Bank Of Canada Currency
The government of Upper and Lower Canada in the early 1800s could not be convinced. There was no need for a banking system since the people were using currency from several nations. British pounds, Spanish doubloons, pieces of eight from Portugal and American dollars were the currency. A bank would not be a wise investment, they thought. It would not likely survive in such a small colony; the population was too small and widely-spread across the wilds of Ontario and Quebec. The people were not well-heeled. But a group of businessmen disagreed with the government’s negative position.
Using their own funds, nine men collected £25,000 ($125,000) and under “articles of association,” began operation of the Bank of Montreal. They issued stock worth £250,000 to incorporate the first bank in Canada in 1817, said the New York Times in a 1917 article on the 100th anniversary of the Bank of Montreal. The Bank opened for business in a small inauspicious house on St. Paul Street in the city of Montreal to serve a population of approximately 20,000 citizens.
Bank of Montreal Issued Bank Notes
Since there was no government currency, the Bank produced its own notes in the back room. Plates engraved in Hartford, Connecticut for the paper money, displayed vignettes of local scenes in Montreal streets,” including the local Montreal prison. The Bank printed its own notes for decades, retiring their issue in 1866. On its centennial anniversary, the Bank of Montreal held $250 million in deposits.
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