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    A Rare Note from the Smallest Chartered Bank

    Rustico, PEI- The Farmers Bank of Rustico $1 Jan. 2, 1872 Ch. # 290-12-02
    This was the smallest bank (measured by share capital) ever to operate in Canada, and one with a most unusual history. As recounted in the Charlton reference, "This bank was established in 1862 and chartered by the Colonial Legislature of P.E.I. in 1863....By the Bank Act of 1871, Canada made a decision to do away with small, local branchless banks and adopt a policy of nationwide banking. Some banks were forced to sell out, but the Federal government found it difficult to put The Farmers Bank of Rustico out of business. It survived on frugality and devotion. After extreme pressures and delay, the bank managed to renew its charter in 1883 and almost unbelievably, again on June 24, 1891. But the pressure was on to put this bank out of existence. The terms of the last charter were so harsh and unrealistic that they rendered effective liquidation almost impossible. The bank was authorized to amalgamate with or sell its property to any loan company but wound up its operations around 1894." The example offered here carries the blue sheet numbers, and is one of the very highest grade examples known from this extremely rare institution. Sharp Fine-Very Fine, with excellent color and body for the grade.
    From The Thomas M. Flynn Collection

    Auction Info

    Auction Dates
    April, 2008
    16th-18th Wednesday-Friday
    Bids + Registered Phone Bidders: 4
    Lot Tracking Activity: N/A
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