CANADA. Dominion of Canada. 2 Dollars, 1.7.1870. DC-3e. Payable at Victoria. PMG Choice Very Fine 35.The undisputed highlight of this auction and one of the greatest Canadian numismatic rarities to have ever been brought to the collecting community. Viewed from the front, this appears like a (still very scarce) 1870 $2 from the Dominion of Canada, preserved in remarkable condition. One might expect to see Montreal or perhaps Toronto or maybe even Halifax on the back, indicating the city this note was payable in. But instead, the name "VICTORIA" gracefully adorns the back of this example. Ever since the first edition of the Charlton catalog DC-3e was listed simply as "No Known Issued Notes ". That changes now, with the discovery and our subsequent offering of the <strong>unique 1870 $2 payable at Victoria, British Colombia. </strong>Even the National Currency Collection lacks an example of this note, and until now, none were even rumored to exist. 24.000 notes were reportedly printed and shipped to the Pacific Coast, but all were lost to the sands of time, until this piece recently turned up in Europe.<p>Beyond its rarity, the note’s impeccable state of preservation makes it even more remarkable. All Canadian 1870 $2 notes are difficult to find, and examples in grades above Fine are exceptionally rare. The PMG population report shows no examples of this type ever having been graded above Very Fine 20. This newly discovered example, graded Choice Very Fine 35 by PMG, boasts crisp paper, vibrant inks, and detailed engravings that remain as vivid as when they were first printed. A comment for lightened stains does little to detract from the piece’s overall appearance. As such, not only is it unique for its place of issue, but it is also the finest example of this important Canadian type.<p>At the time this 1870 $2 was issued, western Canada had a sparse population and few financial institutions, resulting in limited issuance and circulation of paper currency. British Columbia, which became a province of Canada on July 20, 1871, had a population of about 36,000 at the time. Victoria’s financial landscape in the early 1870s had been shaped by its status as a frontier economy and its strategic role in British Columbia’s integration into Canada. The city had emerged as a commercial hub during the Fraser Canyon Gold Rush (1858-1860), when it attracted miners and merchants. However, by the early 1870s, the gold rush had largely subsided, and Victoria’s economy shifted to industries like logging, fishing, and trade with the United States and Asia.<p>Victoria had a population of just 3,630 people in April 1871. Its remote location, reliance on gold and silver coinage, and competition from U.S. and private bank currencies reduced the need for large quantities of government-issued paper money, even after British Columbia entered the Canadian Confederation. It is quite surprising then, that after British Columbia became a Canadian province, such notes were even issued. But as the capital of British Columbia, issuing these notes, payable at Victoria must have been thought an important contribution to the growth of the region.<p>It is difficult to locate any comparable for this piece. The $1 denomination was also issued at Victoria, and of that denomination, three pieces are believed to exist, including a single example in the National Currency Collection. This type was also issued at St. John, in Newfoundland, with a reported printing of 150,000 notes. A low-grade note is in the National Currency Collection, which the Canadian Note Registry states that "a high grade example, details unknown, exists in a private collection". It should not come as a surprise that this note, payable at Victoria, is of such tremendous rarity that it was difficult to come up with an estimate, but we have kept it modest, to let the Canadian specialists decide what this world-class rarity is ultimately worth. PMG Comments "Stains Lightened."
