Description

The Bank of Upper Canada was established in York (Toronto) in 1821, by John Strachan and William Allan. The bank steadily opposed the chartering of other banks (as until 1835 all banks in Upper Canada required a legislative charter), and dominated the government, effectively restraining the development of banking in Upper Canada. That monopoly remained until 1841, after the union of Upper and Lower Canada to form the Province of Canada, when the Bank of Montreal purchased the Bank of the People and expanded it s branch network. The Bank of British North America also entered the market around this time. In 1866, the Bank of Upper Canada closed it s doors, the stockholders lost their investment of more than $3 million, as well as $1 million in taxpayer money.

Obverse: St. George Slaying the Dragon, bank name around, and date below. The 5C1 variety has a plain 4 in 1854 .
Reverse: The coat of arms of Upper Canada.

Specifications:
Composition: Copper
Weight: 7.9 to 8.4 g
Diameter: 27.6 to 27.9 mm
Edge: Plain
Die Axis: ↑ ↓