Your photos don't show the "16" near the rest of the serial number, but assuming that it is there, and assuming that your canoe is, in fact, 16' long, I think the serial number is 111051.
The Old Town canoe with serial number 111051 is shown as 16 feet long, CS (common sense or standard) grade, HW (heavy water) model with western red cedar planking, open spruce gunwales, oak decks, seats, and thwarts, and equipped with a keel and a painter ring. The canoe is shown as being built between January 1932 and June 1933. The original exterior paint was green. It was shipped to Worton, Maryland on July 1, 1933. A scan of this build record can be found by following the link behind the thumbnail images attached below.
It is also possible that you could have another number or manufacturer if this description doesn't match your canoe.
Feel free to reply here if you have any other questions, or if this build record doesn't seem to match your canoe.
Special note: I am struck by the large gap between January 1932 and February 1933 shown in the build record -- about a year between first and second filling. A month, give or take a few days, was more typical, simply waiting for the first fill coat to cure. It is similar to the gap shown on the build record for 111057 above. At first I thought that maybe someone forgot to change the date stamp -- but a check of the build records early in the 111xxx series shows a gap of a year in the construction of many, but not all, canoes beginning in early 1932. Early 1932 through 1933 was the height of the Great Depression, with unemployment running at about 25%. I guess the Depression caused a big drop in sales, with a lot of cancelled orders.
Greg