Stack's Bowers Galleries Unveils the Discovery of a Previously Unknown 1870 $2 Dominion of Canada Banknote Issued in Victoria, B.C.

A previously unknown Dominion of Canada 1870 $2 banknote issued in Victoria, B.C., has been discovered by Stack’s Bowers Galleries, headlining the inaugural Canadian Collectors Choice Online Auction on Jan. 28, 2025.

This remarkable find is a once-in-a-lifetime opportunity for collectors due to its rarity, historical importance, and impeccable preservation, said Adem Karisik, consignment director for Stack’s Bowers Galleries in Canada.

Only 24,000 notes were originally printed for Victoria, a stark contrast to the 764,000 printed for Montreal and 728,000 for Toronto. The note’s scarcity is further highlighted by its absence from the National Currency Collection at the Bank of Canada. Until now, no surviving examples had been seen or rumored to exist.

Graded Choice Very Fine 35 by PMG, the note is the finest known example of the 1870 $2 Dominion of Canada series. Its exceptional state of preservation, with crisp paper, vibrant inks, and vivid engravings, surpasses all other known specimens, none of which have been graded higher than Very Fine 20. While the note has a minor comment for lightened stains, its overall presentation is extraordinary.

This note has great historical significance as well. When it was issued in the early 1870s, Victoria was a frontier economy with a population of just 3,630 in 1871, a year after British Columbia joined the Canadian Confederation.

With limited reliance on paper money and a preference for gold and silver coinage, the issuance of this note was likely a strategic effort to integrate the region into Canada’s economy and support its development as the provincial capital.

The 1870 $2 note will be the centerpiece of Stack’s Bowers Galleries’ January sale, marking an important moment in Canadian numismatics. This note, available as Lot 70102, has a pre-sale estimate of $50,000-75,000 USD.

The auction house will be hosting additional Canadian-exclusive auctions, building on the momentum of this discovery.

Collectors and enthusiasts interested in participating in the auction or consigning items for future sales can contact Stack’s Bowers Galleries at 800-458-4646 or info@StacksBowers.com. Further details about the January auction are available on the Stack’s Bowers website. For specific inquiries, Adem Karisik can be reached at akarisik@stacksbowers.com.