STACKS BOWERS: CANADIAN BANKNOTE SALE

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V28 2025 INDEX E-SYLUM ARCHIVE

The E-Sylum: Volume 28, Number 2, , Article 21

Stack's Bowers will be hosting their Canadian Banknote Sale on January 28. Select items are discussed below. -Garrett

We are thrilled to announce The Canadian Banknote Sale, now available for viewing and pre-sale bidding online at StacksBowers.com. The live auction event will take place on January 28, 2025. This is a significant milestone for Stack's Bowers Galleries, and we are excited to bring this exceptional collection of Canadian banknotes to collectors, investors, and enthusiasts around the world.

With nearly 500 lots of rare and highly sought-after items, this sale features a rich selection of historical notes, including Chartered, Colonial, Dominion of Canada, and Bank of Canada banknotes.

CANADA. Royal Bank of Canada. 20 Dollars, 2.1.1909. CH #630-10-04-22. PMG Choice Fine 15. Blue frame. This $20 note is the second-highest denomination of the series, with the 1909 issue being part of the second series issued by the Royal Bank of Canada. A rare example, the Charlton Catalogue lists only 16 known notes, a number that according to the Canadian note registry does not yet include the present piece. Grade-wise it falls right in line with most known examples, with only a handful grading above Fine.

CANADA. French Administration. 24 Livres, 1733. P-S108. PMG Very Fine 25. An exceptionally rare piece of card money, dated 1733 at upper right. 24 Livres was the highest denomination of card money and is known as having been issued in 1729, 1730, 1733, 1735, 1742, and 1749. All card money is rare, and the present issue is no exception, with opportunities to acquire examples presenting itself extremely infrequently. While listed in the Pick specialized catalog they were government issued and they should have been listed in Volume 1. The Charlton catalog lists this issue on page 2, and states "all card money is very rare," making reference to a 2019 sale of a 1729 dated 24 Livres for $38,675 Canadian.

The economic development of New France was deeply intertwined with its natural resources and geographic advantages, which played a pivotal role in its growth. The fur trade emerged as the colony's primary economic driver, creating lucrative markets and fostering trade networks that connected the St. Lawrence River region to Europe. Strategic trading posts, such as Quebec City (where this was issued) and Montreal, became vital hubs for commerce and the transportation of goods.

However, lack of circulating coinage was a persistent problem, and often deterred economic growth. In the late 17th century, a solution was found by using playing cards, signed and dated. While initially disapproved by the French King, the playing cards brought temporary relief. When the French crown started redeeming the cards for silver coin at 50% of their face value, the cards disappeared from circulation, and by 1720 no more playing cards were in circulation. Lack of coinage continued to plague the colony, and in 1729 a new series of cards was issued, which would include the present example. This time, the French King approved of the cards, and the public accepted them at a large scale, although hoarding was a persistent problem. After the fall of New France in 1763 the notes were redeemed at a quarter of their face value.

Previously from the Peter Broeker collection. This lot includes a copy of a letter sent to Mr. Broeker by the Bank of Canada in 1975 confirming the authenticity of this piece.

CANADA. Dominion of Canada. 2 Dollars, 1.7.1870. DC-3e. Payable at Victoria. PMG Choice Very Fine 35. The undisputed highlight of this auction and one of the greatest Canadian numismatic rarities to have ever been brought to the collecting community. Viewed from the front, this appears like a (still very scarce) 1870 $2 from the Dominion of Canada, preserved in remarkable condition. One might expect to see Montreal or perhaps Toronto or maybe even Halifax on the back, indicating the city this note was payable in. But instead, the name "VICTORIA" gracefully adorns the back of this example. Ever since the first edition of the Charlton catalog DC-3e was listed simply as "No Known Issued Notes ". That changes now, with the discovery and our subsequent offering of the unique 1870 $2 payable at Victoria, British Colombia. Even the National Currency Collection lacks an example of this note, and until now, none were even rumored to exist. 24.000 notes were reportedly printed and shipped to the Pacific Coast, but all were lost to the sands of time, until this piece recently turned up in Europe.

Beyond its rarity, the note's impeccable state of preservation makes it even more remarkable. All Canadian 1870 $2 notes are difficult to find, and examples in grades above Fine are exceptionally rare. The PMG population report shows no examples of this type ever having been graded above Very Fine 20. This newly discovered example, graded Choice Very Fine 35 by PMG, boasts crisp paper, vibrant inks, and detailed engravings that remain as vivid as when they were first printed. A comment for lightened stains does little to detract from the piece's overall appearance. As such, not only is it unique for its place of issue, but it is also the finest example of this important Canadian type.

At the time this 1870 $2 was issued, western Canada had a sparse population and few financial institutions, resulting in limited issuance and circulation of paper currency. British Columbia, which became a province of Canada on July 20, 1871, had a population of about 36,000 at the time. Victoria's financial landscape in the early 1870s had been shaped by its status as a frontier economy and its strategic role in British Columbia's integration into Canada. The city had emerged as a commercial hub during the Fraser Canyon Gold Rush (1858-1860), when it attracted miners and merchants. However, by the early 1870s, the gold rush had largely subsided, and Victoria's economy shifted to industries like logging, fishing, and trade with the United States and Asia.

Victoria had a population of just 3,630 people in April 1871. Its remote location, reliance on gold and silver coinage, and competition from U.S. and private bank currencies reduced the need for large quantities of government-issued paper money, even after British Columbia entered the Canadian Confederation. It is quite surprising then, that after British Columbia became a Canadian province, such notes were even issued. But as the capital of British Columbia, issuing these notes, payable at Victoria must have been thought an important contribution to the growth of the region.

It is difficult to locate any comparable for this piece. The $1 denomination was also issued at Victoria, and of that denomination, three pieces are believed to exist, including a single example in the National Currency Collection. This type was also issued at St. John, in Newfoundland, with a reported printing of 150,000 notes. A low-grade note is in the National Currency Collection, which the Canadian Note Registry states that "a high grade example, details unknown, exists in a private collection". It should not come as a surprise that this note, payable at Victoria, is of such tremendous rarity that it was difficult to come up with an estimate, but we have kept it modest, to let the Canadian specialists decide what this world-class rarity is ultimately worth. PMG Comments "Stains Lightened."

CANADA. Dominion of Canada. 500 Dollars, 2.1.1925. DC-28S. Specimen. PMG Choice Uncirculated 64. One of Canada's most sought-after banknotes, a mere seven issued examples are known to exist of this type, out of just 40,000 originally printed. Not surprisingly, specimens such as this example are much in demand, as it is the only way most collectors can reasonably hope to acquire this rare type, although it would be a stretch to call them anything but rare, with most known specimens tightly held. The $500 and $1000 of this series were rather hastily designed after the Department of Finance encountered trouble issuing the 1911 notes of these high denominations, as is iterated in Charlton. As a result, it was decided to use the portrait of King George V from the 1923 $1 design. Executed in an appealing shade of blue by the Canadian Bank Note Company, it is a shame that this type is so rare, as it is quite attractive. This is one of just two such specimens presently graded by PMG, of which this is the finer of the two, giving an indication that specimens of this type may even be rarer than the issued notes. Needless to say, a tremendous opportunity for the Canadian specialist, and one we don't expect to repeat in the near future. PMG Comments "Previously Mounted".

CANADA. Bank of Canada. 1 Dollar, 2.1.1937. BC-21d. Serial Number 1. PCGS Banknote Choice Extremely Fine 45. Coyne - Towers signature combination. E/N prefix. An exceptional offering and no doubt one of the highlights of the present auction. While the Bank of Canada over the years has made low-numbered notes available to collectors, and they even did so for the 1935 series, the 1937 series did not get the same treatment. Instead, they were quietly released into circulation, and as a result, low serial numbers on any of the denominations issued are extremely rare. In fact, one could easily make the argument that solid serial numbers on this series are much more available, and a survey of auction records confirms this. The $1 seen here with serial number 1 is the first we have been able to offer to the Canadian collector community. While it has a middle prefix and is seen in lightly circulated condition, its desirability cannot be overstated. An exceptional opportunity that is unlikely to repeat itself anytime soon.

CANADA. Bank of Canada. 1000 Dollars, 2.1.1937. BC-28. Low Serial Number. PMG Choice Uncirculated 64 EPQ. Osborne - Towers signature combination. A/K prefix. One of Canada's most sought-after high-value banknotes, this stunning Choice Uncirculated 64 EPQ example is a standout. Issued by the Bank of Canada, it represents the second $1,000 note issued by that institution, and notably, it is the only 1937 issue besides the $100 not to feature King George VI. The front displays a central portrait of Sir Wilfrid Laurier, framed by red under-printing and rays. The back showcases an allegorical scene of a kneeling female figure shielding her child. Less than 90 notes of this type have been recorded in the Canadian Paper Money Society Note Registry. With bold, well-defined printing and vibrant colors, this note is of exceptional quality. Featuring a low three-digit serial number, it offers a prime opportunity for collectors to acquire or upgrade to a striking near-gem example.