Rare banknote sells for $49,000 at Torex auction

Auction features Kingston collection

By Jesse Robitaille

Summer is upon us, and with it comes another Torex show and auction.

Held in conjunction with The Canadian Numismatic Company (TCNC), the three-session sale saw more than 2,200 lots cross the auction block at a total value exceeding $2.5 million. The auction’s first two sessions were held June 26 and 27 at the Regency Ballroom in downtown Toronto’s Hyatt Regency hotel, and session three was held online on June 29.

Auctioneers Marc Verret and Eric Paquet said they were proud to offer material from nearly 40 consignors from across the continent.

“Up for offer was the Kingston Collection, which consisted of a vast assortment of high-end Mint State (MS) coins in majority 1937-2012,” said Verret. “An avid collector in the mid-1990s, his prime interest was high-end MS-65 or better George VI coinage. His secondary interest was trying to find early original BU (Brilliant Uncirculated) rolls of George VI issues as well.”

Verret said he was impressed with the results of the auction, which offered something for every kind of numismatic collector.

“The auction was a success in all aspects. There were a high number of consignors with both large and quality consignments, which made for a sale for all types of collectors.  The results were impressive, as items in all denominations, modern and ancient, sold at premiums as compared to what we’ve seen in the last few years.”

Demand for bulk and modern material remained strong, with a “constant interest” in high-end Victoria, Edward and George material as well, said Verret.

“It’s satisfying for us to be able to call our consignors and let them know that their end results are better than expected.”

Once the sale of the Kingston Collection is finished at the upcoming RCNA Convention, it will have brought in more than $100,000.

“This is over our expectations,” said Verret. “With the confidence of our consignors, loyal clients and auction participants, we are thrilled with the results.”

HIGHLIGHTS

(prices include buyer’s premium)

A notable highlight was lot 101, a rare 1870 $1 DC-2e No. 03786C Payable at Victoria banknote that sold for $48,875. Only two of these notes are known to exist, with one belonging to the National Currency Collection.

“This superb piece is believed to have been purchased in the early 1940s by William Wright, a Canadian-born citizen who moved to Seattle, Wash., in and around 1898,” said Verret. “While in Seattle, he began the art of collecting diverse banknotes, and the notes have since been passed down three generations of family members and is now being put up for offer.”

The auctioneer said bidders were pleased to see a great diversity of material, including some “fantastic and rare chartered” banknotes.

Lot 79, an 1897 Traders Bank of Canada $5 note in Choice About Uncirculated-58, sold for $31,625

“An absolute superb example for this issue type, showing nice, original, crisp paper with absolute clean eye-appeal – the nicest ever seen or handled by TCNC.”

Lot 181, a 1935 Bank of Canada $25 BC-11 in PCGS Choice Uncirculated-64, sold for $17,250.

“Very bright and clean – a very popular $25 dollar example in near-Gem Uncirculated condition.”

Lot 7, a 1929 Barclays Bank of Canada $5 banknote in CCCS Extremely Fine-40, sold for $11,500.

“It’s one of only two examples known and possibly the finest.”

And as for coinage, Verret said bidders were likewise impressed with the offerings.

Lot 1295, a 1948 silver dollar in PCGS Specimen-66, sold for $15,250.

Lot 738, an 1893 five-cents in PCGS MS-67, sold for $11,500.

“A stunning issue, this coin is the solo highest-graded in the PCGS report – an absolute knock-out coin with pink and golden tones. It’s one of the nicest Victoria five-cent silver pieces we’ve handled in over 33 years – a perfect and unsurpassable example.”

GREAT RESULTS

With nearly 1,000 bidders altogether, the auction saw great participation, said Verret.

“With over 700 registered participants online and over 200 mail and phone bidders, we were challenged to put it all together with minimum delays while live and in-session,” he said. “Bidding was extremely active online, which slowed up the lot cadence, but this is all positive for the consignors and buyers. Floor attendance was positive, and we look forward to the next big sale at the RCNA in Halifax this July.”

For more information on the Torex auction or to view the lots for the upcoming RCNA Convention auction, visit canadiancoinsandpapermoney.com.

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