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Banks falter following 1870s ‘Long Depression’
An 1882 $4 banknote, the first of that denomination issued by the Dominion of Canada, crossed the block as Lot 955 of the 2018 Toronto Coin Expo Spring Sale. Described as 'Very Fine,' it sold for $4,080 (including buyer’s premium). Photo by Geoffrey Bell Auctions.
The relative success of Canada’s Dominion Bank Act, which shifted control of the banking industry to the government beginning in 1870, was exacerbated by the Long Depression a few years later. A worldwide recession, the Long Depression was triggered by the so-called “Panic of 1873,” which was driven by several factors and quickly strained bank... Continue reading →