In what could be thought of certainly one of this century’s most fun discoveries in Canadian numismatics, a beforehand unknown Dominion of Canada 1870 $2 banknote issued in Victoria, British Columbia, has surfaced.
Lengthy thought to not exist, this notice is a unprecedented rarity. Solely 24,000 $2 notes had been printed for Victoria – a fraction of the 764,000 issued in Montreal and the 728,000 produced in Toronto. The opposite denomination issued in Victoria, the $1, can be extraordinarily uncommon, with simply three examples recognized, certainly one of which is completely impounded within the Nationwide Foreign money Assortment of the Financial institution of Canada. Even the Nationwide Foreign money Assortment lacks an instance of the 1870 $2 issued in Victoria; none has ever been seen and even rumored to exist, till now.
Stack’s Bowers Galleries now presents this world-class rarity of their first unique Canadian Collectors Choice Online Auction, to be held on January 28, 2025.
On the time this 1870 $2 was issued, western Canada had a sparse inhabitants and few monetary establishments, leading to restricted issuance and circulation of paper forex. British Columbia, which turned a province of Canada on July 20, 1871, had a inhabitants of about 36,000 on the time. Victoria’s monetary panorama within the early 1870s had been formed by its standing as a frontier economic system and its strategic position in British Columbia’s integration into Canada. Town had emerged as a business hub in the course of the Fraser Canyon Gold Rush (1858–1860), when it attracted miners and retailers. Nevertheless, by the early 1870s, the gold rush had largely subsided, and Victoria’s economic system shifted to industries like logging, fishing, and commerce with Asia and the United States.
Victoria had a inhabitants of simply 3,630 individuals in April 1871. Its distant location, reliance on gold and silver coinage, and competitors from U.S. and personal financial institution currencies decreased the necessity for big portions of government-issued paper cash, even after British Columbia entered the Canadian Confederation. It’s fairly shocking then, that after British Columbia turned a Canadian province, such notes had been even issued. However because the capital of British Columbia, issuing these notes payable at Victoria will need to have been thought an vital contribution to the expansion of the area.
Past its rarity, the notice’s impeccable state of preservation makes it much more exceptional. All Canadian 1870 $2 notes are troublesome to seek out, and examples in grades above Wonderful are exceptionally uncommon. The PMG inhabitants report reveals no examples of this sort ever having been graded above Very Wonderful 20. This newly found instance, graded Alternative Very Wonderful 35 by PMG, boasts crisp paper, vibrant inks, and detailed engravings that stay as vivid as after they had been first printed. A remark for lightened stains does little to detract from the piece’s general look. As such, not solely is it distinctive for its place of situation, however it’s also the best instance of this vital Canadian kind.
For extra info on upcoming Stack’s Bowers Galleries auctions or to inquire about consigning name 800-458-4646 or electronic mail [email protected].
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