Monumental Moment in Numismatics: Historic 1870 $2 Canadian Banknote Sells for $360,000 at Stack's Bowers Galleries

In what can only be described as a monumental moment for the world of numismatics, Stack's Bowers Galleries has announced the sale of a historic 1870 $2 Canadian banknote, payable at Victoria, for an astounding $360,000 ($518,000 CAD).

A rare Canadian $2 banknote from 1870, payable at Victoria, sold for an impressive $360,000 ($518,000 CAD) at a recent auction by Stack’s Bowers Galleries. The note, which was previously thought to be lost, fetched a price that shattered pre-sale estimates and underscores its rarity and significance in the world of Canadian currency. This sale now ranks among the highest for any example of Canadian paper money ever sold.

The 1870 $2 banknote, issued by the Dominion of Canada, is a true numismatic treasure. Graded Choice Very Fine 35 by PMG, this is the only known example of its kind, a discovery that sparked excitement among collectors and historians. Its historical significance is rooted in its designation as “Payable at Victoria,” a detail that was notably absent from previous records. Earlier catalog entries simply listed this issue as “No Known Issued Notes.” Thanks to this remarkable find, the Charlton catalog entry for DC-3e can now be updated to include the existence of this rare piece of Canadian history.

The $2 banknote was first printed in 1870, at a time when western Canada had a sparse population and limited financial institutions, which resulted in minimal circulation of paper currency. When this note was issued, British Columbia was a young province, and Victoria, its capital, was still developing as a commercial hub. Only 24,000 notes were reportedly printed and shipped to the Pacific Coast, but all were presumed lost – until this piece recently surfaced in Europe.

The consignor, who wishes to remain private, expressed satisfaction with the outcome, saying, “I am extremely happy with the job that Stack’s Bowers Galleries did promoting the item and presenting it to the public. The result is beyond what I could have imagined.”

Apart from its rarity, the condition of the note is also exceptional. Graded Choice Very Fine 35 by PMG, this example showcases vibrant inks, crisp paper, and detailed engravings that remain as vivid as the day they were printed. Despite some lightened stains noted by PMG, the overall appearance is exceptional, making it the finest known of this crucial Canadian issue.

The discovery of this $2 Dominion of Canada banknote is a defining moment in Canadian numismatics. Even the National Currency Collection in Ottawa does not contain an example of this type, and the existence of a Victoria-payable $2 note was unconfirmed prior to this auction. Stack’s Bowers Galleries is proud to have facilitated the sale of this world-class rarity, further solidifying its position as a leader in the numismatic auction world.

“We are thrilled to have had the opportunity to offer such an extraordinary piece to the collecting community,” said Aris Maragoudakis, Director of World Paper Money at Stack’s Bowers Galleries. “This discovery has captured the attention of banknote collectors worldwide, and the final price of $360,000 reflects a thriving market that appreciates true rarities. This sale is a culmination of the market’s desire for this type of material, and the work of our team. Dennis Hengeveld (Director of Consignments and Senior Numismatist) wrote a masterful description and Adem Karisik took charge of promoting what was our first Canada Only Banknote Sale. This auction was a great first step as we reaffirm our position as a leader in Canadian banknotes.”

“This auction demonstrates our leadership in cutting edge technology. The sale took place entirely online, and the results rivaled – and in some cases surpassed – those achieved by more traditional auctions,” added Brian Kendrella, the firm’s president.

For more information on upcoming auctions or to view the full results from the January 2025 Canadian Banknote Sale, please visit Stack’s Bowers Galleries online at StacksBowers.com.