CANADA. Bank of Canada. 5 Dollars, 1954. BC-39a-i. 10 Million Serial Number. PCGS Banknote Choice Uncirculated 63.Beattie - Coyne signature combination. V/C prefix. Issued from the 1935 series up to and including the 1967 series of commemorative notes, 10 million serial numbered notes of the Bank of Canada are as rare as hens teeth. Printed as the final note of any given prefix, the creation of the 10 million serial numbered notes was a rather cumbersome process. As the numbering barrels only contained 7 digits, the final zero had to be entered by hand. This also meant that every single 10 million serial number was handled specially, and we suspect that most were kept aside and later destroyed, with few actually reaching circulation. As such, only very limited quantities of these have ever appeared. In fact, none are known to exist for the 1935 series (they are believed to have only been printed for the $1 denomination), and less than a handful are known for the 1937 series. For the 1954 series, more are available, but quantities known are low.<p>For the 1954 $5 (of all different varieties), Charlton states that an estimated 49 10 million serial numbered notes were produced. However, this does not tell the whole story. One has to look at the Canadian Note Registry to understand how rare these are. Just five 10 million serial numbered notes of the 1954 $5 are listed, but that does not yet include the present piece, bringing the number to just six. Of those, three are of this variety. A nice uncirculated example limited only by its centering and the only uncirculated piece known, as all the notes in the registry are in circulated grades. A tremendous opportunity for the serial number specialist and one we do not expect to repeat anytime soon.
