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    Description

    Iconic Canadian Charter Banknote Rarity

    Toronto, ON- The Sovereign Bank of Canada $5 May 1, 1905 Ch. # 685-10-04 PMG Very Fine 20.
    This note hails from the Thomas M. Flynn collection, where its financial history was lauded, "Launched in 1901 by Sir Herbert Holt in cooperation with noted financier J.P. Morgan, The Sovereign Bank of Canada had, in the words of the Charlton reference, 'a brief but spectacular existence.' Starting from nothing, the bank grew rapidly, opening over eighty branches in just over six years. Unfortunately, rapid growth meant bad credit decisions, and, with confidence shattered by the Panic of 1907, the institution foundered. By 1908 it was history, although all depositors and creditors were paid in full and its notes were redeemed at just over par. All notes from here can be considered rare. Pleasing Fine, with an unusual and seldom used portrait of King Edward VII as the central vignette." While particular care was taken to discuss the history, the condition and rarity was overlooked, and should not be passed over again. This is the only example of this Charlton number that we have handled, and it remains the lone note graded by PMG. While the note saw its share of circulation, it survived without any distractions, with pleasing colors. The back is admirably one of the most popular designs in Canadian currency, with the beaver and crown at center, and lathework that radiates to almost reflect maple leaves in the fall.




    Auction Info

    Auction Dates
    April, 2019
    25th-29th Thursday-Monday
    Bids + Registered Phone Bidders: 4
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