By A. J. Behul
Realizations include the buyer’s premium.
Considered a ‘rarity among rarities’, a 1925 Dominion of Canada $500 banknote generated spirited bidding realizing $259,600 at Colonial Acres Spring Premier Numismatic Auction.
With a presale estimate of $100,000, the $500 banknote (DC-28) bears the third-lowest serial number on record and, according to Colonial Acres, has never been offered up at auction. Certified by Banknote Certification Service (BCS) as Very Fine- 25, the banknote is just one of eight known to exist in the Canadian Paper Money Society Note Registry.
Auctioneer Kirk Parsons said Lot 1065 generated much interest from bidders and collectors who witnessed the live auction in conjunction with the National Postage Stamp and Coin Show in Mississauga, Ont.
“We had bids from the floor, online and the phones for this extraordinarily desirable example of Canada’s paper money heritage,” Parsons said.
“The premier auction surpassed expected goals,” added Parsons, who co-owns Colonial Acres with Todd Sandham. “It is a good sign that the industry is still growing, even in uncertain times.”
A total of 1,340 lots were offered during the auction held this April 14-15, with session one on Friday featuring 695 lots – largely bullion and coins. Session two began with coins and medals, leading up to a large banknote offering.
A 1954 modified $1 ‘banknote featuring a misprinted ‘inverted back” error generated much interest leading up to the sale. Certified as Very Fine-20 by BCS, this is the first time the banknote has been offered to collectors. With an estimate of $5,000 and up, the note brought $6,137.
To the delight of expert and novice notaphilists alike, the auction also featured 22 banknotes issued by Molsons Bank between 1837 and 1922 – among them, two 1871 notes in uncommon $6 and $7 denominations.
In 1871, Molsons Bank emitted $6 and $7 banknotes so that vendors could make change in Molsons Bank notes instead of using smaller Dominion of Canada issues.