Stack’s Bowers Galleries Sells Rare Canadian 1870 Dominion of Canada $2 Banknote for $360,000

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). The note, previously considered lost, shattered pre-sale estimates, attracting a price that reflects its rarity and significance in the world of Canadian currency. It now joins the ranks of the most expensive examples of Canadian paper money ever sold.

The 1870 $2 banknote, issued by the Dominion of Canada, represents a true numismatic treasure. Graded Choice Very Fine 35 by PMG, this is the only known example of its kind, a discovery that excited collectors and historians alike. Its historical significance stems from its designation as “Payable at Victoria,” a detail that has long been absent 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 this incredibly rare piece of Canadian history.

The $2 banknote was first printed in 1870, during a time when western Canada had a sparse population and few financial institutions, resulting in limited circulation of paper currency. At the time of its issuance, British Columbia was 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 this piece recently surfaced in Europe.

The consignor, who wishes to remain private, commented, “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.”

In addition to its rarity, the condition of the note is extraordinary. Graded Choice Very Fine 35 by PMG, this example boasts vibrant inks, crisp paper, and detailed engravings that remain as vivid as when they were first printed. Despite 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 prior to this auction, the existence of a Victoria-payable $2 note was unconfirmed. 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."

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 more traditional auctions.”

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.