The origins of the Canadian banking system are traced to colonial banking operations and the establishment of the first bank (1817) – the Bank of Montreal. Other banking institutions began to open doors soon afterwards, issuing local currency. In 1866, the British North America Act was amended to allow the issuance of notes by the provincial and local governments. The Canadian dollar was introduced as official currency in 1871, superseding the currencies issued by banks. The Bank of Canada was established as a tool of monetary governance in 1935.