The following article has been generously submitted by Tom Craig

A little background on the history of bank notes used/produced in Canada during the years leading up to the Centennial issue.

Paper money was produced and used in Canada by the provinces and individual merchants and companies. In 1866 the Province of Canada produced its first bank note in several denominations and entered into circulation on January 1867, just a few months prior to confederation.

The Dominion of Canada issued its first note under that name in 1870. It was also the year the first fractional currency was issued due to the American silver situation caused by the American Civil War. These were known as the shin plasters or 25 cent scrip.

Another new $1.00 bank note entered circulation in 1878 featuring the Countess of Dufferin followed by other higher denominations.

In 1897 a new issue featuring the $1.00 bank note contained the portraits of the Countess of Aberdeen and Earl of Aberdeen. Here again higher denominations were also issued.

In 1911 issue of the $1.00 bank note featured Lord and Lady Gray.

The year 1914 issued only the $2.00 bank note and the portraits were the Duke and Duchess of Connaught, son of Queen Victoria and Governor General of Canada during this time period.

In 1917, the $1.00 bank note featured the daughter of the Duke and Duchess of Connaught, the Governor General, Princess Patricia.  This was the only issue during WW 1.

The Dominion of Canada $1.00 bank note in 1923 featured the Portrait of King George V.

Also in 1923 a $2.00 bank note was issued containing the portrait of Prince of Wales who reigned briefly in 1936 as King Edward VIII.

In January of 1931 the controller of currency, C.E. Campbell, inquired of the CBNC what savings were associated by reducing the size of all of the notes as the Americans have done in 1928. A further alteration was added that the notes be bilingual which would reduce costs. That idea was shelved for the time being.

Officially the BANK OF CANADA open for business on March11, 1935 it issued its own notes in all denominations in English and French, separate bank notes from $1.00 to the $1,000.00. The notes were of the new size 6” x 2 7/8” format.

In 1937 King George V1 ascended to the throne resulting in a complete new issue of all bank notes.  The government of the day, found that by producing two separate notes in English and French, to be too expensive in production costs. This is the first issue to feature bilingual language — English and French.

The present Queen, Elizabeth II image was featured on the next issue in 1954 after the death of George VI. The news issues soon cause a stir with the public as they report the Queens hair featured the likeness of the “devil.” These notes became know as the “DEVILS FACE NOTES.”

This was corrected shortly after with a new note that was altered to remove some of the color white in the Queens hair and the Devil’s features were not as obvious. These notes were known as the “MODIFIED ISSUE.”

This brings us to the issue of the Centennial year, 1967.

Tom Craig

February 12, 2009

$1.00 CENTENNIAL BANK NOTES

The year 1967 would mark the 100^th anniversary of Canada. The government of the day, wanted to commemorate this event so that all of the people could take part, in some way.  From a numismatic point of view, special coin sets were made that included a $20.00 gold piece. All of the decimal coinage feature animals on the reverse side, like the Canadian goose on the silver dollar. It was decided to produce a one dollar bank note with the dates 1867–1967 and no serial number. This has never been done before.

The front of the one-dollar bank note would feature Queen Elizabeth II on the right side, and the centennial symbol, in the form of the maple leaf, on the left side of the note. The reverse side of the note would feature the original Central Block of the Parliament buildings that burned down in the 1916 fire. Note; the flag staff bears no flag.  At one time people reported being able to see or spotted the American flag in this issue, not so.

The bank notes would be similar in appearance and color as the 1954 issue.  The Queen’s portrait would be located to the right of the note as was the case of the 1954 issue.  This was done in that fashion because the center of the note usually becomes folded and defaces the portrait of the King or Queen, as in the 1937 issues. The new special notes would be ready for issue during the early part and during the year of 1967.]

The bank note would be a special collectors issue but became so popular, that the Bank of Canada was forced to produce more notes than first planned. In total 12,000,000 notes were produced without the serial number but with the dates 1867–1967. At first, these notes were not available anywhere except the Bank of Canada but soon they started to entered circulation. They were not meant for circulation at the start of issue but they were accepted by all stores and banks, during that time frame. Issues of these notes were printed by the Canadian Bank Note Co. (CBN) and the British American Bank Note Co. (BABN).  The two bank note companies produced the no serial number notes but their identification or imprints normally seen at the bottom, was not used for this issue.  These special no date notes were hoarded by the public with the regular issues, largely being forgotten.

This hoarding created a problem with lack of the one dollar notes, the mint was forced to produce the same special note but with the prefixes and serial number along with the centennial symbol. Production was stopped in 1968 but the notes remained in circulation for some time. The next new issue for the one dollar note, non centennial, was dated 1973 and were released June 3, 1974.

Both companies printed the regular issue of the centennial bank notes that contained the Centennial Maple Leaf on the right hand side. These notes had the prefix and serial numbers. The Canadian Bank Note Co. printed the “O” series of notes as listed below with the total number of notes printed. Altogether, it composed of seven series letter with two asterisk notes;

L/O, M/O, N/O, O/O, P/O, R/O, S/O. L/O*, N/O*

                                                               Total 398 10⁶

The American Bank Note Co. printed the “P” prefixes series, F/P, G/P, H/P, I/P, J/P, K/P, L/P, M/P, and B/M*, F/P* 

              Total of series 66.2 10⁶

Total production from both bank note printers was 464,240,000. All $1.00 notes.

ASTERISK SERIES   4 

“O” SERIES  7

“P” SERIES  8

MAGNIFICATION OF THE ASTERISK

Some collectors of this series go to great lengths to find all of the varieties that exist including face plate numbers and back plate numbers. An example of this is the prefix H/P with the front plate number of 10 and the back plate numbers 8, 9, 10, 11, and 12.  So you can see if one were to try and collect one of each combination, the task would be an enormous but not impossible, with over 200 plate numbers.

Specimen notes of the 1967 centennial issue were issued but were not available to the public until 1999 at the Bank of Canada Sale. The specimen notes were overprinted twice, once on the left hand side and the right hand side. The word “SPECIMEN” was in printed in red, in the signature area and four holes were applied as well. The word specimen was also punched diagonally, three times, on the note.

These specimen notes were available on the 1867 – 1967 and the I/P00000000, in the serial number location. The 1967 bank notes were the first to use the engraved signatures on the face plates and were all signed by Beattie / Rasminsky.  Previous bank notes had the signatures added in a separate operation.

There were only 246 bank notes each, marked SPECIMAN for the notes dated 1867 – 1967 and the prefix I/P,  for a total of 492.

A person setting out to collect the complete set will find it can be done. It may take a number of months to find the quality of note you desire but it is achievable.

The scarcest bank note would be the SPECIMENS as noted above. Each set of two may cost $400 to $600.⁰⁰ per set. Also bear in mind that these notes (specimen) in uncirculated condition are far and few… as most stated out as AU condition due to the handling at the printers, etc.

The asterisk notes would command the higher price in the set. The note *F/P at 80,000 mintage commands a price $225.⁰⁰ to $400.⁰⁰ in Gem Unc condition.  The note L/O* at a mintage of 40,000 is priced lower at $180.⁰⁰ to $300.⁰⁰ range. It is believed less of the *F/P supply did not survive or were destroyed any thereby supply is not that great on the market.  It is also believed by some people in the know, that the *L/O is the scariest and also the sleeper bank note. The *B/M and the *N/O are lower in the price range of $40 to $125.⁰⁰ range. The remainders of the regular bank notes from the 1967 issues, are available in almost any grade you care to collect.

SAMPLES OF THE BANK NOTE DATED 1867–1967

 Back Design and Face Design – ALSO THE F/P and *F/P ASTERISK NOTES

New press methods introduced with printing of bank notes dated 1954 resulted in a series of errors.  These types of errors were not usually seen in the 1937 issues of bank notes. Errors like out of register, out of alignment, incomplete cutting of the bank note resulting in a portion of the next note, i.e. tabs.

Paying close attention to the 1967 issue of bank notes, I have only seen a few in the last 8 years and only  3 in the last year that have any faults like the description above. Of all of the notes produced in 1967, 464,200.000, you would think these kind of errors would be more plentiful.

Here is an example of one of these notes. The left side of the note contains the boarder of the next note.

By; Tom Craig —January 15, 2009 — SJCC