In a groundbreaking discovery for Canadian numismatics, an incredibly rare and previously unknown Dominion of Canada 1870 $2 banknote issued in Victoria, British Columbia, has surfaced. Once thought to be non-existent, this note is now recognized as an extraordinary find. Only 24,000 $2 notes were printed for Victoria, a stark contrast to the 764,000 printed in Montreal and the 728,000 in Toronto. The $1 note issued in Victoria is similarly elusive, with only three known examples—one of which is permanently housed in the National Currency Collection at the Bank of Canada. Remarkably, the National Currency Collection had never documented an example of the 1870 $2 note from Victoria, and no such note had ever been rumored to exist until now. This exceptional rarity will be featured in Stack’s Bowers Galleries’ inaugural Canadian Collectors Choice Online Auction, scheduled for January 28, 2025.
In 1870, when the $2 note was issued, western Canada had a small population and limited banking infrastructure, leading to a restricted circulation of paper currency. At the time, British Columbia, which had not yet become a Canadian province, had only about 36,000 residents. Victoria, already a vital commercial center from the Fraser Canyon Gold Rush (1858–1860), had transitioned to an economy based on logging, fishing, and trade, rather than gold. Even after British Columbia joined the Canadian Confederation in 1871, its remote location, reliance on coinage, and competition from U.S. and private bank currencies meant there was minimal demand for government-issued paper money.
Given these factors, the issuance of such notes in Victoria was unexpected, especially considering the city’s status as the provincial capital after British Columbia became part of Canada. However, the presence of these notes likely played a role in fostering economic growth in the region.
सम्बंधित ख़बरें
What makes this newly discovered 1870 $2 note even more significant is its exceptional condition. Canadian 1870 $2 notes are extremely rare, and those in higher grades are even more so. According to the PMG population report, no examples of this note have been graded above Very Fine 20. This particular note has been graded as Choice Very Fine 35 by PMG, boasting crisp paper, vibrant inks, and intricate engravings that remain remarkably intact. Despite a comment about lightened stains, the overall quality of the note is superb. This discovery not only highlights the note’s rarity due to its place of issue but also makes it the finest surviving example of this crucial Canadian currency type.
