1954 Canadian 5 Dollar Banknote – A Northern Icon of Mid-Century Canada

In the wake of King George VI’s death in 1952, Canada entered a new era under Queen Elizabeth II. The Bank of Canada responded with a complete redesign of its currency, launching the 1954 “Canadian Landscape” series—the first to feature the young monarch. This series marked a shift in both aesthetics and national identity, replacing allegorical imagery with sweeping Canadian vistas. The $5 note, with its serene depiction of Otter Falls in the Yukon, became a symbol of the country’s vast wilderness and postwar optimism.

But the series also sparked unexpected controversy: early printings of the Queen’s portrait appeared to contain a sinister “Devil’s Face” hidden in her hair. Public outcry led to a swift redesign, making this note not only a work of art but also a fascinating artifact of public perception and design revision.

Key Features & Historical Significance

Issuer: Bank of Canada

Denomination: 5 Dollars

Year of Issue: 1954

Pick Number: P-77 (CBN) / P-78 (BABN)

Printers: Canadian Bank Note Company & British American Bank Note Company

Size: Approx. 152 × 70 mm

Material: Paper with intaglio and lithographic printing

Design Highlights

Obverse: Portrait of Queen Elizabeth II, engraved by George Gundersen from a Yousuf Karsh photograph. The early “Devil’s Face” version was later replaced with a “Modified Portrait” to calm public concern.

Reverse: A tranquil engraving of Otter Falls on the Aishihik River, Yukon—designed by Charles Fraser Comfort and engraved by C. Gordon Yorke.

Bilingual Text: Reflects Canada’s English and French heritage.

Colour Scheme: Deep blue, evoking both dignity and clarity.

Why Collect This Banknote?

This note is a collector’s dream for its:

Historical resonance as the first full series under Queen Elizabeth II

Artistic merit, with detailed engraving and scenic beauty

Multiple signature and prefix combinations, appealing to specialists