In what can be considered one of this century’s most exciting discoveries in Canadian numismatics, a previously unknown Dominion of Canada 1870 $2 banknote issued in Victoria, British Columbia, has surfaced.
Long thought to not exist, this note is an extraordinary rarity. Only 24,000 $2 notes were printed for Victoria – a fraction of the 764,000 issued in Montreal and the 728,000 produced in Toronto. The other denomination issued in Victoria, the $1, is also extremely rare, with just three examples known, one of which is permanently impounded in the National Currency Collection of the Bank of Canada. Even the National Currency Collection lacks an example of the 1870 $2 issued in Victoria; none has ever been seen or even rumored to exist, until now.
Stack’s Bowers Galleries now presents this world-class rarity in their first exclusive Canadian Collectors Choice Online Auction, to be held on January 28, 2025.
At the time this 1870 $2 was issued, western Canada had a sparse population and few financial institutions, resulting in limited issuance and circulation of paper currency. British Columbia, which became a province of Canada on July 20, 1871, had a population of about 36,000 at the time. Victoria’s financial landscape in the early 1870s had been shaped by its status as a frontier economy and its strategic role in British Columbia’s integration into Canada. The city had emerged as a commercial hub during the Fraser Canyon Gold Rush (1858–1860), when it attracted miners and merchants. However, by the early 1870s, the gold rush had largely subsided, and Victoria’s economy shifted to industries like logging, fishing, and trade with Asia and the United States.
Victoria had a population of just 3,630 people in April 1871. Its remote location, reliance on gold and silver coinage, and competition from U.S. and private bank currencies reduced the need for large quantities of government-issued paper money, even after British Columbia entered the Canadian Confederation. It is quite surprising then, that after British Columbia became a Canadian province, such notes were even issued. But as the capital of British Columbia, issuing these notes payable at Victoria must have been thought an important contribution to the growth of the region.
Beyond its rarity, the note’s impeccable state of preservation makes it even more remarkable. All Canadian 1870 $2 notes are difficult to find, and examples in grades above Fine are exceptionally rare. The PMG population report shows no examples of this type ever having been graded above Very Fine 20. This newly discovered example, graded Choice Very Fine 35 by PMG, boasts crisp paper, vibrant inks, and detailed engravings that remain as vivid as when they were first printed. A comment for lightened stains does little to detract from the piece’s overall appearance. As such, not only is it unique for its place of issue, but it is also the finest example of this important Canadian type.
For more information on upcoming Stack’s Bowers Galleries auctions or to inquire about consigning call 800-458-4646 or email [email protected].
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