LOT   /  2011 Windsor Sale  / 

1141

1880 Bank of Toronto $5

Currency:CAD Category:Coins & Paper Money / World Coins - Canada Start Price:6,000.00 CAD Estimated At:12,000.00 - 15,000.00 CAD
1880 Bank of Toronto $5
SOLD
14,000.00CADto floor+ buyer's premium
This item SOLD at 2011 Jul 13 @ 22:00UTC-4 : AST/EDT
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Credit and Deposits: All bidders must be approved. Those who do not have an established relationship with Geoffrey Bell Auctions must provide an approved reference or a credit guarantee prior to the sale.


Auction Conduct: All our starting bids will be opened at approximately 10% above the second highest mail or computer bid. If there are no mail bids, auctioneer will start the bids at the reserve price or half of the low estimate, advances are at the discretion of the auctioneer. In the event there are identical bi...
Bank of Toronto, Five Dollars, July 1st, 1880, CH#715-20-02a, with town overprint “PETROLIA”, twice in blue, for the branch in Petrolia, Ontario, Check letter X. Graded by PMG VG-10, Net. Previously, the only known issued note of the 1880 issue was a Five Dollar note, with St. Catherines overprint, which resides in the National Currency collection. The total authorized printing of all Bank of Toronto 1880 issue $5 notes was 200,000.
The Petrolia Branch opened September 5th, 1887, with Peter Campbell, Manager and D. Coulson, Cashier. By 1905, the towns of Petrolia, Sarnia, Oil Springs and Wallaceburg had a consortium of branches, due to increased activity in the area. However, it would only be the Oil Springs branch, opened in 1904, that would subsequently have issues of notes overprinted. It remains a mystery why the Petrolia branch would not issue overprinted notes of the 1887, 1890 or 1906 issues.
This note was held for nearly a century by a prominent Michigan family, who did extensive business in Petrolia. It was purchased from the family about 1995 and the secret of the note’s existence was held by the purchaser until recently. It is a proverbial “discovery” note.
To compare, according to the CPMS Note Register, there are (31) 1890 issue $5 notes, all with overprints. (21) in institutional collections and (10) are in private hands. A recent JHA sale featured a G-VG example with Point St. Charles overprint, with a corner missing, which was new to the census, raising the number to (11) in private hands. It realized $3,712. We feel that the Bank of Toronto $10, with the London overprint, that we have listed will bring far in excess of that figure, and that this 1880 $5 note should realize multiples.
This note is unique in that it is the only 1880 issue, of any denomination, in private hands and the only note, of any issue, with the Petrolia overprint. With certainty this note should be regarded as a trophy note for any major Canadian Chartered Banknote collection. S/N 73981 Check Letter X, PMG VG-10.
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