The numismatic world is abuzz with the revelation of a previously unknown Dominion of Canada Series 1870 $2 note, issued in Victoria, British Columbia. This exceptional discovery has emerged as a beacon of rarity and historical significance, highlighting the intricate history of Canadian currency.
An Unparalleled Rarity in Canadian Currency
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Long believed not to exist, the Dominion of Canada Series 1870 $2 note for Victoria is a landmark discovery. Out of the 24,000 $2 notes printed for Victoria, none were known to have survived—until now. This figure pales in comparison to the 764,000 $2 notes printed for Montreal and the 728,000 for Toronto. Even the National Currency Collection, renowned for its extensive holdings, lacks an example of this note, underscoring its extraordinary scarcity.
Victoria’s $1 notes from the same series are similarly elusive, with just three known examples, one of which is permanently housed in the National Currency Collection of the Bank of Canada.
Context: British Columbia in the Early 1870s
When this $2 note was issued, western Canada was a frontier region with a sparse population and limited financial infrastructure. British Columbia had only recently joined the Canadian Confederation on July 20, 1871, and its population was around 36,000 at the time.
Victoria, the provincial capital, had a population of just 3,630 people in April 1871. As a commercial hub during the Fraser Canyon Gold Rush of 1858-1860, the city had thrived on trade and migration. However, by the early 1870s, the gold rush had faded, and the local economy shifted toward industries such as logging, fishing, and trade with the United States and Asia.
The remote location of Victoria, combined with its reliance on gold and silver coinage, minimized the demand for government-issued paper money. U.S. and private bank notes also competed for circulation, further reducing the need for Canadian currency in the region. Despite these challenges, the issuance of $2 notes payable in Victoria symbolized the government’s commitment to the region’s economic integration and growth.
Exceptional Preservation of a Rare Note
Beyond its rarity, the newly discovered $2 note is in remarkable condition. Graded Choice Very Fine 35 by Paper Money Guaranty (PMG), it stands as the finest known example of its type. The note features vibrant inks, crisp paper, and intricate engravings that retain their original clarity, despite lightened stains.
This level of preservation is particularly noteworthy as most surviving examples of Dominion of Canada Series 1870 $2 notes are typically found in lower grades. According to the PMG population report, no specimens of this type have been graded higher than Very Fine 20. This newly surfaced piece thus represents a dual triumph of rarity and quality.
A Historic Auction Event
This world-class rarity will take center stage at Stack’s Bowers Galleries’ first exclusive Canadian Collectors Choice Online Auction on January 28, 2025. The auction offers collectors a rare opportunity to own a piece of Canadian history, a note that not only defies the odds of survival but also tells a compelling story of Canada’s frontier economy and its integration into the Confederation.
As numismatists eagerly await the auction, this remarkable discovery serves as a reminder of the rich narratives hidden within the folds of historical currency.