank note companies modify the face plates by darkening the highlights in the hair. These modifications were made in 1956 for all denominations.

The 1937 series of bank notes saw the portrait of King George VI replace those of other members of the royal family on all denominations except the $100 and $1,000 bank notes, which pictured former Canadian prime ministers. Other departures from the 1935 series included colour variations and the location of the portrait in the centre of the bank note bordered by English and French text.

The first bank notes were unilingual. All denominations were available in either English or French. The designs were identical, differing only in the language used. The front of the notes featured a portrait of a member of the royal family or of a former Canadian prime minister. Allegorical figures alluding to Canada’s growing agricultural, industrial, and commercial prosperity appeared on the back of each note.

Unique to the 1935 series were

• a $25 note, issued to commemorate the silver jubilee of King George V
• a $500 note, a carry-over from Dominion of Canada bank notes.

This is the only Bank of Canada series that includes $25 and $500 bank notes.

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