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HISTORY OF CANADIAN BANKING

By Woodensky
  • Period: to

    1900-1939

  • Denominations of one thousand dollars (featuring Lord Roberts)

    Denominations of one thousand dollars (featuring Lord Roberts)
    In 1896, the federal government began to issue large denomination notes whose usage was restricted to the chartered banks. Their purpose was to assist the banks in maintaining their reserves of Dominion notes, The notes stated on their face that they were "Legal tender notes for use by Banks only", which led to their common name, "Bank legal". Bank legal ceased to be issued after the establishment of the Bank of Canada

  • Establishment of a branch of the Royal Mint at Ottawa

    Establishment of a branch of the Royal Mint at Ottawa
    In 1907, the British government established a branch of the Royal Mint at Ottawa, to be operated at the expense of the Canadian government.

  • Denominations of five thousand dollars (featuring Queen Victoria

    Denominations of five thousand dollars (featuring Queen Victoria

  • Introduction of Penny (1 cent)

    Introduction of Penny (1 cent)

  • Introduction of a Nickel (5 cent)

    Introduction of a Nickel (5 cent)

  • The Canadian government takes full control of the Ottawa branch of the Royal Mint

    The Canadian government takes full control of the Ottawa branch of the Royal Mint
    In 1931, the Canadian government took over full control of the Ottawa branch of the Royal Mint, renaming it the Royal Canadian Mint and bringing it under the authority of the Minister of Finance

  • Dismissal of the gold standard

    Dismissal of the gold standard
    During World War I, the gold standard was temporarily abandoned and dismissed in 1933.

  • Creation of the Bank of Canada Aact

    Creation of the Bank of Canada Aact
    In The Bank of Canada Act, 1934, The Bank of Canada was incorporated as a central bank "to regulate credit and currency in the best interests of the economic life of the nation ... and generally to promote the economic and financial welfare of the Dominion." https://en.wikipedia.org/wiki/Bank_of_Canada_Act

  • First serie 50$ dollar bill

    First serie 50$ dollar bill
    Was printed by Canadian Bank Note Company Ltd., and features a portrait of Prince Albert, Duke of York, second son of King George V and Queen Mary 1 ,2,5,10,,20

  • Creating of the Bank of Canada

    Creating of the Bank of Canada
    Largely as a response to the Great Depression. The collapse of the stock market and record unemployment at that time revealed the need for a central bank to help maintain Canada’s financial system. https://www.bankofcanadamuseum.ca/multimedia/canadian-central-bank-history/