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    New Acquisitions—2022 Edition

    It’s a new year—the perfect time to look back at some notable artifacts the Museum added to the National Currency collection from 2022. Each object has a unique story to tell about Canada’s monetary and economic history.

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    Needs or wants? That is the question!

    Do you need it, or do you want it? That’s an important question to ask before buying anything. This activity is designed to teach kids how to prioritize their needs and wants, and how to make informed choices when shopping.

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    The Bank of Canada Museum’s Award for Excellence in Teaching Economics

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Boer War Siege Money

By: Graham Iddon


January 24, 2019

Or Col. Baden-Powell does his best

Colonel Robert Stephenson Smyth Baden-Powell was a British Army officer who commanded troops stationed in the South African town of Mafeking (now Mahinkeng) during the Second Boer War, also known as the South African War. From October 1899 to May 1900, the town was surrounded by a force of Boer (Dutch South African) fighters. Soldiers, men, women and children would endure a 217-day siege with food rationing and regular risks to life and limb. Under martial law, the 5,500 Mafeking civilians were kept to a strict, semi-military agenda—no one was exempt. Even the children played a role, the boys carrying messages between officers in the town. The conditions were harsh and Mafeking was bombarded daily—except on Sundays. The Boers were strict observers of the Sabbath.

As in any siege, Mafeking quickly began to run short of most things, not the least of which was currency. People generally hang onto their coins during sieges (called hoarding). With so little cash in circulation, Baden-Powell had resorted to issuing emergency paper money in the new year. The notes were even legally supported. The local army paymaster, Captain H. Greener, wrote £5,228 in cheques to the Standard Bank of South Africa, backing every issue of notes. Once there was a return to civil law, this siege money could then be exchanged for cash at the Standard Bank, where funds would already be in place.

1-shilling voucher from the Siege of Mafeking

“Issued by the authority of Colonel R.S.S. Baden-Powell…And will be exchanged for coin at the MAFEKING BRANCH of the STANDARD BANK on the resumption of Civil Law.” 1-shilling siege note, Mafeking, South Africa, 1900

a 10-shilling note with a hand-made woodcut print of soldiers and field guns

Some of the printing may have been done under heavy bombardment, which might explain the spelling mistakes on certain notes. The “d” is missing from “Commanding” in the bottom right of this note. 10-shilling siege note, Mafeking, South Africa, 1900

Five denominations of notes were printed by Townsend & Son in an underground space nicknamed “the Mafeking Mint.” The one-, two- and three-shilling notes were simply coupons for use in canteens that distributed rations of rough oat bread and horse meat.

Baden-Powell took a personal interest in the 10-shilling and one-pound notes. He drew the design of the one-pound note onto the head of a croquet mallet. A craftsman then carved the design into the wood. Dissatisfied with the results, Baden-Powell used the croquet mallet woodcut to print the 10-shilling notes and drew a far more detailed (and amazingly competent) image that was photographically reproduced for the one-pound notes.

a one-pound note in blue showing soldiers, a woman and a cannon with a Union Jack overhead

The Baden-Powell drawing on this note shows the cannon “Wolf” that soldiers built from an old steel pipe. 1-pound siege note, Mafeking, South Africa, 1900

The notes successfully circulated throughout the siege. But, afterward, a curious thing happened: almost nobody cashed them in. Edward Ross, Mafeking’s auctioneer, predicted, “I am sure they will be worth much more than face value as curios after the siege…” And so they were. Only a mere £638 worth were ever redeemed at the Standard Bank, leaving a whopping £4,590 on credit. In today’s money, that is nearly $800,000. This expensive loose end would dog Baden-Powell until it became an issue in the House of Commons. The Standard Bank eventually repaid the money to the army paymaster in 1910.

The upstanding and ever-resourceful Baden-Powell was praised for his imaginative tactics in holding off the enemy during the siege. Under his command, the people of Mafeking survived with only modest casualties until British soldiers arrived in the spring of 1900 to drive out the Boers. At home, Baden-Powell became a national hero for his actions, romanticized by an adoring press. However, it has since been debated whether he needed to hold out for so long or whether his defiant stand was even necessary. Military authorities of the day were not pleased that he had made no attempt to break out of Mafeking. Though he was a gifted and inspired leader, attack did not appear to be Baden-Powell’s forte. In a later battle, he again allowed himself to be besieged and the army quietly withdrew him from active service.

While in Africa, Baden-Powell wrote a training book on military reconnaissance and scouting (Aids to Scouting) that became a bestseller in Britain. In 1908 he wrote a similar book called Scouting for Boys that was said to be inspired by the role young boys played in the siege. In England, he organized big camping adventures to test his ideas of applying military scouting and woodcraft practices to youth training—and the Boy Scouts was born. Nearly simultaneously, Baden-Powell, his wife and his sister also launched the Girl Scouts. Baden-Powell’s theories of “good citizenship through woodcraft” spread around the world. The various editions of his book sold more than 100 million copies worldwide. And Baden-Powell became a legend.

early colour photo, 3 boy scouts in front of Parliament

Boy Scouts from Newfoundland visit their new national seat of government during an Ottawa jamboree in 1949. A. Beaver, Library and Archives Canada, e010948819

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Content type(s): Blog posts

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The Museum Blog

December 22, 2021

New acquisitions–2021 edition

By: David Bergeron


The Bank of Canada Museum is responsible for the National Currency Collection, and part of its mandate is to foster and develop that collection. Despite the challenges of collecting during a pandemic, curators at the Bank of Canada Museum have acquired some unique artifacts—including some that document the pandemic itself.
Content type(s): Blog posts
December 2, 2021

The true value of money

By: Graham Iddon


Photo collage, old bank notes and coins, gold nuggets and a computer component.
What is money—when you really stop to think about it? To understand how money works, and what it ultimately represents, we need to strip it down to its very basic function.
Content type(s): Blog posts Subject(s): Economy Grade level(s): Grade 07 / Secondary 1, Grade 08 / Secondary 2, Grade 09 / Secondary 3, Grade 10 / Secondary 4, Grades 11 and 12 / Secondary 5 and CEGEP
November 16, 2021

The 1911 silver dollar

By: David Bergeron


In front of a set of coins in a case, two coins, one lead, one silver, each with identical wreaths of maple leaves.
The 1911 silver dollar has a history to match its prestige, and it now has a permanent home in the National Currency Collection of the Bank of Canada Museum.
Content type(s): Blog posts
October 21, 2021

Moving mountains

By: Graham Iddon


Collage, bank note details, green, face of middle-aged woman, mountains and large number 20.
The $20 bill of 1969 was the prototype of the Scenes of Canada note series. Yet, as more notes were designed, the theme—and the $20 note itself—would change.
Content type(s): Blog posts
September 16, 2021

A mythic metal: Some stories of gold coins

By: Krista Broeckx


In 1896, three enterprising men struck gold in the Klondike region of the Yukon. Their story is just one of many that illustrates the allure of gold through the ages.
Content type(s): Blog posts
September 2, 2021

Virtual Worlds. Real Economies.

By: Adam Young


A cartoon astronaut waves in front of a logo of the game.
The economies in modern, complex video games can teach gamers a lot about decision making and financial literacy.
Content type(s): Blog posts Subject(s): Economy, Social studies Grade level(s): Grade 09 / Secondary 3, Grade 10 / Secondary 4, Grades 11 and 12 / Secondary 5 and CEGEP
August 19, 2021

Fur Trade Economics

By: David Bergeron, Graham Iddon, Krista Broeckx


Photo collage, yellowed document with writing, tokens, carved stick, silver beaver trinket.
Over its 350-year lifespan, the Hudson’s Bay Company has had an enormous impact on Canada’s economy and how the nation was settled.
Content type(s): Blog posts Subject(s): Economy, History, Social studies Grade level(s): 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
June 30, 2021

The house the Bank of Canada built

By: Graham Iddon


Building, old, square, stone building surrounded by 2 glass towers.
The Bank of Canada head office is two structures: the stone cube on Wellington Street and the glass structure that it is nestled into. Both are significant architectural landmarks.
Content type(s): Blog posts
June 3, 2021

Value is in the Eye of the Consumer

By: Graham Iddon


Collage, money, graphs and people playing with hula hoops.
Supply and demand is part of the very bedrock of an economy. It's what generates the price of any product or service.
Content type(s): Blog posts Subject(s): Economy, Financial literacy, Social studies Grade level(s): Grade 07 / Secondary 1, Grade 08 / Secondary 2, Grade 09 / Secondary 3, Grade 10 / Secondary 4, Grades 11 and 12 / Secondary 5 and CEGEP
April 30, 2021

Mishap on the dollar

By: Graham Iddon


Bank note engraving, green, logs and 2 boats on a river in front of a tree-covered hill with towers.
An image of a river of logs floating behind Parliament Hill has long lived in Canadian collective memory thanks to a bank note, the Scenes of Canada $1 bill.
Content type(s): Blog posts
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