Rare 1870 Dominion of Canada $2 note sells for $360,000 USD

Canadian numismatics witnessed history today as a previously unknown Dominion of Canada 1870 $2 banknote, issued in Victoria, B.C., sold for a staggering $360,000 USD (about $517,716 CAD) during Stack’s Bowers Galleries’ inaugural Canadian Collectors Choice Online Auction.

This Canadian banknote sold through Stack’s Bowers cements its place as one of the most significant numismatic discoveries in recent years. Initially estimated to sell for $50,000-75,000 USD, the $2 note shattered expectations, drawing fierce bidding and achieving its record-breaking price. Its absence from the National Currency Collection at the Bank of Canada and its pristine grade contributed to the excitement surrounding the sale. The sold price includes the buyer’s premium.

With only 24,000 notes originally printed for Victoria, this example marks a monumental discovery in Canadian numismatics.

The note, graded Choice Very Fine 35 by PMG, stunned collectors with its rarity, historical significance, and impeccable condition. With only 24,000 notes originally printed for Victoria—a fraction of the 764,000 and 728,000 printed for Montreal and Toronto, respectively—this example represents a monumental find. Remarkably, no other surviving examples from the Victoria issuance had been documented, making this discovery even more extraordinary.

Adem Karisik, consignment director for Stack’s Bowers Galleries in Canada, described the note as a “once-in-a-lifetime opportunity” for collectors, emphasizing its unmatched scarcity and historical importance. “This is a groundbreaking moment for Canadian numismatics,” Karisik remarked, highlighting the note’s pristine preservation, vibrant inks, and vivid engravings, which far exceed other known examples from the 1870 series.

Other Record-Breaking Canadian Banknotes

This historic sale joins an exclusive group of record-breaking Canadian banknotes. In June 2021, during the Canadian Numismatic Company’s Prominence Sale IV, a 1911 Dominion of Canada $500 note (DC-19)—widely regarded as the “holy grail” of Canadian banknotes—sold for $528,750 CAD, setting the all-time record for any Canadian banknote.

During the same auction, a 1935 $500 note from the Bank of Canada’s inaugural series (BC-17) brought $337,812.50 CAD, with both sales exceeding expectations and highlighting the intense competition among collectors. These world-record-setting notes were part of a sale that achieved more than $2.5 million in total realizations, demonstrating the strong demand for rare Canadian banknotes.

Historical Significance of the 1870 $2 Note

The note’s historical value is equally compelling. Issued during the early 1870s when Victoria was a fledgling frontier town with a population of just 3,630, the $2 banknote played a pivotal role in integrating British Columbia into the Canadian Confederation. At a time when gold and silver coins dominated the local economy, the issuance of this note symbolized a strategic effort to bolster economic development in the region.

The screenshot of Stack’s Bowers tells the amazing story of today’s sale.

This historic auction signals the beginning of a new chapter for Stack’s Bowers Galleries, which has announced plans to hold additional Canadian-exclusive auctions. Collectors interested in consigning or participating in future sales can contact the auction house at 800-458-4646 or info@StacksBowers.com.

For specific inquiries, Adem Karisik can be reached at akarisik@stacksbowers.com.

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