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    Rare Sovereign Bank of Canada Note

    Toronto, ON- The Sovereign Bank of Canada $5 May 1, 1905 Ch. # 685-10-04
    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.
    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
    Page Views: 529

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