In what can only be described as a monumental moment for the world of numismatics, Stack'sBowers Galleries has announced the sale of a historic 1870 $2 Canadian banknote, payable at Victoria, for anastounding $360,000 ($518,000 CAD). The note, previously considered lost, shattered pre-sale estimates, attractinga price that reflects its rarity and significance in the world of Canadian currency. It now joins the ranks of the mostexpensive examples of Canadian paper money ever sold.

The 1870 $2 banknote, issued by the Dominion of Canada, represents a true numismatic treasure. Graded ChoiceVery Fine 35 by PMG, this is the only known example of its kind, a discovery that excited collectors and historiansalike. Its historical significance stems from its designation as "Payable at Victoria," a detail that has long beenabsent from records, with previous catalog entries simply listing this issue as "No Known Issued Notes." Now,thanks to this remarkable find, the Charlton catalog entry for DC-3e can be updated to reflect the existence of thisincredibly rare piece of Canadian history.

The $2 banknote was first printed in 1870, during a time when western Canada had a sparse population and fewfinancial institutions, resulting in limited circulation of paper currency. At the time of its issuance, British Columbiawas a fledgling province, and Victoria, the capital of British Columbia, was still emerging as a commercial hub.Only 24,000 notes were reportedly printed and shipped to the Pacific Coast, but all were presumed lost - until thispiece recently surfaced in Europe.

The consignor, who wishes to remain private, commented, "I am extremely happy with the job that Stack's BowersGalleries did promoting the item and presenting it to the public. The result is beyond what I could have imagined."

In addition to its rarity, the condition of the note is extraordinary. Graded Choice Very Fine 35 by PMG, thisexample boasts vibrant inks, crisp paper, and detailed engravings that remain as vivid as when they were firstprinted. Despite lightened stains noted by PMG, the overall appearance is exceptional, making it the finest known ofthis crucial Canadian issue.

The discovery of this $2 Dominion of Canada banknote is a defining moment in Canadian numismatics. Even theNational Currency Collection in Ottawa does not contain an example of this type, and prior to this auction, theexistence of a Victoria-payable $2 note was unconfirmed. Stack's Bowers Galleries is proud to have facilitated thesale 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," saidAris Maragoudakis, Director of World Paper Money at Stack's Bowers Galleries. "This discovery has captured theattention of banknote collectors worldwide, and the final price of $360,000 reflects a thriving market thatappreciates true rarities. This sale is a culmination of the market's desire for this type of material, and the work ofour team. Dennis Hengeveld (Director of Consignments and Senior Numismatist) wrote a masterful description andAdem Karisik took charge of promoting what was our first Canada Only Banknote Sale. This auction was a greatfirst step as we reaffirm our position as a leader in Canadian banknotes."

The firm's president, Brian Kendrella, added, "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 moretraditional auctions."

To read the complete lot description, see:
CANADA. Dominion of Canada. 2 Dollars, 1.7.1870. DC-3e. Payable at Victoria. PMG Choice Very Fine 35.(https://auctions.stacksbowers.com/lots/view/3-1G428G/canada-dominion-of-canada-2-dollars-171870-dc-3e-payable-at-victoria-pmg-choice-very-fine-35)