1935 $5 Bank of Montreal, Front and Back Proof - PMG Gem UNC 65 EPQ, UNC 66 EPQ

What are Chartered Banknotes?
Prior to the 1944 revision of the Bank Act, Canadian chartered banks were allowed to issue their own banknotes in denominations of five dollars and higher. As this essentially provided the banks with a huge interest-free loan until the notes were redeemed, almost all of the chartered banks issued their own notes. However, the vast majority of these notes were redeemed and destroyed before 1950, and most of the notes are extremely difficult to obtain today, especially in uncirculated condition.  

What is a Proof Note?
As many collectors know, the highest grade for paper money is usually crisp uncirculated. However, a very small number of printer's proofs are sometimes prepared by the banknote company when they are first preparing to print a new note issue. These are test or sample notes used to check the quality and to send to the client (the bank) for approval. They are usually single-sided without signatures or serial numbers, and were usually mounted on a cardboard backing shortly after they were printed. Most of these proof notes are extremely rare and represent a piece of banking history.

The Canadian Banknote Company (Ottawa) and the American Banknote Company (Ottawa) printed most of the banknotes for Canada's chartered banks. Both of these banknote companies kept proofs of some of the charter banknotes they have printed over the last 150 years. Until very recently, the only place one could generally find a proof note was in a museum such as the National Currency Collection.

Includes:
• 1935 $5 Bank of Montreal, Front and Back Proof - PMG Gem UNC 65 EPQ, UNC 66 EPQ

Warranty Information:
This product comes with a 30-day return policy through TSC.