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Swindle! Canadian Phantom Banks

By: Graham Iddon


August 5, 2015
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Behind the scenes of our new temporary exhibition

June. The glorious drift from spring into summer. The mild, star-filled nights. The morning serenade of cheerful birdsong. What you may really be thinking is: “Ah, it’s the time of year when the Bank of Canada Museum installs a new temporary exhibit at the Canadian Museum of History.”

You would be correct, although possibly a little odd.

As I mentioned in our blog reviewing the CMH exhibition 1867 Rebellion & Confederation, our upcoming temporary exhibit is about what are called “phantom banks”. I’m not talking about anything supernatural but merely the nefarious activities of hucksters who printed bank notes that didn’t represent a real bank. Before the advent of the Bank of Canada, Canadian banks issued most of our paper money and those banks were supposed to have enough gold and silver coinage (specie) in their vaults to provide intrinsic value for the majority of those bills. In 1837, collapsing US real estate and export markets, and insufficient specie in eastern banks caused economic chaos on both sides of the border. Banks ceased to issue coins in exchange for bank notes and paper money reigned in the marketplace—a perfect time to introduce bogus bank notes to an uninformed and cash-hungry population.

Cartoon

E.W. Clay illustrated the effects of the 1837 financial crisis on the working class. President Jackson, whom he blames, is the top hat and glasses in the sky.

To interpret this subject, one of the methods we chose involved creating several photographic tableaux to help tell the story of one particular phantom bank—The Bank of Ottawa. In exchange for pizza and a day out of the office, a half-dozen Bank employees were persuaded to dress up in period costumes and re‑enact three key moments from the history of this shady “bank”. Upper Canada Village kindly provided us with shooting locations and costumes. Ottawa’s Bytown Museum also leant us a pile of period costumes, of which one was a perfect fit for our smaller crook. However, the confusing variety of buttons meant that for the first time in several decades, he needed help doing up his trousers.

Man in costume

A phantom banker has his neckwear adjusted.

Pants

The wrong way to do up your early 19th century “fall front” trousers.

3 men

Criminals were better dressed back then—and handsomer.

The tableaux could not be shot in single exposures. To create both a panoramic image and a sufficiently big digital file size, the shots were assembled from multiple exposures. The photographer released the shutter, then swung the camera a few degrees and released the shutter again, moving across the scene by increments until the entire view was captured (three to six frames). It meant everybody had to keep still for a few very long moments—a task not made any easier by the chill March air drifting through the open door. Photo stitch software was later used to assemble the images seamlessly. Historical details, sepia tones and, in one case, an entire wall of clapboard needed to be digitally added to the images to enhance authenticity. The results are just great.

Stacks of fake money

Is it counterfeiting if we reproduce 180 year-old bogus bank notes? Props from the first tableau.

Print shop

The Upper Canada Village print shop, scene of tableau 2.

Two men

2 of our actors hold still for the first of 4 exposures of tableau 3.

These images will be displayed as a single “lenticular” photograph. Spanning nearly the width of the display case, the images will form a background for the exhibit. Remember those old postcards whose images changed when you tilted them, making the kitten chase the butterfly? Those were lenticular photos, but ours will be two and a half metres long, one metre high and feature three images that will blend and change as the visitor shifts viewing position. It’s going to be very cool (no kittens, though—they wouldn’t stay still).

Panoramic image

Five images from the first tableau roughly assembled together as one.

Panoramic image

The first tableau as assembled by the photo stitch software and further retouched by our designer.

Naturally there will be artifacts a-plenty. Phantom notes, legitimate notes, documents, a printing plate, coins and tokens will feature in this fun and charming exhibition. Swindle! Canadian Phantom Banks has now been installed, complete with a hand-painted sign thirteen feet long!

Canadian Museum of History, lower level, past the Canadian Stamp Collection gallery.

Old bank note

A “phantom 5” from the Bank of Ottawa. Many similar phantom notes will be in the exhibition. (NCC 1975,55,5)

Booklets

Guides for both solvent banks and bogus banks.

We want to hear from you! Do you have an idea for a blog post you’d like to see?
Content type(s): Blog posts

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The Museum Blog

February 26, 2025

New acquisitions—2024 edition

By: David Bergeron, Krista Broeckx


Bank of Canada Museum’s acquisitions in 2024 highlight the relationships that shape the National Currency Collection.
Content type(s): Blog posts
February 11, 2025

Money’s metaphors

By: Phillipe Audet-Cayer, Graham Iddon, Patricia Marando


Buck, broke, greenback, loonie, toonie, dough, flush, gravy train, born with a silver spoon in your mouth… No matter how common the expression for money, many of us haven’t the faintest idea where these terms come from.
Content type(s): Blog posts
August 6, 2024

Treaties, money and art

By: Krista Broeckx, Frank Shebageget


Photo, collage, a photograph and a drawing of an elderly White man in a high collar and old-fashioned suit.
The Bank of Canada Museum’s collection has a new addition: an artwork called Free Ride by Frank Shebageget. But why would a museum about the economy buy art?
Content type(s): Blog posts Subject(s): Arts, History
July 16, 2024

Rai: big money

By: Graham Iddon


An item is said to have cultural value when it can be directly associated with the history, people, beliefs or rituals important to a society. It’s the same with a rai—its value can be greater depending upon who authorized it, who carved it and who subsequently owned it.
Content type(s): Blog posts Subject(s): Economy, Geography, History Grade level(s): Grades 11 and 12 / Secondary 5 and CEGEP
April 18, 2024

Lessons from the Great Depression

By: Graham Iddon


A welfare coupon and piece of stock ticker tape over a 1930s black and white photo of unemployed men gathering to protest.
What the stock market crash of 1929 did was starkly reveal the weaknesses of economic systems that had evolved from the unregulated capitalism of the late 19th century.
Content type(s): Blog posts Subject(s): Financial literacy, History Grade level(s): Grade 09 / Secondary 3, Grade 10 / Secondary 4, Grades 11 and 12 / Secondary 5 and CEGEP
March 25, 2024

Welcoming Newfoundland to Canada

By: David Bergeron


Newfoundland’s entry into Confederation marked the end of an era when Canadian provinces issued their own coins and paper money.
Content type(s): Blog posts
December 19, 2023

New Acquisitions—2023 Edition

By: David Bergeron, Krista Broeckx


It’s that time of the year again—the wrap-up of the Bank of Canada Museum’s annual acquisition program. Here are a few highlights of the latest additions to the National Currency Collection.
Content type(s): Blog posts
November 27, 2023

Mo’ money, mo’ questions

By: Heather Montgomery


But what do you do with money once you have it? That’s for you to decide. A budget can really help. It will allow you to keep track of what you earn (income) and what you spend (expenses).
Content type(s): Blog posts Subject(s): Financial literacy Grade level(s): Grade 04, Grade 05, Grade 06, Grade 07 / Secondary 1, Grade 08 / Secondary 2, Grade 09 / Secondary 3, Grade 10 / Secondary 4, Grades 11 and 12 / Secondary 5 and CEGEP

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