Under the Bank Act of 1934, chartered banks were required to reduce the issue of their own bank notes, and a later revision to the act cancelled the right for chartered banks to issue their own notes entirely. Thus, bank notes issued by the newly-created Bank of Canada took their place in circulation in 1935.

The regular issue notes up to $100 denomination portray different members of the Royal Family, and the $500 and $1000 note portray former Canadian Prime Ministers. This 1935 English $100 features a portrait of Prince Henry, Duke of Gloucester (third son of King George V), in the uniform of the 10th Royal Hussars, taken in 1933 by prominent London photographer Vandyk. A higher-grade example of a scarce issue.

In 1937, stocks of unissued 1935 series notes were sent to the furnace to be destroyed, and all denominations were withdrawn from circulation by the following year, replaced by the 1937 series.