Only 1920 $5 ‘Home Bank’ note outside institutional collection to be offered at auction

A prized example from the short-lived Home Bank of Canada – and the first example recorded outside of an institutional collection – is set to cross the auction block later this month during the Central States World Currency Signature Auction by Heritage Auctions.

The 1920-dated $5 note issued by the Toronto-based Home Bank of Canada (Charlton #365-10-08) will be offered as Lot 28643 in Paper Money Guaranty Choice Fine-15.

Described by auctioneers as a “very rare issuer,” the Home Bank of Canada was only in operation for two decades in the early 20th century.

The Home Bank only operated for two decades in the early 1900s and is considered a ‘very rare issuer,’ auctioneers with the Texas-based auction house said.

“When it closed its doors in 1923, thousands of Catholics and prairie farmers lost their savings,” reads the auction catalogue. “Surviving examples from this bank are seldom encountered, as issuance was limited and many of the notes were redeemed by the Dominion Bank after the Home Bank’s default.”

The year 1920 represents the final date of issue for the Home Bank, and the example to be offered in the April 25-29 sale is the first example known outside of the single note in an institutional collection in Canada.

The note has a pre-sale estimate of $15,000 USD-$25,000 USD (about $19,900 Cdn.-$33,275 Cdn.).

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