In less than a month the first Geoffrey Bell Auctions Ltd. Paris Coin Show sale will be in the books, so in the next few blog posts we are going to learn a little Canadian history while talking about some of the pieces being presented in Paris February 3rd, 2018. Our nation’s early banking history is rich, covering a period that set up the framework for the stable economic situation we enjoy today. In this post we’ll highlight the Exchange Bank of Toronto and a trio of notes that we will be offering.
Some short-lived banks are easy to overlook, but their banknotes provide a lasting record of their role in Canada. The Exchange Bank of Toronto really shouldn’t have had the benefit of being remembered because of their notes since those notes were rejected by the government as not having met the requirements of the Free Banking Act. It’s due to this that we have these three remainders.
There isn’t a whole lot known about the bank itself. It commenced operations late in 1855 as a private bank titled as The Banking House of R. H. Brett, but was renamed the Exchange Bank of Toronto in January of 1856. By 1858 the bank was no more.
The one dollar note of 1855 features a series of intricate vignettes engraved by Rawdon, Wright, Hatch & Edson, New York in black with a plain back. It is graded by BCS as VF30 with a minor tear. The two dollar is similar in design with different vignettes and is graded by BCS as VG10 with spurious sheet number, tears, and holes noted. The striking ten dollar note incorporates similarly-themed vignettes around an imposing water scene of sailing ships and steamers and is graded by PMG as VF30.
There’s nothing like adding some quality numismatic material to your collection to warm up a cold February day, so plan to take part in the Paris Winter Sale February 3rd and enjoy the Paris Coin Show February 4th.