The names of institutions like the Bank of Nova Scotia and the Bank of Montréal have been engrained as a part of our nation’s history, but there could have easily been another name just as iconic were it not for the misfortune of mismanagement. Geoffrey Bell Auctions Ltd. has two banknotes from the Bank of Prince Edward Island for the Paris Winter Sale which takes place February 3rd, 2018.
The Bank of Prince Edward Island has the distinction of being the first bank in the colony to be incorporated under provincial charter when it officially came into existence in 1856 in Charlottetown. After 20 years of prosperity, some unsound loans granted by a new cashier gave the institution another notable milestone: the first bank in Canada to file for bankruptcy after it was liquidated in 1881 by the Bank of Nova Scotia.
The notes are an 1872 $10 CH-600-12-14 net graded by PMG as Fair 2 and an 1877 $2 CH-600-12-08 assessed by PMG as Good 6 net. Both notes have condition issues, but are wonderful examples of difficult to obtain material that should draw plenty of interest.
Those with an appreciation for Canadian history in general and specifically its banking history undoubtedly find it difficult not to become enamoured with these sorts of well-traveled pieces.
In 1867 the bank built a beautiful brick Italianate headquarters at 40 Great George Street in the island’s capital city which is still being used today to house Provincial government offices. It’s truly a shame it wasn’t able to serve as home to the Bank of Prince Edward Island longer.