• Login/ out
  • My Account
  • Register

Top Menu
Shop Menu

  • HOME
  • SHOP
    • Deal of the Day
    • Blowout Specials
    • Unique Deals
    • Deals on Decimal & Paper Money
    • Royal Canadian Mint
    • Just Released Products
    • Auction
    • Gold, Silver & Copper Bullion
    • Canada Decimal Coins
    • Canada Rolls 1960 to Date
    • Canada Paper Money
    • Maritime Coins & Bank Tokens
    • Perth & New Zealand Mints
    • United States Decimal & Sets
    • World Coins and Paper Money
    • Coin Supplies
    • Mega Specials
    • Gift Ideas
    • Our Ebay
  • SELL TO US
  • AUCTION
    • Consign with us
  • CONTACT US
    • Shipping Information
    • Privacy Policy
    • Terms of Sale
    • FAQ
  • MEET OUR TEAM
    • History
  • COLLECTORS CORNER
  • BULLION CORNER
  • Deal of the Day
  • Blowout Specials
  • Unique Deals
  • Deals on Decimal & Paper Money
  • Royal Canadian Mint
  • Just Released Products
  • Auction
  • Gold, Silver & Copper Bullion
  • Canada Decimal Coins
  • Canada Rolls 1960 to Date
  • Canada Paper Money
  • Maritime Coins & Bank Tokens
  • Perth & New Zealand Mints
  • United States Decimal & Sets
  • World Coins and Paper Money
  • Coin Supplies
  • Mega Specials
  • Gift Ideas
  • Our Ebay
  • Bullion Corner

  • HOME
  • SHOP
    • Deal of the Day
    • Blowout Specials
    • Unique Deals
    • Deals on Decimal & Paper Money
    • Royal Canadian Mint
    • Just Released Products
    • Auction
    • Gold, Silver & Copper Bullion
    • Canada Decimal Coins
    • Canada Rolls 1960 to Date
    • Canada Paper Money
    • Maritime Coins & Bank Tokens
    • Perth & New Zealand Mints
    • United States Decimal & Sets
    • World Coins and Paper Money
    • Coin Supplies
    • Mega Specials
    • Gift Ideas
    • Our Ebay
  • SELL TO US
  • AUCTION
    • Consign with us
    • Current Auction
    • Featured Items
  • INFO
    • Canada’s 150th
    • Contact Us
    • Shipping Information
    • Privacy Policy
    • Terms of Sale
    • FAQ
    • Days Closed
  • About Us
    • History
    • MEET OUR TEAM
  • COLLECTORS CORNER
  • BULLION CORNER
Contact Us| Login/Out | My Account | New User
 
View Cart
Click for the BBB Business Review of this TBD in Kitchener ON
Shopper Approved | Colonial Acres Coins PayPal | Colonial Acres Coins MasterCard | Colonial Acres Coins Visa | Colonial Acres Coins
The History About the Bank Of Montreal Paper MoneyThe History About the Bank Of Montreal Paper MoneyThe History About the Bank Of Montreal Paper Money

The History of Bank Of Montreal Paper Money

June 17, 2022 by Colonial Acres Coins

The Bank of Montreal stands as the Canadian colonies’  first successful creation of standardized currency. In Canada, paper money revolutionized commerce and trade by allowing for a transparent and efficient way to measure the value of goods and services. Read more below about the history of the barter system, why the Bank of Montreal was created, and how Colonial Acres helps collectors build an even more unique portfolio of historical currency.

The Barter System and Its Limitations

During the days of European explorers’ first contact with the Indigenous tribes of Canada, and during their interactions with other international explorers, commerce was accomplished through a system of trading goods in kind, or bartering. The colony of Montreal had no formal currency of its own.  Consequently, businessmen from France, England, America, or even Mexico would attempt to use their own coin or paper money to make purchases.

This became problematic, though, because it was famously impossible to determine exchange rates  or guarantee fairness for both parties. Between USD, francs, shillings, Hudson’s Bay tokens, and pesos, there was little way to know whether you were getting a good deal or swindled. There was also no reliable way to provide down payments on shipments of goods.

For example, in the 1700s, one French trader named Francois Bigot tried to account for a missing grain shipment by signing several playing cards, claiming that they were worth coin or paper money, and forcing the colonists to accept these as money. As you can imagine, the barter system caused resentment and unpredictability.

How the Royal Canadian Mint Solved the Problem

In response to these challenges, in 1817, nine prominent investors came together in Montreal and decided to create a single place to issue paper money, secure savings deposits from customers, offer loans, and provide foreign exchange services. This way, instead of individual parties having to evaluate the cost of each bartered item, or attempt to guess how many shillings equals a franc, customers could use the Bank of Montreal’s paper money  to conduct business.

This was a success. By 1822, two other groups of investors followed the Bank of Montreal, creating both the Bank of New Brunswick and the Bank of Upper Canada. With more formal institutions in operation, customers could compete for better prices, and enjoy more efficiency of trade. The more banking locations that became available, the more confident traders became that they could anticipate being able to exchange and deposit currency during their travels.

In fact, the Bank of Montreal became so successful that by 1870, it was able to open branch locations outside of Canada in high-population areas such as New York, Boston, and London. Its prowess and independence gained it the ability to fully cut ties with its colonial forebears in Europe.

Colonial Acres Helps Collectors Add Unique Banknotes to Your Collection

Purchasing elements of unique Canada paper money connects you with history and adds legitimate and attractive showpieces to your collection.  Consider our Legacy Certified $10 Dodds-Gordon note from 1931, or the BCS Certified Taylor-Meredith $10 note from 1914. Some of our timeless items have typed signatures, while others have imperfections that demonstrate their age and authenticity.

Many of our Canada paper money items have limited supply, often with only one piece in stock at any given time. Peruse our website. If you like what you see, make your purchasing decision today, because you may not see the same item tomorrow.

Filed Under: Paper Money

SHOP NOW!

Categories

  • Bullion
  • Canadian Coins
  • Coin Supplies
  • Jewelry
  • News
  • Paper Money
  • Royal Canadian Mint
  • Superman Coins
  • Uncategorized
  • World Coins

Blog Archive

  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017

Recent Posts

  • Why Invest in Gold Bullion
  • The Significance Behind the 2022 Peace Dollar Rose Gold Plated Coin
  • Polar Bear $2 Canadian Coin Is the Latest in the “Bigger Picture” Series
  • Learn more About the Royal Canadian Air Force Red Knight Coin
  • Colonial Acres Is Always Buying! Here Are Some Tips When Selling Jewellery
    footer-logo

    991 Victoria Street North
    Kitchener, Ontario, Canada
    N2B 3C7

    Toll Free: 1-888-255-4565

    Tel: 519-579-9302

    Fax: 519-340-1381

    info@colonialacres.com

    MENU

    • Home
    • Sell To Us
    • Auction
    • Collectors Corner
    • Bullion Corner

    ABOUT US

    • History
    • Meet Our Team

    SHOP

    • Royal Canadian Mint
    • Canada Decimal Coins
    • Canada Paper Money
    • Gold, Silver & Copper Bullion
    • Canada Rolls 1960 to Date
    • Deals on Decimal & Paper Money
    • Jewellery

    Read Our Blogs

    STORE HOURS

    Mon - Fri: 9:30am - 4:30pm
    Sat: Click here to see Saturday hours
    Sun: Closed

    MORE INFO

    Contact Us
    Shipping Information
    Terms of Sale
    Privacy Policy

    Facebook Icon | Colonial Acres Coins Click for the BBB Business Review of this TBD in Kitchener ON
    Copyright © 2013 Colonial Acres Coins. All Rights Reserved. Built with Volusion.