Extremely Rare Union Bank of Halifax NoteHalifax, NS- Union Bank of Halifax $5 May 1, 1886 Ch. # 735-14-08
A representative from this bank has yet to appear in one of our auctions, in issued or proof form. Notes from this bank are so rare, most design types, including that of this note are illustrated with the few proof examples known. Outside of the known proofs, most every line in the Charlton reference reads, "Institutional collection only," or "No known issued notes." The number of survivors likely numbers less than a half dozen for all notes issued by this bank.
The Union Bank of Halifax was a major player in Canadian charter banking. Their branches in the Maritime Provinces, south western Ontario, and the British West Indies were so extensive, the Royal Bank of Canada pursued a purchase of the Union Bank as a likely cheaper means of entering those markets. By 1910 a purchase of the UBH was completed by The Royal Bank, ending the issuance of currency under the Union Bank name. Despite an extensive network of branches in the British West Indies, not a single note bearing the UBH name is known to collectors.
This piece is a mid-grade example with bold remaining color and full margins. There is an internal tear and hole repair noted by PMG, though any serious Canadian collector has little choice but to ignore both comments due to the rarity of the bank. PMG Very Fine 20 Net.
Estimate: $25,000 - $35,000.
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