For many years, Canada did not have a central bank. Each of the nation's large banks issued its own currency and there was little government regulation of the nation's money supply. The federal finance department only issued small and very large denomination bank notes ($5 and under, and $500 and higher.) The Bank of Montreal, then the nation's largest bank, acted as the government's banker.
The Canadian chartered bank notes were paper money issued between 1817 and 1942 by private Canadian banks known as chartered banks.
In Canada Chartered banks were allowed to issue Bank notes up to 1935 at the creation of The Bank of Canada, located in Ottawa, except the Bank of the Montreal (1942)
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