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Montreal, PQ- The Molsons Bank $10 July 3, 1899 Ch # 490-22-30. ...
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Montreal, PQ- The Molsons Bank $10 July 3, 1899 Ch # 490-22-30This long lived institution had a colorful history, recounted here as described in the Charlton reference. The bank was operated briefly as a private bank by William Molson from 1837 to 1838. Unable to continue as a note issuing bank due to the Government's policy to restrict note issuers to chartered banks not engaging in any other business but banking, Thomas and William Molson applied for a license in March of 1839 to engage in the general banking business. Although many of their notes were already in circulation, the application was turned down, with the government concluding that it was not in keeping with the spirit of the law (no pun intended), as the Molson's "were already being engaged in extensive business as brewers and distillers." It was not until 1853 that the Molsons could enter the banking business, this time under the Free Banking Act. Within two years the enterprise had received a provincial charter, under which it operated until its 1925 takeover by the Bank of Montreal. All of the pre-1903 issues are scarce in all grades, and many of the post 1903 specimens are extremely difficult to obtain in the higher grade ranges. This note, for example, is priced in Charlton only in the Good through Fine grades. PMG Very Good 10, actually a better note for the grade than can be expected.
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