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    Bank note engraving, purple, a large, highly detailed factory complex of pipes, tanks and chimneys.

    The Last Smokestack

    Putting an industrial facility on a bank note is not a casual decision. At the end of the 1960s, such places were earning a bad reputation for pollution. There was actually a good reason for this choice, but it wasn’t obvious to many Canadians.

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    Money: Past, Present and Future

    Explore the history of money in Canada and around the world using an inquiry approach.

    Understanding Money: Common Questions

    Ever wondered who decides what goes on Canadian coins or bank notes? Or why our coins have certain names and our notes are different colours? Use this guide to help answer some of your money-related questions!

Notice of Temporary Closure

The Bank of Canada Museum remains closed due to COVID-19. Our museum experience is highly interactive, and our top priority is the safety of our staff and visitors. We look forward to welcoming you again once it is safe for us to reopen.

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Operation Fish

By: Robert Low


May 8, 2018
harbour and ships

A convoy arrives in Bedford Basin, Halifax NS, April 1, 1943. (The Maritime Museum of the Atlantic)

It’s 7:35 a.m., July 1st, 1940 and a shipment of fish has arrived in Halifax.

Labelled “Top Secret,” it was the culmination of almost a year of planning and preparatory work. It’s one of the war's best kept secrets—and certainly one of the most interesting. The Bank of Canada was about to become a key, if secret, player in the Second World War, and truthfully, the story doesn’t involve a single fish at all.

It involved gold. A lot of it—thousands of pounds that needed to move across an ocean to protect the future of Europe.

Imagine it’s 1940—war has broken out across the world. Germany has already annexed Austria and Czechoslovakia and invaded Poland. Within a few months, it will crush the armies of Denmark, Norway, Belgium, the Netherlands and Luxembourg. By May, the Germans have reached the French channel coast, surrounding close to 400,000 allied soldiers and sailors at Dunkirk.

pamphlet

German propaganda leaflet dropped on allied soldiers at Dunkirk, Spring,1940. (Dunkirk 1940 Archives)

The United Kingdom could be the next to fall, so Churchill has developed plans to install his government in Montréal and continue to lead the Commonwealth from Canada. The Bank of England has also begun preparing for the worst—putting in motion plans to run a “shadow bank” headquartered in Ottawa. Since the Munich Agreement of 1938, it has been increasing its gold reserves in Canada as a precautionary measure. Now, with Germany at their doorstep, Churchill accelerates the process—devising Operation Fish, a plan to move England’s entire gold reserve overseas to Canada.

portrait of Churchill

Sir Winston Churchill, photographed by Armenian-Canadian photographer Yousuf Karsh taken December 30, 1941. (LAC R613-566)

'We shall never surrender'

Winston Churchill addresses UK parliament after the Dunkirk evacuation, June 4, 1940


In total, the order includes almost two thousand tonnes of both bullion and coins—including substantial holdings from the soon-to-be-captured Bank of France. The loss of any shipment would be disastrous—likely spelling Britain’s defeat. Despite a few attempts to move away from the gold standard between the world wars, the precious metal remains an important method for nations to exchange wealth. England’s gold reserves will allow Churchill to buy much-needed supplies from Canada and the United States and fund the coming war.

The convoys will also be carrying significant numbers of what were once privately held securities. Under the Emergency Powers Act, Churchill’s government confiscated them from the British public, who were forced to register their holdings at the beginning of the year. Like the gold, the securities are packaged up, shipped to Greenock, Scotland, and readied for their transatlantic voyage.

battleship

The HMS Emerald, near Chatham Dockyard, after refit. c. 1933-34. (Naval History.net)

On June 24, 1940, the first of Churchill’s convoys begins to sail, easy targets for German U-boats. The Battle of the Atlantic is well under way and the German submarine threat has reached its peak. In the month of May alone, over 100 ships were sunk—more than 40 per cent of all transatlantic traffic. The first of the gold shipments is aboard HMS Emerald. It somehow makes the 4,600 km crossing unscathed, arriving in Halifax harbour sometime around 7 a.m. on July 1st. Officials from the Bank of Canada and Canadian National Express are waiting.

The arriving boxes of “fish” are checked and re-checked before being loaded into a dozen train cars. Escorted by nearly 300 armed guards, they head for Montreal. At the Bonaventure Train Station, Alexander Craig from the Bank of England meets David Mansur, Acting Secretary of the Bank of Canada. After shaking hands, the two men oversee the splitting of the goods. The securities and cash are unloaded and sent to the Sun Life Building in Montréal, to be guarded by the Royal Canadian Mounted Police. The gold, however, is soon on its way to Ottawa and into the Bank of Canada’s vaults.

bank buildings

The Sun Life Building c.1935, Montréal and the Bank of Canada building c. 1942. (LAC PA 069265, Bank of Canada Archives PC300.5-61)

But this is only the first shipment.

Soon, more and more convoys begin their own crossings, braving the German wolfpacks. Amazingly, not a single gold-bearing vessel is lost. By the end of Operation Fish, over 1,500 tonnes of gold ingots and coin would be placed into the Bank’s vault, where they would remain for the duration of the war. To help keep track of the gold, Mansur and the Bank hired roughly 120 retired Canadian bankers, brokers and investment firm secretaries. By their count, the Bank’s gold stores were second only to that of Fort Knox.

woman with gold bars

Miss E. Thompson, Audit Representative, checks a gold delivery in 1955. (LAC e010956367-v8)

In total, approximately $160 billion—in 2017 dollars—were shipped from the United Kingdom to Canada. More than 600 people were involved. Operation Fish was the largest movement of physical wealth in history. It was also perhaps the single greatest economic gamble of all time, and a tremendous success—a testament to the resourcefulness and co-operation of the allied powers and their central banks during the war.


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March 23, 2021

The Last Smokestack

By: Graham Iddon


Bank note engraving, purple, a large, highly detailed factory complex of pipes, tanks and chimneys.
Putting an industrial facility on a bank note is not a casual decision. At the end of the 1960s, such places were earning a bad reputation for pollution. There was actually a good reason for this choice, but it wasn’t obvious to many Canadians.
Content type(s): Blog Subject(s): Collection
February 26, 2021

Playing with Economy

By: Graham Iddon


A diverse group of 4 young children playing a board game.
There might be only a handful of basic game formats, but there is an infinity of variations—a surprising number of which require the skills we need to manage our daily economic lives.
Content type(s): Blog Subject(s): Education
January 4, 2021

Economic Opportunity Costs

By: Graham Iddon


Man in a superhero costume crouching in an aisle of a home renovation warehouse.
With his superpowers, Peter Parker would no doubt do a fabulous job of tiling his kitchen backsplash. But as Spider-Man, he has more valuable things to do with his time.
Content type(s): Blog Subject(s): Education
November 30, 2020

How Many Groats Are in a Noble?

By: Graham Iddon


For daily users of modern money, getting an understanding of the old British system of currency can be an act of confusion and wonder. But it’s also a peep into 13 centuries of European numismatic history.
Content type(s): Blog Subject(s): Collection, History
November 27, 2020

Understanding Money: Common Questions

By: Nathan Sells


Ever wondered who decides what goes on Canadian coins or bank notes? Or why our coins have certain names and our notes are different colours? Use this guide to help answer some of your money-related questions!
Content type(s): Blog Subject(s): Education
November 2, 2020

Teaching Economics During the COVID-19 Pandemic

By: Adam Young


Authentic, teachable moments show students how the Bank of Canada is helping the economy navigate the COVID-19 pandemic.
Content type(s): Blog Subject(s): Education
October 21, 2020

The Story Behind the Engraving

By: Graham Iddon


The men on the back of this bill were part of a small community of families, a summer hunting camp called Aulatsiivik on Baffin Island.
Content type(s): Blog Subject(s): Collection, History
October 5, 2020

If I Had a Million Dollars…I’d Be Reasonably Well Off

By: Graham Iddon


When the Barenaked Ladies released “If I Had a $1,000,000,” they could have considered themselves reasonably rich. And today? Well, there’s this inflation thing…
Content type(s): Blog Subject(s): Education, History
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