Volume 58 – #12

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Volume 58#12

September 15 – September 28, 2020

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.

Banks falter following 1870s ‘Long Depression’

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 reserves in Europe and then North America. Then the world’s worst economic crisis – until the Great Depression that followed the stock market crash of 1929 – the Long Depression was tied to the widespread demonetization of silver plus rampant speculative railroad investments. A young country of only six years, Canada wasn’t excluded from what would become “the first truly international crisis,” according to the 1997 book, Business Cycles and Depressions: An Encyclopedia. Continue reading →

Features
Paper money 'worth premium bid' in Colonial's Premier Auction
Page 1
CCN launches COVID-19 medal design contest
Page 1
Engel celebrates first anniversary at helm of Richard Stockley Books
Page 6
Cobourg show brings collectors back to bourse
Page 24

Regulars
CCN Trends
Focus on Canadian RCM Collectibles
Page 14
CCN Marketplace
Are you buying or selling?
Page 22
Show & Bourse
Check out the shows in your area
Page 25
Columns
John Regitko
Errors & Varieties
High rims, dies clashes seldom found on Internet
Page 8
Tim Grawey
Colonial Tokens
Devins & Bolton tokens confiscated by customs
Page 10

Stanley Clute
Notes & Bills
Numismatic legacy of Canada's economic battle with Great Dep
Page 12

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