List of Canadian central banks

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The list of Canadian central banks lists those institutions that have been issuing banknotes since the 18th century in the geographic region now known as Canada . As in other British colonies, it was possible to issue covered notes through private commercial banks. The banknotes issued by the state (through the treasury of the provinces ) were intended, particularly in the early 19th century, to cover war costs.

Legal basis

The issue of paper money in the North American colonies was regulated by the Currency Act of the London Parliament. The first 1751 (24 Geo. II c. 53) was only valid for New England, the change in 1764 (4 Geo. III c. 34) extended the validity to all North American possessions. The amendment 1773 (13 Geo. III c. 57) increased the permissible issue amount.

As in all of North America, Spanish dollars were in circulation. For a long time, the Banque de Montréal , founded in 1817, functioned as the de facto central bank. In 1857, in the same year as the USA abolished the status of the Mexican dollar as legal tender , the sovereign , the eagle and a $ 5 gold piece to be minted as legal tender were designated as currency. In 1859 a legal regulation for a decimal "Canadian" dollar was issued, which was first created as such in 1841. The British North America Act (1867c. 3) permitted the issuance of receipts and notes by governments. The Uniform Currency Act of April 1871 (34 Vict., C. 14) introduced the Canadian dollar , which was aligned with the US dollar, as the single currency. The Bank of Canada , founded in 1934 , now has the banknote privilege. The first series of banknotes from 1935 included a $ 25 note to commemorate George V's silver jubilee .

In the 1930s, some communities issued emergency money ( depression scrip ). Commercial banks were allowed to issue until 1943.

Newfoundland Dollar

1 $ Government of Newfoundland (1920)

Newfoundland kept a somewhat higher value dollar, which had also been decimally denoted since 1865. This was worth 4 sh 2 d until 1895 , then 4 sh 1.3 d until 1949 . Small change in the form of cash notes of the Department of Public Works expended to 1901 and 1910. 1920 there were $ 1 and $ 2 bills the government.

Commercial banks

The following banks issued notes especially for this colony in the second half of the 19th century:

  • Commercial Bank of Newfoundland
  • Union Bank of Newfoundland

Colonial times

French emergency money

Between 1680 and 1717, French money had a higher value in the colony ( monnoye du pays ) than in the motherland ( monnoye du France ). The agio was between ⅛-⅓.

  • “Playing card money” for New France 1685–1689 and 1694–1718.
  • “Card money” printed on cardboard existed in 1729–1857. In addition, government bonds ( ordonnance or acquit ) circulated .
  • The treasury issued numbered notes from 1753–1760. From 1757, hardly any metal circulated. The colonial administration declared bankruptcy on October 15, 1759; the British conquest was complete in 1760. A partial redemption of the papers, with a discount of 50 to 80%, took place from 1766.

Army Bills

The British colonial army issued emergency notes of various denominations to cover costs in the war of 1812/13 . The higher quality ones, starting at $ 25, were interest-bearing. In general, 1  dollar (= syn. Piasters ) = 5  shillings .

Hudson's Bay Company

5 sh. Hudson's Bay Company (Ft. York, 1820)

Starting in 1820, banknotes were shipped from London to the trading post in Fort York (Toronto's old name before 1834), which were then countersigned. These were denominated in ₤ until 1870. From this year onwards, at the instigation of the governor of Assiniboia , there were promissory notes (“promissory notes” or “card money”) in dollars for individual trading stations.

Provincial Treasury

British Columbia

  • Treasury: ₤ 1862
Nova Scotia
  • Treasury at Halifax : ₤ series 1812, 1813, 1817, 1823, 1825 (1828), 1838, 1848. $ series: 1820, 1824, 1830, 1861

Provisional Government of Upper Canada (Ontario)

  • 1837: $

Island of Saint John

  • Treasury: 1790 1-40 shillings

Bonds

In the 1850 / 60s ran several series of bonds ( debentures ) of the Province of Canada to as cash. In 1866 a dollar series appeared with this imprint.

Dominion of Canada

25 cents from 1900

Gold-covered notes with the inscription Dominion of Canada were available at $ 1 and $ 2 from 1870 on the basis of the Dominion Notes Act. The ¼ dollar bills from 1870 are known as "shinplasters". $ 500 and $ 1000 notes have existed since 1871, and $ 50 and $ 100 notes were added in 1872. The first $ 4 bill was issued in 1882. Certain high-value banknotes, so-called bank legal issues, were only intended for the settlement of payments between financial institutions. They were published in 1896 ($ 500, $ 1,000, $ 5,000), 1901, 1918 ($ 5,000 and $ 50,000), and 1924. At the end of 1932, Dominion notes were worth $ 57.488 million, of which an estimated $ 30-35 million was in circulation . At that time, just under $ 28,000 provincial-issued bills were in circulation.

The printing of most notes in the 20th century was done by Canadian Bank Note in Ottawa , which was part of the American Banknote Company from 1897 to 1923 and has been listed on the stock exchange since 2006. Canadian coins are produced by the state-owned Royal Canadian Mint / Monnaie royale canadienne in Winnipeg .

Private commercial banks

Numerous institutions were affected by the banking crisis of 1835–1838. Bills worth $ 4, equivalent to a pound, are very common. From 1871 this was the lowest permissible value. That amount was increased to $ 5 in 1881. Since 1890, the commercial banks had to vouch for the redemption of all non-state notes. Issuance by individual banks was subject to the supervision of the Treasury Board. One twentieth of the notes had to be deposited in a fund with 3% interest for deposit protection . From September 3, 1914 to July 1, 1926, the banknotes were legal tender.

The expenditure of chartered banks is listed below. Numerous other short-lived or unlicensed institutions exist, particularly from the time of the banking crisis of the late 1830s.

$ 1 Colonial Bank of Canada (1859)
$ 5 Bank of Hamilton (1892)
  • Bank of British Columbia founded in 1862, based in London: $ series: 1862/63, 1863–1875, 1879, 1894.
  • Bank of British North America, founded in London in 1835, merged with Banque de Montréal in 1918 . Own banknotes from 1852–1911. The issuing branch or region is noted on the numerous series: Brantford (Ont.), Canada-West, Fredericton (only 1847), Hamilton, Ontario (several agencies), Kingston , London, Ottawa, Québec , St. John, St Stephen (1872 only), Toronto (1840, combined $ / ₤ series: 1845–1865; $: 1864–1871) and Victoria . All issues of the Montreal branch from 1838 onwards could be exchanged for Kurant coins in each branch .
  • Bank of Hamilton, founded in 1872, merged in 1924 with the forerunner of the Canadian Imperial Bank of Commerce . The last series was a commemorative edition for the 50th anniversary in 1922.
  • Bank of Montreal / Banque de Montréal founded in 1817. The banknotes issued since the 1820s carried currency denominations in both dollars and pounds until 1857. Renounced the right to issue notes from 1866–1870. The last banknote from this de facto central bank appeared in the form of a $ 5 note in 1942.
  • Bank of Nova Scotia was established by provincial law in 1832. ₤ Series: 1832, numerous dollar issues from 1864 to 1935.
  • Bank of the People (Toronto): Founded in 1835, bought by the Bank of Montreal in 1840.
  • Bank of Ottawa, ger. Merged with the Bank of Nova Scotia in 1874, 1919. $ Series: 1874, 1888-1891, 1895-1900, 1903, 1906, 1912/13.
  • Bank of Toronto, founded in 1856, merged with Dominion Bank in 1955 . $ 1856–1865 Series “Province of Canada.” $ Series 1876–1880: “Dominion of Canada,” other $ series: 1887–1929, 1935–1937.
  • Bank of Vancouver, founded in 1910, the collapse of the Dominion Trust Company in October 1914 led to insolvency. $ Series dated May 2, 1910.
  • Bank of Yarmouth , 1860: $ 20; 1870-1891: $ 4, 5, 10.
  • Banque d'Hochelaga, $ series: 1874–1877, 1880, 1889, 1894, 1898 (1907), 1911, 1914, and 1917–1920.
  • Banque Canadienne Nationale, founded in Québec in 1859, merged with Banque d'Hochelaga in 1919 . It was only after the banknotes were confiscated that this house had its own dollar bills from 1925 to 1935.
  • Banque Internationale du Canada, bought in 1913 by Home Bank of Canada (bankrupt in 1921, remnants absorbed by the National Bank of Canada ). $ Series: 1911
  • Banque Jacques Cartier, founded in 1861, merged into the Provincial Bank of Canada . $ Series: 1862, 1870, 1886–1889, and 1895.
  • National Bank of Canada / Banque Nationale , founded in 1859. $ series: 1860, 1870/71 (including a $ 6 bill), 1873, 1883, 1891, 1897, 1922.
  • Banque du peuple (Montreal), founded in 1849.
  • Banque Provincial du Canada; Merger in 1899/1900 of Banque Jacques-Cartier (founded in 1861), Banque d'économie de Québec (founded in 1848) and Banque populaire de Québec (founded in 1868). $ Series: 1900, 1907, 1913 (1928), 1935/36.
  • Banque de St. Hyacinthe , $ series: 1874 and 1880-1892.
  • Banque de St. Jean , $ series: 1873-1900 and 1906.
  • Banque de Ville-Marie , $ series: 1873-1890, 1889.
  • Barclay's Bank (Canada): $ series: 1929, 1935.
  • Canadian Bank of Commerce , founders bought the concession of the Bank of Canada , which went bankrupt in 1858 . $ Series: 1867-1871, 1879 (1887), 1888 (1893), 1917, 1935.
  • City Bank (St. John's), bought by the Bank of New Brunswick in 1839 . ₤ Series: 1836–1838.
  • City Bank, est. 1855, merged in 1872 with the Royal Canadian Bank to Consolidated Bank of Canada.
  • Commercial Bank of Canada, Kingston Regular $ 1857–1861. Own notes of the Montreal branch 1857 and 1860–1862.
  • Commercial Bank of Manitoba, founded 1884, bankrupt July 1893. $ 5 and $ 10 bills 1885 and 1891.
  • Commercial Bank of the Midland District (Kingston). Issues between 1832 and 1854 are denominated in pounds and dollars. $ Series: 1854 (separately for individual branches)
  • Commercial Bank of Windsor , (1860-1898). 1860: $ 20, $ series: 1870–1898.
  • Crown Bank of Canada, founded in 1904, taken over by the Royal Bank of Canada in 1918 . $ Series: 1904.
  • Dominion Bank (Toronto). $ Series: 1871-1873, 1876-1888, 1891 (1898), 1896-1901, 1925, 1931, 1938.
  • Eastern Townships Bank ( Sherbrooke ), acquired from Canadian Imperial Bank of Commerce 1859–1912 . $ Series: 1859, 1873, 1879 (1893), 1906.
  • Exchange Bank of Yarmouth, taken over by the Bank of Montreal in 1903 . 5, 10 and 20 $ 1870/71.
  • Farmers Bank of Canada, founded in Toronto in 1906, bankrupt in 1910.
  • Gore Bank (Hamilton), founded in 1835, acquired by the Canadian Bank of Commerce in 1870. 1836-1856 $ series.
  • Halifax Banking Corporation, founded in 1825, acquired by the Canadian Bank of Commerce in 1903. ₤ Series: 1825, 1833, from $ 1863, last series in 1898.
  • Home Bank of Canada, bankrupt in 1921, remnants absorbed by the National Bank of Canada. $ Series: 1904–1920.
  • Imperial Bank of Canada, founded in Toronto in 1873. $ Series: 1875–1886, 1902, 1902 (1907) oversized notes, 1915–1917, 1923, 1933/34, 1939.
  • Merchants Bank of Canada, founded in Montreal in 1864, taken over by the Bank of Montreal in 1922 after massive losses . $ Series: 1868–1873, 1900 (1903), 1906, 1917, 1919 Special edition at the end of the war with George V. in uniform and “V” on obverse.
  • Merchants Bank of Halifax, founded in 1859, renamed Royal Bank of Canada (RBC) in 1901 . $ Series: 1864, 1869, 1878/79, 1880 (1883), 1894 (1899). As RBC: 1901 (1909), 1913, 1927, 1933, 1935, 1943.
  • Merchants Bank of Prince Edward Island , licensed in Charlottetown in 1871, bought by the Canadian Bank of Commerce in 1906 . $ Series: 1871-91, marked “Canada Currency” to distinguish it from the slightly higher value PEI dollar that was valid until 1871.
  • Molsons Bank, founded in Montreal in 1837 by a family of brewers. Not active 1853–1855, then newly licensed. It is best known for issuing $ 6 and $ 7 bills in 1871 depicting JHR Molson's portrait. Last series in 1922. Acquired in 1925 by the Bank of Montreal.
  • Montreal Bank, founded in 1817, $ series: 1817, after being granted a license in 1822 as the Bank of Montreal.
  • Niagra District Bank, founded in St. Catharines in 1853, last series in 1872
  • Northern Bank, founded in Winnipeg in 1905 . Merged with Crown Bank of Canada in 1905 to form Northern Crown Bank. $ Series: 1905, under a new name 1908–1914.
  • Ontario Bank, founded in Bowmanville , Ont. 1857 . Saved from collapse in 1906 by being bought up by the Bank of Montreal . Different $ series for the Bowmanville and Montreal branches.
  • People's Bank, (Halifax), founded in 1864, 1905 bought up by the Bank of Montreal. $ Series unchanged in design: 1864–1903.
  • People's Bank, (New Brunswick), founded in 1864, 1907 bought up by the Bank of Montreal. $ Series: 1864-1873, 1885, 1897 (1904).
  • Quebec Bank, founded as a partnership in 1818, licensed in 1822, taken over by the Royal Bank of Canada in 1917. $ series: 1818, 1819, 1835, 1837–1860, 1843–1865 (double currency), 1843–1862, 1863, 1873 (1888), 1898, 1901, 1908 (1911).
  • Royal Bank of Canada (from 1901) see Merchants Bank of Halifax.
  • Standard Bank of Canada see St. Lawrence Bank.
  • St. Lawrence Bank, founded in Toronto in 1872. One series only. Renamed Standard Bank of Canada, 1872: Series 1876–1881, 1890, 1900, 1914, 1924. Acquired in 1909 by the Western Bank of Canada. 1924 merged with the Canadian Bank of Commerce.
  • St. Stephens Bank, founded in 1836. ₤ series: 1830s, $ series: 1830s, 1846–1860, 1873–1886, 1863, 1892.
  • Sterling Bank of Canada, founded in Toronto in 1905, merged with the Standard Bank of Canada in 1924. $ series 1906.
  • Summerside Bank of Prince Edwards Island, founded in 1866, taken over by the Bank of New Brunswick, 1901. Series 1866 with double currency indication. $ Series: 1872, 1884-1900
  • Traders Bank of Canada, founded in Toronto in 1885. Merged with Royal Bank of Canada, 1912. $ series: 1885 (1886), 1890, 1897 (1907), 1909, 1910.
  • Union Bank of [Lower] Canada, taken over by the Royal Bank of Canada in 1925. Under the first name, series 1866 and 1870/71. Different series for Winnipeg and Québec.
  • Union Bank of Halifax, founded in 1856, took over the Commercial Bank of Windsor in 1902 . Adopted by the Royal Bank of Canada in 1910. 1861: $ 5, $ series: 1871 (1904).
  • Union Bank of Prince Edwards Island, founded in Charlottetown in 1860. Acquired by the Bank of Nova Scotia in 1883.
  • United Empire Bank, founded as Pacific Bank of Canada. $ 5 and $ 10 bills 1906. Merged with Union Bank of Canada.
  • Western Bank of Canada, founded in Oshawa in 1882 . Merged with Standard Bank in 1909. $ Series: 1882 (1890).
  • Weyburn Security Bank, founded in 1910,mergedwith Imperial Bank in1931.

Overseas issues

Some Canadian banks active in the Caribbean colonies, most of which were in competition with the local branches of Barclay’s , issued bills covered by the stocks of local branches:

Antigua

  • Royal Bank of Canada, $ 5 1913, “$ 5 = ₤ 1, 10 pence” 1920 and 1938.

Barbados

  • Canadian Bank of Commerce, $ series 1922, $ 5 1940.
  • Royal Bank of Canada, 1909 provisional edition, with double currency ₤ / $ - 1920 and 1938 series.

British Guiana

  • Royal Bank of Canada, provisional issues 1909 and 1913, with double currency ₤ / $ - series 1920 and 1938.

Dominica

  • Royal Bank of Canada, with double currency, provisional issue 1909, ₤ / $ - 1920 and 1938 series.

Jamaica All branches in Kingston .

  • Bank of Nova Scotia, ₤ series: 1900 (1919/20)
  • Canadian Bank of Commerce, ₤ Series: 1921, 1938
  • Royal Bank of Canada, ₤ series: 1911, 1938

Grenada

  • Royal Bank of Canada, 1909 provisional edition, with double currency ₤ / $ - 1920 and 1938 series.

St. Lucia

  • Royal Bank of Canada, “$ 5 = ₤ 1, 10 pence” 1920.

St. Kitts

  • Royal Bank of Canada, Provisional 1913, “5 $ = ₤ 1, 10 pence” 1920 and 1938.

Trinidad

  • Canadian Bank of Commerce, $ series, enlarged to distinguish it from bills in circulation in Canada. $ Series: 1921.
  • Royal Bank of Canada, $ series: provisional edition 1909 (“payable at Port of Spain ”), 1920 (own design for West India, currency ₤ and $).
  • Union Bank of Halifax, planned series from 1904 was never issued.

literature

Web links

Individual evidence

  1. ↑ cf. on this: Ernst, Joseph Albert; Money and politics in America, 1755-1775: a study in the Currency act of 1764 and the political economy of revolution . University of North Carolina Press, Chapel Hill 1973, ISBN 0-8078-1217-X
  2. ↑ Value: The starting point was the so-called Halifax rating, a “new” Canadian pound was equivalent to one US dollar, so that one English. ₤ = ₤ 1/4/4 was Canadian.
  3. ↑ See Committee on banking and currency (1859)
  4. ↑ Relevant laws today: Bank of Canada Act (RSC, 1985, c. B-2) (PDF; 292 kB) and Currency Act (RSC, 1985, c. C-52) (PDF; 200 kB)
  5. ↑ On the general shortage of cash in New France: Brenner, Reuven et al .: A World of Chance . Cambridge, New York 2008, ISBN 978-0-521-88466-2
  6. ↑ Cf. Canadian currency and exchange under French rule (1898)  - Internet Archive (4 volumes).
  7. ↑ Playing-Card Money
  8. ↑ Cf. The card currency of Canada during the French domination (1875)
  9. ↑ See Annals of the Nova Scotian currency (1892)
  10. ↑ Currency conversion Tables for the conversion of Nova Scotia currency into Canada currency: calculated from 1 cent to 100 cents, and from $ 1 to $ 1,000,000 (1871)
  11. ↑ 31 Vict. c. 46. ​​Amended 1915: 5 George V., c. 4 (25 percent gold coverage up to 30, later 50 million, above 100%. Securities coverage first permitted due to bank panic in 1907, then during World War I and expanded in 1923) and RSC 1927, c. 41.
  12. ↑ Gegr. 1908, in Ottawa as an offshoot of the English. Legal regulation: Royal Canadian Mint Act.
  13. ^ Contemporary Thoughts on the banking system of Upper Canada, and on the present crisis (1837) .
  14. ↑ Exceeding the approved amount was punishable by punishment. Since 1908 (7-8 Edward, c.7), an excess of 15% after harvest time (October to January, from 1912 September to February, all year round 1915-20) was permitted, but a five percent tax was due. Holladay (1934)
  15. ^ Catalog: Albert Pick: Standard Catalog Of World Paper Money, Specialized Issues . Volume I. 9th edition. Iola 2002
  16. ↑ Not to be confused with the same name, which was founded in 1966 and merged with HSBC Bank Canada in 1986 .
  17. ↑ Company history (PDF; 2.7 MB; English)
  18. ↑ Not to be confused with the Banque du peuple (Montreal) and the People's Bank, (Halifax).
  19. ↑ Not to be confused with the bank project of the same name by Pierre-Joseph Proudhon (failed in the same year), People's Bank, (Halifax) or the Bank of the People (Toronto).
  20. ↑ Not to be confused with the bank of the same name, established in 1819 without a license, which was swallowed up by its rival Bank of Upper Canada (Kingston; bankrupt 1821). (There was another Bank of Upper Canada in Toronto from 1821–1866.)
  21. ↑ For the business process cf. Service in Banking (1919)
  22. ↑ See: Molson, Karen; The Molsons: Their Lives & Times, 1780-2000; Willowdale, Ont. 2001 (Firefly Books)