Canada Banknotes: History, Notable Notes & Collecting Guide
Canadian paper money runs from private chartered bank notes and government Dominion notes to the Bank of Canada's modern polymer series. Along the way it produced one of the hobby's most famous varieties, the 1954 "Devil's Face," and one of the most celebrated modern designs, the vertical Viola Desmond $10.
Last updated: July 2026
The Canadian dollar is Canada's official currency, and the Bank of Canada has been the country's sole banknote issuer since it opened on March 11, 1935. Before that, Canadians spent government Dominion of Canada notes alongside notes issued by dozens of private chartered banks, which gives collectors three distinct eras to explore: the pre-1935 issues, the classic Bank of Canada paper series, and the polymer notes in wallets today.
What is the history of Canadian banknotes?
Canada committed to a decimal dollar early. The Province of Canada's Currency Act of 1857 established the dollar of 100 cents, the first Canadian decimal coins followed in 1858, and the federal Uniform Currency Act of April 1871 extended a single Canadian dollar across the new country, according to the Bank of Canada's history of the Canadian dollar.
Paper money in this period came from two parallel sources. The federal government issued Dominion of Canada notes beginning in 1870, including the famous 25-cent fractional notes that collectors call shinplasters, printed in issues dated 1870, 1900, and 1923. At the same time, chartered banks such as the Bank of Montreal issued their own notes in distinctive designs, a right they held from 1871 until 1944, when legislation ended private note issue for good.
The Bank of Canada, created by the Bank of Canada Act of 1934, opened on March 11, 1935 and released its first banknote series the same day. That 1935 series is the only one printed as separate English and French notes rather than bilingual ones, and the only one to include $25 and $500 denominations, according to the Bank of Canada Museum. The first fully bilingual series followed on July 19, 1937.
| Era / series | Period | What defines it | Why collectors want it |
|---|---|---|---|
| Dominion of Canada notes | 1870 to 1935 | Federal government notes, including 25-cent shinplasters | Foundational Canadian issues; shinplasters are an affordable entry point |
| Chartered bank notes | 1871 to 1944 | Private banks issued their own designs | Huge variety of banks, vignettes, and hometown connections |
| 1935 first series | 1935 | First Bank of Canada notes, separate English and French versions | Only series with $25 and $500 notes; the $25 marked George V's Silver Jubilee |
| 1937 series | 1937 | First fully bilingual Canadian notes | A clean, classic design turning point |
| 1954 Canadian Landscapes | 1954 to 1967 | Queen Elizabeth II portrait over landscape backs | Home of the famous "Devil's Face" variety |
| Scenes of Canada, Birds, Canadian Journey | 1969 to 2006 | Three later paper series, launched 1969, 1986, and 2001 | Colorful, affordable, and easy to complete |
| Frontier polymer series | 2011 to 2013 | Canada's first polymer notes, with a large transparent window | The modern era's starting line, launched with the $100 in 2011 |
| Vertical $10 | 2018 | Viola Desmond portrait in Canada's first vertical design | International Bank Note Society's Bank Note of the Year for 2018 |
Why is the 1954 "Devil's Face" note famous?
On the first printings of the 1954 series, highlights in Queen Elizabeth II's hair, just behind her ear, seemed to form a grinning devil's face. The portrait was engraved faithfully from a photograph by Yousuf Karsh, so the effect was pure coincidence, according to the Bank of Canada Museum, but once newspapers and Parliament took notice in March 1956 the Bank of Canada acted. It ordered its two printers to modify the plates for every denomination, darkening the hair so the illusion disappeared.
The result is one of the most famous varieties in world paper money. Every 1954 denomination exists in an early "Devil's Face" version and a later modified-portrait version, and collectors actively hunt the earlier printings. Because the variety is so well known, third-party grading is common on high-value examples; our banknote grading guide explains how those grades work.
When did Canada switch to polymer banknotes?
Canada moved to polymer with the Frontier series, rolled out between 2011 and 2013. The Bank of Canada issued the polymer $100 on November 14, 2011, followed by the $50 in March 2012, the $20 in November 2012, and the $5 and $10 in November 2013. The notes carry a large transparent window and holographic imagery, last far longer than paper, and are harder to counterfeit, which is worth understanding through our guide on how to spot counterfeit banknotes.
Why is the Viola Desmond $10 note special?
The $10 note that entered circulation on November 19, 2018 broke new ground twice. It was Canada's first vertically oriented banknote, and Viola Desmond, a Nova Scotia civil rights icon, became the first Canadian woman other than royalty to appear alone on a regularly circulating note, according to the Bank of Canada. The back features the Canadian Museum for Human Rights in Winnipeg, where the note was launched. In 2019 the International Bank Note Society voted it Bank Note of the Year for 2018, ahead of entries from Switzerland and Norway.
How do you start collecting Canada banknotes?
Pick one era and learn it well. Shinplasters and later paper series are budget-friendly, the 1954 Devil's Face variety offers a famous target, and the polymer notes are easy to acquire in pristine grades. Learn the vocabulary with our banknote glossary, and decide early whether you want raw notes or certified examples from our graded banknotes selection. When you buy, choose a source-first dealer that authenticates every note and backs it in writing, then browse the full banknotes by country directory to see what is currently available.
Frequently asked questions
What currency does Canada use?
Canada uses the Canadian dollar, ISO code CAD and symbol $, divided into 100 cents. The Bank of Canada has been the country's sole banknote issuer since 1935. Canada committed to decimal currency with the Province of Canada's Currency Act of 1857, and the first Canadian decimal coins followed in 1858, according to the Bank of Canada's history of the Canadian dollar.
What is the Devil's Face on 1954 Canadian banknotes?
On the first printings of the 1954 series, highlights in Queen Elizabeth II's hair, just behind her ear, appeared to form a grinning devil's face. The portrait was engraved faithfully from a Yousuf Karsh photograph, so the effect was coincidental, according to the Bank of Canada Museum. In 1956 the Bank of Canada had the printing plates modified to darken the hair, so the earlier Devil's Face printings became a distinct and popular collectible variety.
Are old Canadian banknotes still legal tender?
Most are, but not all. On January 1, 2021, the $1, $2, $25, $500, and $1,000 notes from every Bank of Canada series lost their legal tender status, according to the Bank of Canada. The Bank still redeems them at face value through financial institutions, and many of these notes are worth more than face value to collectors, so have older notes evaluated before redeeming them.
When did Canada switch to polymer banknotes?
Between 2011 and 2013, with the Frontier series. The Bank of Canada issued the polymer $100 on November 14, 2011, the $50 in March 2012, the $20 in November 2012, and the $5 and $10 in November 2013. Polymer notes last longer than paper and carry security features such as a large transparent window.
Who was the first Canadian woman on a banknote?
Viola Desmond, the civil rights icon featured on the vertical $10 note that entered circulation on November 19, 2018. She is the first Canadian woman, other than royalty, to appear alone on a regularly circulating Bank of Canada note. The note also features the Canadian Museum for Human Rights and won the International Bank Note Society's Bank Note of the Year award for 2018.
Planet Banknote is a family-owned dealership in Sarasota, Florida, founded in 2021. Every note is sourced direct from mints, central banks, and authorized distributors, inspected through our Planet Banknote Verified process, and ships with a free Certificate of Authenticity. US orders ship free via USPS Priority, and every order includes a free bonus gift.