Canadian Journal

Canadian Paper Money Society Journal Official publication of the Canadian Paper Money Society VOLUME 50, NUMBER 143 DECEMBER 2014

The portico at the Bank of Upper Canada Building, 252 Adelaide Street East, Toronto Robert J. Graham presents his research on the Bank beginning on Page 99

Also in this issue:

Hitesh Doshi examines the cut of a $50 Frontier note ...... Page 112

Cliff Beattie shares three interesting $1 bank notes ...... Page 118

Jared Stapleton & R.J. Graham give a Marketplace report on The Heritage World Currency Signature Auction...... Page 120

…and much more!

Canadian Paper Money Society Journal 2014 Page 93 ISSN 0045–5237 The Canadian Paper Money Journal is published quarterly by the Canadian Paper Money Society, P.O. Box 562, Pickering, Ontario L1V 2R7. Annual dues are for the calendar year and are payable in Canadian dollars for Canadian addresses and in United States dollars for all other addresses. Membership is now available in two forms. When you sign up online, you are enrolled with a digital membership that provides access to your quarterly Journal in digital format via our website in lieu of a printed Journal. If you President Honorary President would prefer a printed Journal, that option is Walter D. Allan, FCNRS available for an additional fee. Regular Digital Jared Stapleton c/o Dick Dunn Annual Membership is $20.00, while Regular Honorary Vice Presidents Printed Annual Membership is $30.00. Life PO Box 562 memberships are available after at least one year Pickering, ON L1V 2R7 Robert J. Graham, FCNRS of regular membership, at a cost of $600.00 for [email protected] Ronald Greene, FCNRS a Life Digital Membership and $900.00 for a Life Printed and Mailed Membership. First Vice President Past Presidents W.H. McDonald*, FCNRS (1964-1968) Opinions expressed in articles published in James Williston the Canadian Paper Money Journal are the Jack Veffer* (1969-1971) authors’ and do not represent the views of the Second Vice President John Phipps (1971-1975) Canadian Paper Money Society or its editorial Vacant Harry Eisenhauer (1975-1978) staff. Myer Price (1978-1981) Executive Directors Al Bliman* (1981-1983) Brent W.J. Mackie Ronald Greene, FCNRS (1983-1985) Michael Zigler J. Richard Becker, FCNRS (1985-1987) Graham Esler Graham Esler, FCNRS (1987-1989) Robert Graham, FCNRS FRNS (1989-1991) Secretary-Treasurer Lub Wojtiw, FCNRS (1991-1993) Dick Dunn Walter D. Allan, FCNRS (1993-1995) PO Box 562 Geoffrey G. Bell, FCNRS (1995-1997) Pickering, ON L1V 2R7 Dick Dunn (1997-1999) [email protected] Paul Berry (1999-2001) Guidelines for Contributors Earl Salterio*, FCNRS (2001-2003) The Canadian Paper Money Journal accepts Journal Editor Charles D. Moore (2003-2005) original manuscripts on Canadian banknotes, Vacant Harold H. Brown (2005-2007) banking history, and other Canadian paper Cliff Beattie (2007-2011) money, but reserves the right to edit or return Michael Zigler (2011-2013) material submitted. The editor assumes no responsibility for unsolicited photographs, *Deceased computer disks or manuscripts. Research Director: Walter D. Allan, Tobermory, ON Authors should provide one copy of the Journal Layout Editor : Paul R. Petch, Toronto, ON [email protected] manuscript typed or printed on one side only, Archivist: Paul Berry, Ottawa, ON double-spaced, and with margins of at least one Webmaster: Henry Nienhuis, FCNRS, Woodbridge, ON inch. The author’s name address and telephone [email protected] number should appear on the title page, and Regional Directors: authors should keep a photocopy of the draft Atlantic Provinces: Stephen Oatway, Moncton, NB they submit to the Editor. Authors may submit Québec: Gilles Pomerleau, Sherbrooke, QC their articles either by mailing a hardcopy to the Ontario: Ted Leitch, FCNRS, London, ON Secretary of the CPMS, or by sending an Prairies and N.W.T.: James Williston, Calgary, AB attachment of the article, preferably in MS Word British Columbia: Ronald Greene, FCNRS, Victoria, BC or compatible word processing software, via e- Eastern U.S.: J. Richard Becker, FCNRS, Acton Centre, MA mail to the Editor. All images should be at least Western U.S.: Charles Moore, Walnut Creek, CA 300dpi and sent as separate attachments. Revisions made to articles by the Editor will be http://www.cpmsonline.ca submitted to the author for final approval before [email protected] the journal is published. Copyright of the articles Copyright Notice: All articles © the authors belongs to the authors. Page 94 Canadian Paper Money Society Journal 2014

NEW MEMBERS

Applications for regular membership in the society published in the last issue of the CPMS Journal have now been accepted. APPLICANTS

The following have applied for regular membership. Unless objection is filed against any applicant within thirty days, they will be accepted and so recorded in the next issue of the CPMS Journal. 1784 D. Mayer 1786 R. Shololtz 1788 J. Ford 1790 A. Rochon 1785 H. Doerksen 1787 E. Zavadil 1789 N. Senechal 1791 D. Pike

CANADIAN PAPER MONEY SOCIETY NOTE REGISTRY

The Note Registry is the second compilation of all of the various, diligently maintained, note registers that have been individually published by the CPMS over the years. This second edition has expanded the initial work by more than 100 pages. The introduction is written by R.J. Graham. Most registers were prepared or maintained by Harry Eisenhauer and R.J. Graham over the last thirty years. An array of other contributors including Graham Esler, Ronald Greene, Cliff Beattie, Geoffrey Bell, Paul Berry, Terry Fredericks, Ted Banning, Michael Zigler and more are responsible for the remaining registers. An Updated Compilation of Note Registers Published by the C.P.M.S. Second Edition, Spiral bound, 378 pages

Canadian members $45.00 Non Members $55.00 U.S members $50.00 Non Members $60.00 International members $60.00 Non Members $70.00

ALL OF THE ABOVE PRICES INCLUDE POSTAGE. The Registry can be ordered on the C.P.M.S. website and can be paid through PayPal or payment can be sent to: C.P.M.S., Box 562 Pickering P.O., Pickering, ON L1V 2R7

CANADIAN PAPER MONEY SOCIETY 50TH ANNIVERSARY COMMEMORATIVE MEDAL

The C.P.M.S. produced a commemorative medal for the 50th anniversary of the Society. They were struck in limited quantity in silver and copper. The medals are 2 inches in diameter and weigh 2 ounces; the silver medal is 999 fine. The silver medal has been sold out but copper medals are still available for $25.00 each, plus $5.00 each for postage.

Payment for medals should be sent to CPMS, Box 562 Pickering P.O. Pickering, ON L1V 2R7, or can be paid by paypal, payments to [email protected]. Dick Dunn, CPMS Secretary/Treasurer [email protected] Deadline for the next issue of the CPMS Journal is 1 MARCH 2015

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Hello fellow Canadian Paper Money Society Members & Collectors… The CPMS is in need of volunteers! The Journal editor position still remains vacant, along with the second vice- president. If you feel you might be a suitable candidate for one of these positions, please feel free to reach out to me. The Society also requires Journal articles from all members. With the winter freeze in the air, this is a great time to for collectors to dig into their collection and research an item or two for an article. The CPMS members have so much to share, and I am always thrilled when information is shared. Exciting news for bank note collectors! The Bank of Canada just announced it would be releasing a banknote in 2017 to commemorate the 150th anniversary of Confederation of Canada. To date, the Bank of Canada has only issued two commemorative bank notes into circulation, the 1935 $25 honouring the Silver Jubilee of King George V and the 1967 $1 note celebrating Canada’s 100th anniversary. Details on the denomination, the number of notes that will circulate and the means to obtain them will be made public closer to the issue date of July 1 2017. The bank has invited all Canadians to propose bank note design ideas, and information can be found through the Bank of Canada website. A first for Canadian bank notes is now in circulations. On 2 May 2014 Carolyn Wilkins was appointed by the Bank of Canada as the new deputy governor. This will be the first time a woman’s signature will appear on the Bank of Canada notes. The signatures of Wilkins-Poloz are now being seen on the $20 notes. The signature changeover prefixes are sure to be in demand and desirable for polymer, prefix and changeover collectors. With the new polymer Frontier themed Canadian bank note series that was released in 2011, I have been approached a number of times for my views on the controversy that Canadian women are not featured on Canadian banknotes, and what is the position of the Society on this issue. I undertook a little exercise to find those banknotes depicting women and present my findings in the listings below and on the next page. I tell people that the CPMS does not have any say on what is depicted on the Canadian bank notes, and that we are excited every time a new series of bank notes is released into circulation by the Bank of Canada, showcasing new advances in security and anti-counterfeiting features along with the new designs. With each new banknote series comes a new challenge for collectors, as there are new prefix and numbering sequences that are going to be used. Collectors are interested with the numbering sequences and are always on the hunt for new and unique errors and special serial numbers. These are always highly collectable notes. Province and Dominion of Canada Issues 1866 - $2 Indian girl / seated Britannia with two allegorical women 1866 - $5 Queen Victoria / Indian Princess 1866 - $20 Princess of Wales (Princess Alexandra) 1866 - $100 Queen Victoria 1866 - $500 Allegorical Female 1870 - $0.25 Britannia 1870 - $1 Allegorical Female 1871 - $500 Queen Victoria 1871 - $1000 Allegorical Female 1878 - $1 Countess of Dufferin 1887 - $2 Machioness of Lansdowne 1897 - $1 Countess of Aberdeen 1887 - $1 Princess Patricia 1923 - $0.25 Britannia 1924 - $5 Queen Mary 1925 - $1000 Queen Mary 1896 - $500 Vignette of “Genius” 1896 - $1000 Queen Victoria 1901 - $5000 Queen Victoria 1918 - $5000 Queen Victoria 1918 - $50000 Queen Mary 1924 - $5000 Queen Victoria 1924 - $50000 Queen Mary Page 96 Canadian Paper Money Society Journal 2014

Copyright © 1964-2017 Canadian Paper Money Society. SPECIAL IBNS SAMPLE Downloaded by (170.106.34.90) at 2021-09-28 19:42:22 MSK (+0300). [4|34] Bank of Canada Issues 1935 - $1 Agriculture allegory: seated female with agricultural tools and produce 1935 - $2 Queen Mary 1935 - $10 Princess Mary / Harvest allegory: seated female with fruits of harvest 1935 - $20 Princess Elizabeth / Agriculture allegory: Kneeling male exhibiting the produce of the field to female Agriculture figure 1935 - $25 Queen Mary 1935 - $50 Modern invention allegory: seated female with symbols of radio broadcasting 1935 - $500 Fertility allegory: seated female with sickle 1935 - $1000 Security allegory: kneeling female shielding her child 1937 - $1 Agriculture allegory: seated female with agricultural tools and produce 1937 - $2 Harvest allegory: seated female with fruits of harvest 1937 - $20 Fertility allegory: seated female with sickle 1937 - $50 Modern invention allegory: seated female with symbols of radio broadcasting 1937 - $1000 Security allegory: kneeling female shielding her child 1954 - $1 Queen Elizabeth II 1954 - $2 Queen Elizabeth II 1954 - $5 Queen Elizabeth II 1954 - $10 Queen Elizabeth II 1954 - $20 Queen Elizabeth II 1954 - $50 Queen Elizabeth II 1954 - $100 Queen Elizabeth II 1954 - $100 Queen Elizabeth II 1967 - $1 Queen Elizabeth II 1973 - $1 Queen Elizabeth II 1986 - $2 Queen Elizabeth II 1991 - $20 Queen Elizabeth II 1988 - $1000 Queen Elizabeth II 2001 - $10 Peace keeping soldier / two children and veteran 2005 - $10 Peace keeping soldier / two children and veteran 2004 - $20 Queen Elizabeth II 2004 - $50 Oct, 18 1929 “Women are Persons” headline / stature of the Famous Five women / Thérèse Casgrain Volunteer Award 2004 - $100 Miriam Waddington’s poem “Jacques Cartier in Toronto” 2012 - $20 Queen Elizabeth II 2011 - $100 Female laboratory worker 2014 - 2015 all denominations, Carolyn Wilkins signature, Bank of Canada Deputy Governor, Canada’s first woman to hold the No. 2 policymaker role The CPMS acknowledge that women are a very important part of Canadian history and the collecting hobby, and Canada has featured women on bank notes from 1866 when the Province of Canada started issuing bank notes. Canada’s bank notes feature women being depicted in beautiful allegories along with the women of the Royal Family reflecting Canada’s close connection to the British Empire. To date, the government of Canada has 62 bank notes that have celebrated or featured women that are synonymous with Canada’s heritage. Canada is a great country, and as a culture, we celebrate all genders and ethnicities. The CPMS is all about encouraging and supporting collecting, research and growth of the hobby. Numismatically yours, Queen Mary $5 1924 Jared Stapleton, [email protected] Die no. A-22

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Historical Canadian Banknote Exhibit I am a new CPMS member (#1773). I wanted to make the Journal aware that in May and June 2015 the Sidney Museum will be featuring an exhibit of historical Canadian banknotes. This description of the event can be found at: http://canadiancoinnews.com/event/historical-canadian-banknote-exhibit/ Thanks, Peter Wainwright

May 1, 2015 to June 30, 2014 Sidney Museum, L3 - 2423 Beacon Ave., Sidney, BC, V8L 1X5 In May and June 2015 the Sidney Museum will feature an exhibit of historical Canadian bank notes from 1820 to modern times. The exhibit will feature banknotes from dozens of Canadian chartered banks, counterfeits, and notes by spurious and wildcat banks. Government bank notes will be on display starting from the first issue by the Dominion of Canada in 1870. Phone: 250-655-6355 Email: [email protected] Web: http://www.sidneymuseum.ca

PREFIX FVM DISCOVERY In the December 2013 issue of the Journal (Volume 49, Number 139), Gilles Pomerleau and Brent W. J, Mackie provide information on the CBN printing of the polymer notes. They report a CBN layout 8 whose last row (row 9) contains the BPN of 49, 39, 29, 19 and 09. Reading the article one would surmise that notes with prefix of FMV would be printed in first 8 rows and notes with prefix of GHB would be printed in the 9th row. I would like to report that I have been presented with a note with prefix of FMV and with a BPN of 19. I am enclosing a photo of that note showing the serial number and the BPN. Since the publication of the layout in December 2013 this same layout has been referenced in September 2014 issue. Since several issues have gone by without any update to the originally published layout I thought of bringing this to the attention of the readers as this may be an uncommon occurrence for the FMV prefix.

Hitesh Doshi

Partial image of a note with FMV prefix and a BPN of 19

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This is a brief outline of the story of the Bank of Upper Canada (York/Toronto), with particular attention to the peculiar circumstances surrounding its demise. It is offered by way of introduction of a register of surviving bank notes from the final fifteen years or so of the bank’s existence. Prior to the publication in 1987 of Prof. Baskerville’s valuable book, The Bank of Upper Canada, our understanding of the bank’s history was largely rooted in Prof. Adam Shortt’s works that were published serially in the Journal of the Canadian Bankers’ Association from 1896 to 1906, and the work of R. M. Breckenridge of the same period. Dr. Baskerville’s book requires aspects of that history to be reevaluated, in particular, the weight given by the early writers to the accusations of William Lyon Mackenzie concerning the relationship between the bank and the family compact government. A bill passed by the Assembly in 1819 granting a bank charter to a group of promoters from York finally received royal assent in 1821. Under its terms four thousand shares, with a par value of £12.10 cy ($50) each, had to be subscribed and £20,000 paid in before the bank could go into business, but it proved impossible to raise this sum, even with the colonial government taking up half of the shares. The promoters used their political influence to have the minimum paid in capital reduced to £10,000, with the lieutenant-governor’s willing cooperation. As explained by Baskerville, the government needed the bank in operation for its own requirements, as opposed to the previously accepted belief that the bankers held the government in their power. Be that as it may, the Bank of Upper Canada opened for business in York in July 1822. The National Currency Collection holds a $1 note dated 24 July 1822, from the bank’s earliest days. From 1822 until 1834, with the exception of the year 1825, merchant and former Bank of Montreal agent William Allan acted as President of the Bank. Under his careful management the Bank of Upper Canada was a highly profitable institution. Thomas Gibbs Ridout was chosen William Allan (c. 1770 – 1853) as the first cashier, and held that position for almost forty years. First President of the Bank of Upper Canada William Allan (circa 1770 to 1853) was a pioneer in While most business was done at York, the bank established agencies York and was one of the most wealthy and influential at Kingston in 1823 and Niagara in 1824, expanding to five branches people Toronto’s early history. He served as the first and five agencies by 1833. When criticised for keeping inadequate president of the Bank of Upper Canada. reserves in the quest for maximum profits, Allan countered that the http://torontothenandnow.blogspot.ca/2014/03 bank held convertible government obligations which would serve as /44-old-banks-of-toronto-then-and-now.html well as specie. Bank activities were tightly controlled from York at Image courtesy Metropolitan Toronto Library first, but when the Commercial Bank of the Midland District went into business, more local autonomy was allowed in order to meet competition but it had limits. The manager at Cobourg was fired when his accounts fell into arrears as a result of his failure to live within Allan’s restrictions. William Allan resigned from the Board in 1835. His successor was William Proudfoot, chosen not because of his suitability or capacity for the job, which in fact he lacked, but because he had not made powerful enemies. Always inoffensive, Proudfoot was able to hold the top position in the bank for over a quarter of a century. Ridout, the cashier, was now able to wield much more authority in the bank than he had been allowed by William Allan. Allan, for his part, was troubled upon seeing his system of careful management shunted aside. Allan might be criticised for neglecting commercial customers’ needs from time to time, in pursuit of government business. Public pressure for more accommodation helped to end the Bank of Upper Canada monopoly in the 1830s, with the addition of two chartered and three private bank competitors. Under Allan’s successor, the bank chose to funnel resources into enormous loans to a few customers, including canal companies, and later, railroads. Nevertheless, the

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Copyright © 1964-2017 Canadian Paper Money Society. SPECIAL IBNS SAMPLE Downloaded by (170.106.34.90) at 2021-09-28 19:42:22 MSK (+0300). [7|34] bank continued to be very profitable for a time, paying an 8% annual dividend with occasional generous bonuses until 1843. In that year the dividend was reduced to 6%, but almost the entire rest fund was distributed as a bonus, for a total return of 16% for the year. Whatever were they thinking? (To be fair, similar deeds were done during Allan’s tenure.) The conduct of the Bank of Upper Canada during the crises of 1837 - 1839 was remarkable, to say the least. In May of 1837 a financial crisis broke over Great Britain and the United States, and its effects were fully felt in Canada. Trade was severely restricted and gold and silver coin rose to a premium. Note redemption was thus made very costly for banks, which were confronted with two choices: withdraw note circulation and stop lending, or suspend specie payment and try to carry on. The Bank of Upper Canada chose the former route and most of its competitors, as well as banks in Lower Canada and the United States, opted for suspension. Ridout and Proudfoot thought there was more profit to be made from falling in line with the wishes of Upper Canada’s divisive Lieutenant-Governor, Sir Francis Bond Head, and they were probably right, at least in the beginning. The damaging impact on the bank’s customers and the economic health of the colony generally seem scarcely to have been considered. Under Head’s guidance, all advantages flowed to the bank that didn’t suspend payment, and were withdrawn from those that did. Thus the Bank of Upper Canada prospered, and even its circulation increased as only its notes were accepted for payments to the government. After the financial crisis had nearly run its course and other banks were about to return to a paying basis, the Bank of Upper Canada did not wish to import specie to back its swollen circulation, and therefore suspended. Far from being punished by the withdrawal of government business, the bank’s notes were still accepted, and they were allowed to issue more of them in relation to capital than other banks. As Dr. Baskerville observes, the bank had never enjoyed a “cosier relationship” with the government. Two events in 1850 appeared to offer glittering opportunities to the bank, but proved over time to be sugar-coated poison. Banks were allowed to hold land taken for collateral security against loans, and the Bank of Upper Canada became the banker for the government of the Province of Canada. The economy of the province grew by leaps and bounds in the early 1850s. Good harvests found ready markets at strong prices, helped by the demands created by the Crimean War. Land values soared, and speculation in unsettled “wild” lands made fortunes for the participants, at least on paper, while massive railway construction projects seemed to assure a golden future. The party came to an end in 1856, and grim depression reigned for the next few years. Banks which had cheerfully provided the funds for land speculation were left holding vast tracts of undeveloped land for which there was very little demand, even at bargain prices. The Bank of Upper Canada found much of its funds locked up in this very unavailable asset. Ridout and Proudfoot had been players themselves, and got badly burned. Ridout once fancied himself a rich man but left only a modest estate, and Proudfoot was still stuck with 70,000 acres in 1858. The Bank of Upper Canada was not the only bank to suffer from speculative involvement in the real estate boom and bust. The other two banks chartered by the former colony of Upper Canada, the Commercial Bank of the Midland District (renamed the Commercial Bank of Canada in 1856) and the Gore Bank, got caught in the same kinds of traps and disappeared through amalgamations shortly after the Bank of Upper Canada expired. Becoming the government banker also led to unfortunate results for the Bank of Upper Canada. The government of the Province of Canada deposited funds with the bank, and was a frequent borrower. Anxious to promote railway construction, the government had the enthusiastic support of the bank. Loans to railway companies performed well at first but the hoped-for rail profits did not materialize and a great deal of government support, in the form of Bank of Upper Canada financing, was needed to keep the projects going forward. In the long run, the railways, notably the Grand Trunk, did not make money and remained a heavy and persistent drag on public funds. The bank often advanced funds without any clear understanding of the extent to which the loans were backed by government guarantees. Again, bank capital was often locked up, waiting for repayment of these unsatisfactory loans, and so remained unavailable for any profitable business. One facet of Bank of Upper Canada business will be of particular interest to collectors, and this is the bank’s tangled and murky relationship with the Zimmerman Bank. At this point, the collapsed land boom, the bank’s role as government banker and its railway involvement all intersect. Joseph Curran Morrison, as Receiver-General, deposited about a quarter of a million dollars of government money in the Zimmerman Bank, as a favour to his friend Samuel Zimmerman, who had helped him get elected. The act may have been shady, but legal and within Morrison’s discretion. It is little wonder that Morrison became known as “the Member for Zimmerman”! When Zimmerman, the railway magnate, was killed in a train wreck in 1857, it was discovered that his bank had no funds at all, since all assets had been invested in his

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Copyright © 1964-2017 Canadian Paper Money Society. SPECIAL IBNS SAMPLE Downloaded by (170.106.34.90) at 2021-09-28 19:42:22 MSK (+0300). [8|34] many enterprises. Morrison tried to cover up his blunder by withdrawing the government deposit and placing it with the Bank of Upper Canada, the entire transaction existing only on paper, of course. The amount of the phantom deposit was carried on the bank’s books ever after as part of the government deposit. Worse still, the government bank was somehow prevailed upon by Morrison to redeem the entire Zimmerman Bank note circulation. This involved a further outlay of some $300,000. As security, the Bank of Upper Canada received the entire Zimmerman estate, which consisted mainly of overvalued and unsaleable lands. Issued notes of the Zimmerman Bank are extremely rare today, because the Bank of Upper Canada redeemed practically all of them. Issued and redeemed notes may be identified by large circular holes in the signature areas, by which means they were cancelled. They, too, are not often seen. Staggering from so many blows, the Bank of Upper Canada was in bad shape by the late 1850s. In an attempt to shore up the management, which was sorely deficient, former Inspector-General (minister of finance) William Cayley became assistant manager in 1859. The cashier from the bank’s beginning, Thomas Gibbs Ridout, finally retired in April 1861 and died on 29 July. He was succeeded by Robert Cassels, who had served a long and successful career with the Bank of British North America before being recruited by Alexander Tilloch Galt, the finance minister at the time. The shareholders, finally learning something of the bank’s fragile condition and enormous losses, turfed out William Proudfoot, Thomas Ridout (who had remained a director) and William Cayley at their meeting on 25 June 1861. George W. Allan, son of the founding president, was elected to replace Proudfoot. The bank’s capital was reduced by 40%, the nominal value of its shares being decreased from $50 to $30, to cover acknowledged losses. The former management came in for a great deal of well deserved blame for their incompetence. Thomas Gibbs Ridout (1792 – 1861) Cassels was given the impossible mandate of setting things right Cashier, Bank of Upper Canada, 1822 - 1861 again, but he was not immune to making very serious, and dumb, Image courtesy Toronto Public Library mistakes either. The worst of these was to arrange unsecured loans of over $300,000 to a ship owner, of which the bank eventually recovered less than four cents on the dollar. The government helped the dying bank stay on its feet for a few more years, not out of any great fondness for the bank, but because of its commitment to the Grand Trunk Railroad which was in turn dependent upon the bank. When the opposition ousted the government, Luther Holton was put in charge of the finance portfolio. Holton had little love for the Grand Trunk and considerably less for the bank, which he considered an instrument for corruption. Holton transferred the government account to the Bank of Montreal in 1864, and would have transferred the government deposit had he been able. He settled for a schedule of gradual payments, which the bank eventually proved unable to honour. At the bank’s annual meeting in June 1864 it was reported that almost thirty staff members had found employment elsewhere, and concern was expressed for long serving officers who had no provision for their old age. Among the latter were Charles S. Murray and Maurice Scollard, whose signatures will be familiar to collectors. The reins of government soon reverted to friendlier hands once more, and the tottering bank could sway uncertainly a little longer. The coup de grâce was delivered by the Bank of Montreal, which demanded that the Bank of Upper Canada redeem its notes in gold. Of course they hadn’t any and the bank closed on 18 September 1866. Liabilities of the failed bank to the public were not particularly large, apart from the government account. Private deposits had been steadily drained away during the bank’s long decline, and the circulation had diminished. A few years earlier the bank had industriously withdrawn its earlier note issues and replaced them with the green 1859 (two signatures) and 1861 (one signature) issues. Older notes still outstanding were then written off as having been lost or destroyed, except for a little under $90,000 retained on the circulation account, thereby improving the appearance of the balance sheet.1 Government trustees stated the total outstanding circulation to be $262,219 in their report of 22 May 1868.

1 Many other banks did likewise, and, when caught, were required to restore all such amounts to their circulation accounts by the terms of banking legislation of the Dominion. The Bank of Upper Canada, by then, had passed into history.

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Copyright © 1964-2017 Canadian Paper Money Society. SPECIAL IBNS SAMPLE Downloaded by (170.106.34.90) at 2021-09-28 19:42:22 MSK (+0300). [9|34] Notes still unpaid by April 1875 amounted to only $3,300, and it was considered that most of those would never be presented. The latter amount is so small, for a major bank that had been in business for 44 years, that one is tempted to think that the amount written off may have been a little too aggressive. Immediately following the failure of the bank, notes were not redeemed nor deposits refunded for an extended time. Those indebted to the bank, however, were allowed to apply their bank notes and deposits as offsets to their full nominal value against the amounts they owed. These debtors therefore gladly bought up notes from the public at 70 or 75 cents on the dollar, to pay against their loans. These were the only individuals who were effectively reimbursed to the full amount of their notes and deposits. Other creditors were given trustee’s certificates prior to general redemption. Eventually the federal government took over the estate and redeemed liabilities such as bank notes and deposits at 75 cents on the dollar. The amount due to the Government of Canada was determined to be over $1.1 million but only about a tenth of the amount was ever recovered. As The Monetary Times explained, in the 2 April 1875 edition, The liquidators report . . . the great debt to the Government amounting to $1,120,000, which has considerately been left to the last, as the Government of former days had something to do with bringing the Bank into the difficulties under which it finally succumbed. Something to do with it, indeed! Liquidation dragged on for decades, not coincidentally maximizing earnings of the bank’s former solicitor who was finally left in charge of winding up the estate. Prime Minister Macdonald wanted the whole matter wrapped up as quickly and quietly as possible for reasons both political and personal, so shareholders were never asked for payments under the double liability provisions. He feared, no doubt correctly, that any revelations would provide ammunition for the enemies of the government. In any case, many of the more substantial shareholders had taken pains to dispose of their stock to “straw men,” or others equally incapable of paying double liability, during the bank’s protracted decline. It is interesting that sums owed to the bank by Proudfoot and the Ridout estate were written off completely, and the debts of the final president, George Allan, were recouped at only 50¢ on the dollar. The liquidators got rid of tons of the bank’s books, sold to a paper manufacturer as used paper at $20 per ton, which may have helped keep the lid on unsavoury state secrets.

Bank of Upper Canada Head Office Adelaide and George Streets, Toronto Photo by Paul Petch, 2014

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Copyright © 1964-2017 Canadian Paper Money Society. SPECIAL IBNS SAMPLE Downloaded by (170.106.34.90) at 2021-09-28 19:42:22 MSK (+0300). [10|34] BRANCHES AND AGENCIES OF THE BANK OF UPPER CANADA IN 1859 (as listed in Baskerville) Head Office Branches Agencies Toronto Brockville, Hamilton, Chatham Barrie, Belleville, Clifton Kingston, London, St. Catharines Goderich, Lindsay, Niagara Montreal, Quebec Ottawa, Port Hope, Sarnia Stratford, Windsor, Picton Three Rivers

Many of these place names are known as either overprints or engraved domiciles on surviving notes, but certainly not all of them. This might be a suitable point at which to explain the numerical overprints which are often found stamped in various colours on notes of the 1859 and 1861 issues. We quote from the bank’s manual of operating instructions: Before the Notes are signed for circulation, each 1000 shall be stamped twice — once at each end — with the Register folio on which they are to be entered. Much time and trouble will thus be avoided when preparing the damaged notes for destroyal, as by assorting them by their folio numbers, the notes of each Office, plate and denomination will be at once brought together. Principal sources consulted in preparation of this manuscript were: 1. Peter Baskerville, The Bank of Upper Canada, The Champlain Society (1987) 2. Dominion of Canada, 32 Vic. Sessional Papers No. 6 (1869) 3. The Monetary Times, various issues 4. The Dictionary of Canadian Biography

REGISTER OF NOTES ISSUED BY THE BANK OF UPPER CANADA, YORK / TORONTO1 IV. 2. Montreal Issue, 1857 ($10: proofs only) 4. Quebec Issue, 1857 $10 Jan. 7 1857 Payable Quebec 28626/B VG-F National Currency Collection; Charlton cat. 8th ed. V. Issues of 1851 – 1857, Blue Protector Quantities printed, to the extent that they are known, may be had by reference to Canadian Bank Notes, 8th Edition, p. 525. 2. Brockville Issue ($2 Jan. 9 1851) $2 Jan. 9 1851 Payable Brockville 217/F Fair National Currency Collection damaged 4. Kingston Issue ($1 Jan. 6 1851) $1 Jan. 6 1851 Payable Kingston 8340/C Abt VG TICF Sale (Nov. 2003) raised to $10 $1 Jan. 6 1851 Payable Kingston illegible/E Good National Currency Collection 5. London Issue ($1 Jan. 6 1851) $1 Jan. 6 1851 Payable Kingston 659/B AG JHA Sale (Sept. 2001)

1 A register of the earliest issues of this bank was published in the March 2011 CPMS Newsletter, page 20. Not before time, we conclude the listings here. For ease of navigation, we are following the sequence in Canadian Bank Notes [Charlton Press, 8th Ed. 2014].

Canadian Paper Money Society Journal 2014 Page 103

Copyright © 1964-2017 Canadian Paper Money Society. SPECIAL IBNS SAMPLE Downloaded by (170.106.34.90) at 2021-09-28 19:42:22 MSK (+0300). [11|34] 6. Montreal Issue ($1 Jan. 2 1851; $2, $5: proofs only) $1 Jan. 2 1851 Payable Montreal 1212/H AG National Currency Collection $1 Jan. 2 1851 Payable Montreal 3924/C F-VF National Currency Collection ex W. H. McDonald coll. 8. Quebec Issue ($1, $2, $5, various 1853 – 57)

$1, 9 August 1856, Blue Protector, Quebec Issue Coll: R. J. Graham

$1 1 Jany 1853 Payable Quebec 9357/E VG-F eBay (Dec. 2012) some damage at right, incl. missing upper right corner and small tear bottom right. $1 1 Jany 1853 Payable Quebec 10619/F VG-F National Currency Collection $1 1854 Payable Quebec VG-F 1954 CNA Sale $1 9 Aug. 1856 Payable Quebec 25387/C VG Private collection $1 12 Augt 1856 Payable Quebec 28622/E VG National Currency Collection $1 1856 Payable Quebec VG 1974 TCC Sale $1 (18 May?) 1857 Payable Quebec 37794/E Charlton cat. 8th ed. $1 185? Payable Quebec ? Fair eBay (Sept. 2008) upper right corner missing $2 5 May 1852 Payable Quebec 9896/F F-VF National Currency Collection $2 1854 Payable Quebec Good Torex Sale (Oct. 1974) tears $2 4 May 1854 Payable Quebec 15014/E VG National Currency Collection pieces missing, holes NOTE: The 1852 $2 has a plain slate-blue TWO protector; the 1854 $2 has a fancy blue TWO protector. VI. Toronto Branch $10 Issue Late 1850’s $10 17 Jan. 1857 o/p LONDON 1965 CNA Sale VII. Green Issues of 1859 and 1861 Preparations for the “Green Issue” began in March, 1858, when the firm of Rawdon, Wright, Hatch & Edson received orders to engrave the plates. With the amalgamation of that firm into the American Bank Note Company the following April, the order was transferred to the new company. Imprints of both firms appear on the notes. The Bank of Upper Canada was finding itself in trouble by this time, and planned to withdraw all older notes, replacing them with those of the new issue. Older notes that were not returned were assumed to have been lost or destroyed, and a portion of the amount was written off the circulation liability to improve the appearance of the bank’s affairs. All $2, $5 and $100 notes of the green issue have fine, thin check letters in a large, ornate script style. These can be difficult to find and interpret. $1 notes numbered up to 44000 also have a script check letter; then it was changed to the white face style. The other denominations have white face check letters, which, although smaller in size, are quite readily seen.

Page 104 Canadian Paper Money Society Journal 2014

Only the lower numbered notes of this issue were dated by letterpress, subsequent to production. Of course the date figures added in this way will be seen to wander around, tending to miss the target line, and the overall effect can be rather untidy. A distinct improvement was made when the full dates were engraved in the plates, a different date in July 1859 being used for each denomination. Low numbered notes of the Toronto issue, including the majority of those with the date completed by letterpress (i.e. those numbered 00001 to 02000) have only a single number, in red. Higher numbered notes will have two red numbers.2

A $5 note is known with letterpress date and dual numbers (09618). Letterpress Date Detail One thousand $20.20.50.100 sheets were printed, as ordered at the end of 1858 From $1, 1 July 1859, Toronto Issue or beginning of 1859. Only proofs remain, and exist with partially engraved dates, ______18__, as well as with fully engraved dates. We don’t really know whether issued high denomination notes had overprinted or fully engraved dates, or if they were issued in both formats.

$1, 1 July 1859, Toronto Issue Date completed by Letterpress Overprint Coll: R. J. Graham

$1 1 July 1859 black “5” 01002/A Good Private collection major tears $1 1 July 1859 black “5” 01571/A VG National Currency Collection left corners missing $5 5 Jany 1859 black “51” 01859/C PMG F15 Private collection $5 5th July 1859 black “64” 09618/B VG National Currency Collection pieces missing 4. Toronto Issue, Engraved Date, Two Signatures, 1859

On the $1 and $2 notes, the loop of the 9 in the engraved date is too large and consequently awkward looking, but the numeral is well formed on the larger denominations.

Engraved Date Detail Engraved Date Detail From $1, 1st July 1859, Montreal Issue From $5, 5th July 1859, Toronto Issue Note the poorly formed “9” digit, as seen on $4 and higher denominations have a much more pleasing “9” digit $1 and $2 notes Image courtesy W. D. Eeles

Just one note with engraved date is known to have a single number, a $2 note with number 01616.

2 Orders received by American Bank Note Co. in Dec. 1858 and Jan. 1859 specified the first 8,000 impressions were to have single numbers, and 43,000 to have double numbers. The order may have been superseded by other instructions as the latter quantity is inconsistent with other ABN order book details. Canadian Paper Money Society Journal 2014 Page 105

Copyright © 1964-2017 Canadian Paper Money Society. SPECIAL IBNS SAMPLE Downloaded by (170.106.34.90) at 2021-09-28 19:42:22 MSK (+0300). [13|34] Based on the known changeover numbers for the 1861 issue, the numbering for the 1859 issue of $1 to $10 notes would have been $1 00001 – 34000 40,000 notes printed $2 00001 – 34000 40,000 notes printed $4 00001 – 40000 40,000 notes printed $5 00001 – 34000 40,000 notes printed $10 00001 – 34000 40,000 notes printed $20 00001 – 34000 40,000 notes printed Information on quantities printed and how they were numbered seems at first to be incompatible, but a solution is possible. ABN Co. records indicate 40,000 printed of each of $1, $2, $4, $5 and $10 notes with the 1859 date, including both partially and fully engraved date varieties. An easy solution presents itself for the $4 notes: we posit that all were note numbered. This postulate is supported by the numbers of the four surviving notes recorded below, in that numbers associated with check letter A are congruent to 1 modulo 4 (i.e. leave a remainder of 1 upon division by 4); check letter B numbers are congruent to 2 mod 4, check letter C numbers, we confidently predict, would be congruent to 3 mod 4, if there were any, and both $4s with check letter D are congruent to 0 mod 4. It is highly improbable that the hypothesis would correctly predict the check letters on all four known 1859 $4 notes merely by random chance. But what of the other denominations, which can’t be numbered past 34000 without intruding into the 1861 numbering sequence? We can make their numbers work out correctly if we postulate that of the 10,000 sheets of each printed, the first 2,000 sheets were sheet numbered (00001 – 02000) and the final 8,000 were note numbered (02001-34000).3 Again, this hypothesis is in agreement with the numbers and check letters of all recorded $1, $2, $5 and $10 notes of the 1859 Toronto issue. $1 1859 black “12” 05421/A VG National Currency Collection edge pieces missing $1 1859 047 MONTREAL 06280/ Abt VG Torex Sale (Feb. 2002) $1 1859 14808/D Abt Fine JHA Sale (June 1997) taped tear $1 1859 33 BROCKVILLE 30355/ Abt Good JHA Sale (Sept. 2009) dismounted violently; lots of glue $2 1859 black “40” 01616/D VG National Currency Collection $2 1859 0115 GODERICH 12434/B Fine 2000 ONA Sale $2 1859 0116 GODERICH 13291/C VG National Currency Collection $2 1859 05 ST CATHARINES 14471/C Fine eBay (Sept. 2006) $2 1859 08 ST CATHARINES 17589/A Fine National Currency Collection $4 1859 77 12982/B Charlton cat. 8th ed. $4 1859 31 ST. CATHARINES26145/A G-VG National Currency Collection holes $4 1859 43 BROCKVILLE 30712/D VG-F National Currency Collection ex W. H. McDonald coll. $4 1859 KINGSTON 86 37996/D G-VG National Currency Collection $5 1859 14 ST. CATHARINES15007/C Abt Good Private collection < G. Bell Sale (May 2014) $5 1859 73 22857/A VG-F Private collection $5 1859 52 BROCKVILLE 29008/D Fine National Currency Collection $10 1859 100 KINGSTON 29919/C Fine National Currency Collection $10 1859 LONDON VG ex Wm. F. Lavell

3 The first 4/on sheet of notes of a given denomination would be numbered 00001/A, 00002/B, 00003/C, 00004/D if note numbered, or 00001/A, 00001/B, 00001/C, 00001/D, if sheet numbered. Subsequent sheets would follow in like manner. 1859 Toronto issue $1 notes numbered 1002/A and 1571/A are not compliant with the “Rule of 4” as described above, and therefore must have been sheet numbered. That, plus the fact that the first 8,000 impressions were supposed to have been numbered only once, lead us to think that the first 2,000 sheets were in fact sheet numbered. Page 106 Canadian Paper Money Society Journal 2014

The 1861 issue was considered to be a continuation of the 1859 Toronto issue, as the numbering seems to begin where the 1859 numbers left off. Notes of the 1861 Toronto issue were all sheet numbered. The tint was modified to put a green spelled-out denominational counter in the space where the left signature had previously been, and on the face plate the words “For the Bank of Upper Canada” were added in small italics below the domicile at the lower centre. The face plates, which by this time had been changed from Toronto to Montreal to Quebec, were changed back to Toronto again, as per order of February 1861. Within the 1861 issue for Toronto, there are several small varieties, and of course a considerable range of branch or agency overprints. We do not have specific information on the deliberate changes to the plates apart from what can be found by observation, but we do know when they occurred so far as the order date is concerned, and at what point in the sheet numbering.

Den. Sheet Numbers Ordered Variable $1 34001 — 44000 Feb. 1861 Script check letter 44001 — 49000 Sept. 1861 White face check letter 49001 — 54000 May 1862 White face check letter Total: 80,000 notes $2 34001 — 44000 Feb. 1861 White signature panel; first sheet number at upper left 44001 — 49000 Sept. 1861 Green signature panel; first sheet number at lower left. Total: 60,000 notes $4 40001 — 50000 Feb. 1861 Sheet numbers near top 50001 — 55000 Sept. 1861 Sheet numbers at bottom; “No.” and line for sheet number removed from plate Total: 60,000 notes $5 34001 — 44000 Feb. 1861 44001 — 49000 Oct. 1861 Some alteration was recorded but none spotted so far 49001 — 59000 Dec. 1861 Total: 100,000 notes $10 34001 — 44000 May. 1861 44001 — 49000 Oct. 1861 Some alteration was apparently made but no surviving note has been seen for Total: 60,000 notes comparison.

$1, 1st Jany 1861, Toronto Issue HAMILTON overprint Coll: R. J. Graham

$1 1861 STRATFORD ? VG 1969 CNA Sale punch cancelled $1 1861 78 KINGSTON 36504/ VG Private collection edge damage $1 1861 LONDON 42010/B Good National Currency Collection tape $1 1861 B023 ST. CATHARINES43056/C Fine National Currency Collection

Canadian Paper Money Society Journal 2014 Page 107

Copyright © 1964-2017 Canadian Paper Money Society. SPECIAL IBNS SAMPLE Downloaded by (170.106.34.90) at 2021-09-28 19:42:22 MSK (+0300). [15|34] $1 1861 GODERICH 44102/A F+ National Currency Collection paper pull on back Charlton cat. 8th ed. $1 1861 GODERICH 44448/B National Currency Collection ex W. H. McDonald coll. $1 1861 BELLEVILLE 45321/D Fine National Currency Collection upper left corner missing $1 1861 STRATFORD 46530/C Fine National Currency Collection $1 1861 KINGSTON 47167/C G-VG National Currency Collection $1 1861 KINGSTON 47787/A G-VG 1975 CNA Sale ex Gaver collection $1 1861 SARNIA 48228/B VG eBay (Mar. 2006) $1 1861 OTTAWA 48832/C VG Private collection $1 1861 OTTAWA 48915/D G-VG National Currency Collection large lower right corner missing $1 1861 WINDSOR 49652/D VG 2000 ONA Sale bottom is cut off $1 1861 WINDSOR 49938/A G-VG National Currency Collection red C stamp ex Walter Allan coll. $1 1861 HAMILTON 50747/C VG Private collection $1 1861 BARRIE 51607/B 1976 CNA Sale $1 1861 BARRIE 51610/C Fine National Currency Collection $1 1861 HAMILTON 52086/B VG Private collection $1 1861 HAMILTON 52402/C Fine National Currency Collection $1 1861 no o/p 53184/D VG 2010 RCNA sale ex Wm. King collection looks trimmed, cut into at upper right $1 1861 no o/p 53294/A VG National Currency Collection $1 1861 no o/p 5348?/ VG 1966 CNA Sale lower left corner missing $1 1861 no o/p 53690/B Good eBay (May 2002) many defects

$2, 1st Jany 1861, Toronto Issue BARRIE overprint Coll: Bruce Hodges

$2 1861 B013 LONDON 39979/A Fine National Currency Collection ex W. H. McDonald coll. $2 1861 B017ST CATHARINES 40386/A G+ JHA Sale (Oct. 1993) corners missing $2 1861 WINDSOR 45191/B Abt VG National Currency Collection red C stamp extensively damaged and mounted on card $2 1861 BARRIE 46474/B VG-F National Currency Collection tear, tape marks on back ex W. H. McDonald coll. $2 1861 BARRIE 46628/D VG Private collection

$4 1861 ST CATHARINES Abt F CNA Sale 1965 $4 1861 0135 SARNIA 41151/C VG-F National Currency Collection $4 1861 0149 OTTAWA 43709/A AG National Currency Collection large piece missing ex W. H. McDonald coll. $4 1861 B032 KINGSTON 47659/D AG 2010 RCNA Sale ex Wm King coll. upper right corner missing and large piece missing from bottom left $4 1861 HAMILTON 50527/ Fair National Currency Collection

Page 108 Canadian Paper Money Society Journal 2014

Copyright © 1964-2017 Canadian Paper Money Society. SPECIAL IBNS SAMPLE Downloaded by (170.106.34.90) at 2021-09-28 19:42:22 MSK (+0300). [16|34] $5, 1st Jany 1861, Toronto Issue KINGSTON overprint Coll: W. D. Eeles

$5 1861 WINDSOR G-VG 1959 CNA Sale $5 1861 91 KINGSTON 35059/C VG-F National Currency Collection $5 1861 0111 HAMILTON. 37630/C VG-F Private collection $5 1861 STRATFORD 44991/A VG National Currency Collection $5 1861 KINGSTON 48766/C F+ Private collection $5 1861 KINGSTON 48818/C F-VF National Currency Collection $5 1861 ST CATHARINES 51879/ F12 Private collection $5 1861 SARNIA 52142/B VG-F National Currency Collection $5 1861 HAMILTON 53574/ Fine Dealer (Aug. 1998) $5 1861 HAMILTON 53721/B VF National Currency Collection $5 1861 HAMILTON 55412/C F+ 1999 CNA Sale small tear at top $5 1861 WINDSOR 56321/A VG-F National Currency Collection red C stamp tear at right

$10 1861 OTTAWA 38596/A Good National Currency Collection $10 1861 GODERICH 42467/D VG National Currency Collection 8. Montreal Issue, 1859

After printing the 1859 Toronto issue, the plates for all denominations from $1 to $10 were altered, naming Montreal as the office at which the notes would be redeemed. American Bank Note Co. received the instructions for the alteration in August, 1859. Quantities printed, and how they were numbered, may be found in Canadian Bank Notes, 8th Edition, p. 529.

$1, 1st July 1859, Montreal Issue Fully Engraved Date Coll: R. J. Graham

Canadian Paper Money Society Journal 2014 Page 109

Copyright © 1964-2017 Canadian Paper Money Society. SPECIAL IBNS SAMPLE Downloaded by (170.106.34.90) at 2021-09-28 19:42:22 MSK (+0300). [17|34] $1 1859 03672/D Good Private collection $1 1859 blue 046 05085/A G-VG National Currency Collection corner tips missing; worn through on folds $1 1859 blue 046 05200/ VG+ Private collection several fairly major tears; paper pulls on back $1 1859 blue 047 06280/ Abt VG C. Moore Sale (Nov. 2001)

$2 1859 no o/p 02266/B Fine National Currency Collection repaired back ex W. H. McDonald coll.

$5 1859 no o/p 20756/D Fine National Currency Collection

$10 1859 no o/p 00788/D Abt VG National Currency Collection $10 1859 blue 042 05136/D Charlton cat. 8th ed. $10 1859 blue 042 05229/A VG Private collection

$10, 6th July 1859, Montreal Issue Fully Engraved Date Coll: R. J. Graham

10. Quebec Issue, 1859

In February, 1860, American Bank Note Co. received instructions to change the domicile on the plates again, this time to Quebec. Quantities printed, and how they were numbered, may be found in Canadian Bank Notes, 8th Edition, p. 529.

$1, 1st July 1859, Quebec Issue Fully Engraved Date Coll: R. J. Graham

Page 110 Canadian Paper Money Society Journal 2014

Copyright © 1964-2017 Canadian Paper Money Society. SPECIAL IBNS SAMPLE Downloaded by (170.106.34.90) at 2021-09-28 19:42:22 MSK (+0300). [18|34] $1 1859 red 20 03724/D G-VG Private collection $1 1859 red 42 09357/A G National Currency Collection $1 1859 red 42 09??2/ poor eBay (Apr. 2006) $2 1859 red 36 03473/A F+ National Currency Collection $5 1859 Poor C. Moore Sale (Nov. 1978) $5 1859 10 01850/B Charlton cat. 3rd ed. $5 1859 02373/ Good ex D. Cameron coll. $10 1859 red 3 02945/A VG-F National Currency Collection tear, small piece missing at top ex W. H. McDonald coll. $10 1859 red 6 05662/B Fine National Currency Collection worn on creases; thin strip missing across most of bottom 12. Quebec Issue, One Signature, 1861

The plates which had been altered so many times, from Toronto to Montreal to Quebec and back to Toronto again, and from 18__ to 1859 to 1861, were altered yet again, to Quebec once more. American Bank Note Co. received the instructions for the alteration, and to print 5,000 4/on sheets of $1 and $2 notes, in Oct. 1861. No surviving 1861 $2 notes payable at Quebec have been recorded. In May 1862 the $1 face plate was ordered to be changed back to Toronto again, and additional notes printed. Thereafter the plates were neither modified nor used. Numbering was continuous from the 1859 Quebec issue; further information may be found in Canadian Bank Notes, 8th Edition, p. 530. $1 1861 20057/C VG National Currency Collection light staining ex Serge Laramee

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Canadian Paper Money Society Journal 2014 Page 111

Copyright © 1964-2017 Canadian Paper Money Society. SPECIAL IBNS SAMPLE Downloaded by (170.106.34.90) at 2021-09-28 19:42:22 MSK (+0300). [19|34] A $50 FRONTIER NOTE WITH BPN ON LEFT AND RIGHT EDGES OF THE BACK by Hitesh Doshii

The Note and the BPN Recently I was presented with a $50 Polymer Series Note (GPM Cat. No. BC-72a printed by BAI). Looking at the back of the note it was apparent that the note was cut in a manner that more of the left edge was showing than the right edge (Image 1). A closer examination (with the naked eye) revealed that the second digit of the BPN was partially cut off (See Image 3). The note showed the first digit of the BPN as “6” and the second digit was only partially showing but appeared to be a “7”. In the $50 Journey Series a cut like this would have invariably also cut the first digit of the FPN as seen in Doshi (2014). However there has been a subtle change in the relative location of the FPN and the BPN in the design of the Frontier Series. The FPN and BPN are located at the two different edges of the note in Frontier Series so a partially cut off BPN still leaves the FPN intact as long as the note is not in other ways reduced in its dimensions. The FPN was 67. So, based on the position numbering pairs in the Polymer series, it is safe to say that the BPN of this note is 67. Looking for possibility of an error A study of the design of the borders in Canadian Bank Note (not published) reveals that in at least the last two generations of design Table 1 there is no white border like the first generations of notes. Instead Layout for BAI $50 Polymer the printing is continuous from one note to the other. This means as per Pomerleau (2012) that if the printing plate that carries the impression to be printed is 12345 perfect (it is safe to assume this is the case) and if the notes are cut A 61/61 51/51 62/62 52/52 63/63 with the width and length as specified, then the printing on the two B 53/53 64/64 54/54 65/65 55/55 edges would match and be continuous (See Image 4). The corollary C 66/66 56/56 67/67 57/57 68/68 to this is that if the note is cut shorter or longer than the required D 58/58 69/69 59/59 81/81 71/71 dimension or if it is cut off register on one edge then it will show a E 82/82 72/72 83/83 73/73 84/84 portion of continued image on the other edge on the same note. This F 74/74 85/85 75/75 86/86 76/76 provides an easy way to determine if the note is cut shorter or longer G 87/87 77/77 88/88 78/78 89/89 than the required dimensions by checking the continuity of printing H 79/79 91/91 92/92 93/93 94/94 at the two edges. X 95/95 96/96 97/97 98/98 99/99 Examining the left edge of the note as viewed from the back it became apparent that there was remnants of one digit of the BPN Table 2 on the left edge of the note (See Image 2 ). An examination of the Proposed Layout for BAI $50 Polymer digit and the edge revealed that it fit the missing portion of a “7” of 12345 the BPN from the adjacent note. This observation confirms that the A 91/91 81/81 71/71 61/61 51/51 note in question is not cut short and has the specified dimensions of B 92/92 82/82 72/72 62/62 52/52 the width of the note (152.4 mm). Actual measurements of the width C 93/93 83/83 73/73 63/63 53/53 D 94/94 84/84 74/74 64/64 54/54 revealed that the note was a bit wider than the stipulated width. E 95/95 85/85 75/75 65/65 55/55 Given the above facts it is easy to conclude that the note would F 96/96 86/86 76/76 66/66 56/56 fall under the error category of GPM catalogue no. E25-i. This note G 97/97 87/87 77/77 67/67 57/57 also has remnants of an adjacent note in terms of the partial BPN H 98/98 88/88 78/78 68/68 58/58 digit on the left edge. The author has not seen any reports of other I 99/99 89/89 79/79 69/69 59/59 note with partial BPN on both edges of the back of the note.

1 Mr. Hitesh Doshi teaches in the Architectural Science Department at Ryerson University and is interested in the design aspects of banknotes. He can be reached at [email protected] or 416 979 5000 x6502.

Page 112 Canadian Paper Money Society Journal 2014

Copyright © 1964-2017 Canadian Paper Money Society. SPECIAL IBNS SAMPLE Downloaded by (170.106.34.90) at 2021-09-28 19:42:22 MSK (+0300). [20|34] Image 1 Full width of back of the note with left edge wider than right edge and partial BPN number visible at both edges

Comparison With Reported Bank Note Layout Because of the design of the Frontier Series notes missing, digits from the BPN does not preclude us from knowing the position number pair for the note. In this case the FPN is visible and determined to be 67 from which it can be inferred that the BPN is also 67. However looking at the remnants of the BPN on the left edge provides information, which conflicts with current reported layout of $50 Frontier Series notes printed by BAI. The remnants on the left edge strongly indicate that the second digit of the adjacent note to the left of the reported note is a “7”. The layout as seen from the back, for $50 Frontier Series notes printed by BAI, was first reported by Gilles Pomerleau (2012) and is presented in Table 1. This same layout is reported in the BAI and CBN Printing Layouts (n.d.) as BAI Layout 5. According to that layout the BPN to the left of the note with BPN 67 has a BPN Image 2 Image 3 of 56. Showing close-up of back of Showing close-up of back of the note at left edge note at right edge The note to the left of $50 Polymer note under investigation could only have a position number of 57, 77, 87, or 97. The only thing closest to BPN 67 in the proposed layout shown in Table 1 is the note to the right, when viewed from the back, with a BPN of 57 (Row C-Column 4 in Table 1). If this layout was flipped, meaning that it was the layout looking at the face of the note then the remnant of the “7” would have been from a note with BPN of 57. There is no way to prove if this is the case with the physical information presented so far. Predicted Position Numbers and Bank of Canada’s Response It is the opinion of the author that the nature of printing of bank notes is such that any desired printing layout of serial numbers on a sheet of banknotes can be achieved by arranging the numbering machines of serial numbers as opposed to changing the position numbers on the layout. Since the printing of serial numbers is a discrete process it allows better control to achieve Image 4 the same level of security as would be achieved by having multiple Right and left edge of the same note positioned side-by-side to show continuity of print design. position number layouts. Based on this idea and some anecdotal A perfect match of edges would indicate that the note was cut evidence the printing layout as shown in Table 2 seemed to be perfectly to the right size. In this example the note is cut oversize plausible. by a very small amount (0.2mm) as can be seen by some overlapping material. Note: The two edges were intentionally With this layout the note left of 67/67 would then be 77/77. left a bit apart to present all the elements at the edge.

Canadian Paper Money Society Journal 2014 Page 113

Copyright © 1964-2017 Canadian Paper Money Society. SPECIAL IBNS SAMPLE Downloaded by (170.106.34.90) at 2021-09-28 19:42:22 MSK (+0300). [21|34] The Bank of Canada was contacted and it was provided with the photos of the bank note, and the serial number and was requested to confirm the position number pair for the note to the left of this note with BPN of 67 and as viewed from the back. The Bank of Canada (2014) was graciously able to confirm the position number pair of the adjacent note as 77/77. The following provides the question asked and the answer:

Q. Can the Bank confirm whether the partial 7 seen on the left side (as viewed from the back) on the A—####### comes from a note with a Back Plate Number of 77? A. Yes, that is correct. The plate number adjacent to the note would have been 77.

The Bank was also asked to provide the layout information for polymer banknotes but declined to provide it because of security reasons. Final Verdict A small misalignment in cutting of the bank notes has resulted in an interesting note which has BPN on both sides of the back of the note. This author has yet to come across such a note and considers it uncommon based on the number of notes studied. This fascinating find indicates that the layout of this note does not confirm to the proposed layout for similar notes provided by Pomerleau (2012). Taking into account some anecdotal evidence a simple alternate layout is proposed. This alternate layout predicts the BPN of the adjacent note to be 77, which is confirmed by Bank of Canada to be correct. The skip numbering and the printing of the notes in sets of 40 notes and 5 notes on the same sheet as suggested by Pomerleau (2012) can still fit within the proposed layout of Table 2. However it contradicts the popular notion that the set of 5 notes that are printed with the set of 40 notes are found in a row. In this layout they are found in the bottom part of the first column. However contradictory it sounds, numbering technology makes this possible and it provides an easier way for the Bank of Canada to achieve its security goals related to prefix and position number combinations without complicating the rest of the printing process, which would require the redesign of plates. In future articles the author will present physical evidence to show that the currently accepted CBN Layout 7 (Pomerleau & Mackie 2013) similarly is more along the lines of layout presented in Table 2. References 1. Doshi, H. (2014). “Cut out of register note tells a story”, CPMS Journal, Vol 50, Num 142, (September 2014), pp 82-84. 2. Pomerleau, G. (2012). “The $50 Polymer Notes “, CPMS Journal, Vol 48, Num 134 (September 2012), pp 94. 3. Pomerleau G., & Mackie B.W.J. (2013). “CBN Printing of Polymer Notes”, CPMS Journal, Vol 49, Num 139 (December 2013), pp 118-119. 4. ——”BAI and CBN Printing Layouts”, Canadian Paper Money Wiki, Retrieved, Nov., 21, 2014, http://wiki.cdnpapermoney.com/index.php?title=BAI_and_CBN_Printing_Layouts#BAI:_Layout_5 5. Bank of Canada (2014). Author’s communication via e-mail.

Page 114 Canadian Paper Money Society Journal 2014

Copyright © 1964-2017 Canadian Paper Money Society. SPECIAL IBNS SAMPLE Downloaded by (170.106.34.90) at 2021-09-28 19:42:22 MSK (+0300). [23|34] REPLACEMENT NOTE UPDATE by Gilles Pomerleau and Brent W.J. Mackie

The following is a list of all new or modified replacement note ranges since The Charlton Standard Catalogue of Canadian Government Paper Money, 27th edition 2015. Changes since the last listing in CPMJ are in bold type Sheet Replacements $5 HBM 8.028M - 8.037M $5 HBV 1.881M - 1.890M * $5 HCA 8.217M - 8.226M $5 HBN 0.495M - 0.504M $5 HBV 2.864M - 2.873M * $5 HCB 0.891M - 0.900M $5 HBN 0.513M - 0.522M $5 HBV 5.094M - 5.103M $10 FEW 5.787M - 5.796M * $5 HBN 0.531M - 0.540M $5 HBV 8.003M - 8.012M $10 FTA 6.867M - 6.876M $5 HBN 1.971M - 1.980M $5 HBV 8.579M - 8.588M $10 FTC 7.173M - 7.182M $5 HBS 2.322M - 2.331M $5 HBV 8.687M - 8.696M $10 FTC 7.200M - 7.209M $5 HBS 2.376M - 2.385M $5 HBW 0.657M - 0.666M $10 FTC 7.227M - 7.236M $5 HBS 2.484M - 2.493M $5 HBW 0.675M - 0.684M $10 FTC 7.272M - 7.281M $5 HBS 5.001M - 5.013M * $5 HBW 0.702M - 0.711M $10 FTC 7.407M - 7.416M $5 HBS 5.337M - 5.346M * $5 HBW 0.738M - 0.747M $10 FTC 7.443M - 7.452M $5 HBT 3.609M - 3.618M $5 HBW 1.305M - 1.314M $10 FTC 7.740M - 7.749M $5 HBT 5.859M - 5.868M $5 HBW 3.312M - 3.321M $10 FTE 3.555M - 3.564M $5 HBU 3.546M - 3.555M $5 HBW 3.546M - 3.555M $10 FTE 5.769M - 5.778M $5 HBU 4.608M - 4.617M $5 HBW 5.679M - 5.688M $10 FTG 2.466M - 2.475M $5 HBU 6.705M - 6.716M $5 HBW 9.774M - 9.783M $10 FTG 4.473M - 4.482M $5 HBV 1.377M - 1.386M $5 HBY 3.519M - 3.528M * $50 FMS 0.400M - 0.440M $5 HBV 1.422M - 1.431M $5 HCA 0.072M - 0.081M $50 FMW 1.449M - 1.458M * $5 HBV 1.476M - 1.485M $5 HCA 0.144M - 0.153M $50 FMW 4.743M - 4.752M * $5 HBV 1.710M - 1.719M $5 HCA 5.958M - 5.967M $50 FMZ 8.460M - 8.469M

Single Note Replacements $5 HBT 9513000 - 199 (200) $10 FTC 7355400 - 599 (200) $20 FVJ 1035000 - 199 (200) $5 HBT 9522000 - 199 (200) $10 FTC 7370000 - 199 (200) $50 FMT 6.913M - 6.914M $5 HBU 4858600 - 799 (200) * $10 FTC 7435000 - 199 (200) * $50 FMU 3.434M - 3.435M * $5 HBU 6783000 - 199 (200) $10 FTC 7554600 - 799 (200) $50 FMU 8.450M - 8.451M * $5 HBV 1645600 - 799 (200) $20 FSF 7536600 - 799 (200) $50 FMV 6.981M - 6.982M $5 HBW 0513000 - 199 (200) $20 FSF 7537000 - 199 (200) $50 FMZ 8375400 - 599 (200) * $5 HBW 0522000 - 199 (200) $20 FSK 6904000 - 199 (200) * $50 GHB 3.550M - 3.551M * $5 HBY 3531000 - 199 (200) * $20 FSZ 5093800 - 999 (200) $100 FKD 3.849M - 3.850M $5 HBY 4370200 - 399 (200) * $20 FVJ 0845800 - 999 (200) * * Ranges are new or modified since Gilles’ November 2014 list Corrections to The Charlton Standard Catalogue of Canadian Government Paper Money, 27th edition 2015: Page 368: BC-70aA FTC 1750800-999 should be FTD 1750800-999. Page 378: BC-73aA FKF 1.397M - 1.399M. Further finds and research have proven that this is not a replacement range, but the last row of a 40,000-note range. For more information, read CBN Printing of Polymer Notes, CPMS Journal vol 49 iss 139, December 2013, pp. 118-9.

Page 116 Canadian Paper Money Society Journal 2014

Recent prefixes for the $5 through to the $100 notes are listed. For other prefixes and series, refer to The Charlton Standard Catalogue of Canadian Government Paper Money, 27th edition 2015. Changes since the last listing in CPMJ are in bold type. $20 2012 Polymer Issue $5 2013 Polymer Issue BS_ Series, Macklem-Carney signatures (BAI) HC_ Series, Macklem-Poloz signatures (CBN) 1 prefix: BSV 5 prefixes: HCE, HCF, HCG, HCK, HCM FV_ Series, Macklem-Carney signatures (CBN) 5 prefixes: FVK, FVL, FVM, FVN, FVP $50 2012 Polymer Issue FV_ Series, Wilkins-Poloz signatures (CBN) 1 prefix: FVR Nothing new yet!

$10 2013 Polymer Issue $100 2011 Polymer Issue FT_ Series, Macklem-Poloz signatures (CBN) FK_ Series, Macklem-Poloz signatures (CBN) 5 prefixes: FTH, FTJ, FTK, FTL, FTV 7 prefixes: FKN, FKP†, FKR†, FKS†, FKV, FKY, FKZ †FKP, FKR and FKS were previously reported as being signed by Macklem/Carney. This information was incorrect and correct information is provided above.

NEW BANK OF CANADA POLYMER SERIES CHANGEOVERS by Brent W.J. Mackie, LM 99

Over the last couple of months, some Macklem/Poloz $10 and $100 notes have been observed in circulation. Despite $20 notes signed by the new Sr. Deputy Governor Carolyn Wilkins seen recently in the wild, no official “first note” changeover is available. Thanks to the staff at the Bank of Canada for their assistance.

Polymer Series $10 CBN Last note signed Macklem/Carney: FTH 8364999 $10 CBN First note signed Macklem/Poloz: FTH 8370000

$20 BAI Last note signed Macklem/Carney: BSW 0269999 $20 CBN Last note signed Macklem/Carney: FVP 8963999

$50 BAI Last note signed Macklem/Carney: AMK 0269999 $50 CBN Last note signed Macklem/Carney: GHD 4900999

$100 CBN Last note signed Macklem/Carney: FKN 1395000 $100 CBN First note signed Macklem/Poloz: FKN 1404000

Canadian Paper Money Society Journal 2014 Page 117

Copyright © 1964-2017 Canadian Paper Money Society. SPECIAL IBNS SAMPLE Downloaded by (170.106.34.90) at 2021-09-28 19:42:22 MSK (+0300). [25|34] THREE INTERESTING CHARTERED $1.00 BANK NOTES By Cliff Beattie

The three notes of interest are from the Bank of Western Canada, the Quebec Bank, and the Bank of British North America. We will look at each of the notes separately to identify the features that make them interesting.

The Bank of Western Canada $1.00 Issue of 1859 This note with serial number 431/B appeared May 2014 on eBay. So what makes it an interesting note? First, this issue, when it has the Richardson signature on the right, is one of the more common chartered notes, but with the McMicken signature on the right it become quite a rare note. Secondly, the Charlton Catalog lists the McMicken $1.00 and indicates “Institutional Collection only.” The only known issued McMicken $1.00 note until this one appeared on eBay is in the Bank of Canada Currency Collection with serial number 661/B.

Quebec Bank’s $1.00 Toronto Issue of 1856 With No Tint and No Protector This note appeared on eBay in July 2014. So what is of interest? First, the note is a $1.00 that has been raised to a $10.00 with a “X” at the top right and left sides of the note. Secondly, there is no picture of the note in the Charlton Catalog, but, there is a notation in the catalog stating “Known examples have been raised to $10.00.” Thirdly there are no examples in the Bank of Canada Currency Collection and only one other with serial number 2049/A (also raised to a $10.00 note) is recorded in the note registry for this $1.00 issue. Page 118 Canadian Paper Money Society Journal 2014

Copyright © 1964-2017 Canadian Paper Money Society. SPECIAL IBNS SAMPLE Downloaded by (170.106.34.90) at 2021-09-28 19:42:22 MSK (+0300). [26|34] Bank of British North America $1.00 Proof Issue of 1852–1868 Toronto This face proof was discovered at the 2014 Royal Canadian Numismatic Convention in a dealer’s inventory. Again what makes it of interest? First, there is a number of the Bank of British North America $1.00 face proofs listed in the Charlton catalog for the 1852-1856 issues, but, the Toronto face proof is not listed. The Bank of Canada Currency Collection also does not have an example of the $1.00 Toronto face proof. Therefore, the question raised is . . . Is this Toronto face proof the first to be discovered or are there others in collections that have not been recorded? With these 3 notes appearing this past summer, it certainly makes bank note collecting interesting, as one never knows when notes will appear. Notes such as these three add to our collective knowledge and in all likelihood will result in additions and changes to the catalog. Author Notes: Thanks to Bob Graham and Paul Berry for providing information for this article. Quotations included were taken from the Charlton Standard Catalogue of Canadian Bank Notes (8th Edition).

Memo, Memento, Memorial: Some Other Uses of Paper Money by Don Roebuck

One handy thing about paper money is that you can write on it. For example, we occasionally find a piece of paper money that someone used as memo paper, and then put back into circulation, embellished with a telephone number or a shopping list. Then there are the servicemen’s mementos also known as short snorters, which are apparently still in NN production (because there is EE one in Serge Pelletier’s II MM Canadian Dictionary of EE CC Numismatics that is dated PP 2007). SS But here is something that I have never seen before: a piece of paper money that someone made into a © Bank of Canada - Banque du / Used with permission memorial for his daughter. (And when the editor sends it back to me, I shall put it back into circulation.)

Canadian Paper Money Society Journal 2014 Page 119

Copyright © 1964-2017 Canadian Paper Money Society. SPECIAL IBNS SAMPLE Downloaded by (170.106.34.90) at 2021-09-28 19:42:22 MSK (+0300). [27|34] IN THE MARKETPLACE - DECEMBER 2014 By Jared Stapleton & R.J. Graham

The world economy does not appear to be improving as one might wish, countries are racking up more debt, and the light at the end of the tunnel for the world’s financial stability appears to be getting further away. The collectable bank note market does not appear to be in the same state as the world economy. There is definitely money to be spent on collectable banknotes and this is evident upon looking through recent auction results. Auctions continueto provide one avenue for collections to be sold for higher-end and rare bank notes, resulting in strong prices realized for this sort of material. The common bank notes are still selling at a much slower pace and usually at a discounted rate. This is not a bad thing for the market, just showing that collectors are taking time in between purchases while building their collections. HERITAGE WORLD CURRENCY SIGNATURE AUCTION ORLANDO, FLORIDA 8 - 12 January 2015 Prices realized include buyer’s premium of 17.5%, and are expressed in US Dollars. Add approx. 20% to obtain the corresponding amount in Canadian currency as of 12 Jan. 2015. Prices have been rounded to the nearest dollar. Lot # Description Sold 26088 Dom. of Can. $4 1902 Courtney, 046140/D, PMG VF30net, stains lightened $3,055. 26089 Dom. of Can. $1 1911 green line, 259130/A, Ser. B, PMG EF45 narrow top margin, cut into at bottom 881. 26090 Dom. of Can. $1 1911, 012580P/C, PMG Gem UNC65 2,350. 26091 Dom. of Can. $5 1912, Series A, 478970/B, PMG VF25, staining 1,763. 26092 Dom. of Can. $5 1912, B465083/C, PMG UNC63 4,700. 26094 Dom. of Can. $1 1917, K730428/B, PMG UNC64 2,115. 26097 Dom. of Can. $1 1917, seal over, B-479808A/B, PMG AU58 1,293. 26100 Dom. of Can. $1 1923, purple seal, McCavour-Saunders, C6399912/C, PMG F12 485. 26111 Bank of Can. $2 1937 Osborne-Towers, A/B8573162, PMG UNC65 1,293. 26112 Bank of Can. $5 1937 Gordon-Towers, T/C9919989, PMG UNC67 1,880. 26115 Bank of Can. $100 1954 Devil’s Face, Coyne-Towers, A/J 1472746, PCGS UNC67 3,290. 26118 Bank of Can. $1,000 1954 Devil’s Face, Coyne-Towers, A/K0006338, PMG VF30 4,113. 26125 Bank of Nova Scotia $4 1870, red Canada Currency o/p, 90587/B, PCGS Apparent G6, edge splits and damage; extensive restorations, design redrawn 4,553. 26133 Bank of Hamilton $20 1892 Specimen, 04361/B, PMG AU50 1,410. 26134 Bank of Hamilton $50 1892 Specimen, ____/C, PMG UNC63 1,410. 26138 Bank of Montreal $1 1849 Green ONE ptr, Montreal, 143421, PCGS G6 2,115. 26141 Royal Bank of Can. $100 1927 Wilson, 1; 014226/B, PMG VF30 1,410. 26142 Bank of Saskatchewan $5 1913, face proof PCGS AU55, tears, repairs, upper left corner replaced with copy; also back proof PCGS UNC64. Hole punch cancelled 4,230. 26144 Banque Nationale $5 1897 with lines, 371206/C, PMG UNC 65, punch cancelled 1,763. 26147 Can. Bank of Commerce $5 1935 Aird-Logan, 079149/A, PMG UNC63 588. 26149 Dominion Bank $10 1938 051214, PMG UNC64 764. 26150 Metropolitan Bank (Toronto) $20 1902, face approval proof PMG UNC63, and back proof, PMG UNC 62 (writing in red ink across top) 2,820. 26151 Sterling Bank of Can., face proof with tint, back proof, trimmed to design, bothPMG UNC64 1,175. 26152 Traders Bank of Canada $5 1909 Face and back proofs, trimmed to the design. PMG UNC 63, 64 1,175. 26153 Traders Bank of Canada $5 1910 B&W face proof, PMG AU55 net (tears) 705. 26154 Union Bank of Canada $5 1912 black frame, 647106, PMG VF 25net (stains) 1,528. 26666 Commercial Bank Kingston, $2 1837, three consecutive, AU 646. 26667 Commercial Bank Kingston, $2 1837, three EF notes all numbered 121/B 306. 26669 Commercial Bank Kingston, $2 1837, 8/B, 10/B, 13/B, VF 823. 26670 Commercial Bank Kingston, $3 1837 144/A, AU with mishandling at edges 470. 26676 Bank of Toronto $10 1917 ms left, 698507/B, PMG VF35, minor scratch 764.

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Copyright © 1964-2017 Canadian Paper Money Society. SPECIAL IBNS SAMPLE Downloaded by (170.106.34.90) at 2021-09-28 19:42:22 MSK (+0300). [28|34] Heritage World Currency Signature Auction, January 8, 2015, Lot 26088

Heritage World Currency Signature Auction January 8, 2015, Lot 26125

Canadian Paper Money Society Journal 2014 Page 121

Bank of Canada: Note Issues - General Chartered Bank Note Registers Canadian Polymer Bank Note Series Merchants Bank and Merchants Bank Of Canada Now In Full Circulation Jared Stapleton...... 5 Register Of Surviving Nineteenth Century “Human Flagpoles”: A Story Issued Notes R. J. Graham and Behind Our 1974 $2 Bill Andrew Friesen ...... 50 Harry M. Eisenhauer ...... 6 Memo, Memento, Memorial: International Bank Of Canada $1.00 Some Other Uses Bank Note Registries Cliff Beattie ...... 22 of Paper Money Don Roebuck ...... 119 Register Of Surviving Notes Of The Royal Canadian Bank R.J.Graham ...... 74 Bank of Canada: Replacement Notes Register Of Notes Issued By A Third *RD 1974 The Bank Of Upper Canada, $2 Note Discovered Charles Moore ...... 15 York / Toronto R.J. Graham ...... 103 Replacement Note Update Gilles Pomerleau and Brent W.J. Mackie In The Marketplace ...... 31, 54, 89, 116 Jeffrey Hoare Auctions, June. 2014 Jared Stapleton...... 56 Bank of Canada: Note Issues - Prefixes Geoffrey Bell Auctions, What’s New in Prefixes Brent W J Mackie June 2014 Jared Stapleton...... 55 ...... 32, 54, 89, 117 Moore Numismatic Auction / Canadian Coin & Currency, Bank of Canada: Note Issues - Technical Aspects Sept 2014 Jared Stapleton...... 86 CBN Printing Of Heritage Auctions World Currency Polymer Notes - Part II Gilles Pomerleau ...... 52 Signature Auction, A $50 Journey Note, Cut Out Jan. 2015 Jared Stapleton...... 120 Of Register Tells A Story Hitesh Doshi ...... 82 Prefix FVM Discovery Hitesh Doshi ...... 98 Private Banking A $50 Frontier Note With BPN McLennan & Brown’s Banking Office - On Left and Right Edges Alexandria, Ontario by Stephen Oatway ...... 38 Of The Back Hitesh Doshi ...... 112 New Bank Of Canada Polymer Scrip and Advertising Notes Series Changeovers Brent W.J. Mackie ...... 117 Galt, Wherefore Art Thou Galt? Wendell Wolka...... 12 Book Reviews The Perils Of Piracy: A History Of Counterfeiting In A Tale Of Three Municipal Canada - Faking It by James Trade Notes Don Roebuck ...... 17 Powell and Jill Moxley R.J. Graham ...... 37 Register Of Ontario Depression The House Of Waterlow - Scrip Payable At A Bank Robert J. Graham...... 40 A Printer’s Tale, By Chris Waterlow R.J. Graham ...... 57 Society Affairs Secretary/Treasurer Report & President Message Chartered Bank History and Practices ...... 3, 35, 63, 95 Sir Frank Smith Ted Leitch ...... 46 Executive Meeting August 2014 Notes Of ...... 66 The Royal Canadian Bank R. J. Graham ...... 72 Financial Statement 2013 ...... 67 The Bank Of Upper Canada R. J. Graham ...... 99 Annual General Meeting August 2014 ...... 68 Chartered Bank Notes 2014 J. Douglas Ferguson Award to James Astwood A Keepsake From The Central ...... 70 Bank Of New Brunswick Geoff Bell and 2014 RCNA Convention Exhibit Awards Bob Graham...... 81 ...... 70 Three Interesting Chartered $1.00 Bank Notes Cliff Beattie ...... 118

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Copyright © 1964-2017 Canadian Paper Money Society. SPECIAL IBNS SAMPLE Downloaded by (170.106.34.90) at 2021-09-28 19:42:22 MSK (+0300). [31|34] 991 Victoria St. North Kitchener, Ontario, N2B 3C7 (519) 579-4011

MEMBERS’ CLASSIFIED ADVERTISING CPMS members are entitled to a free classified ad in each issue of the Journal. Make the Journal work for you!

FOR SALE: FOR SALE: Chartered bank / private bank memorabilia available FREE PRICE LIST on Canadian Frontiers polymer notes. Just at www.britannianumismatics.com. Stephen Oatway, write or phone: Gilles Pomerleau, P. O. Box 673, Succ. Place de [email protected]. 48–133 la Cité, Sherbrooke, QC, J1H 5K5. (819) 878–3517. 50–141 WANTED: Bank notes FREE PRICE LIST available for Canadian Journey and Frontier WANTED: Canadian Journey $10 notes, with Knight-Dodge Series (Polymer) banknotes. Write/phone/email : Mike signatures, printed in 2001, and serial numbers FEE 0200000— Zarytshansky R R # 1 Wingham Ontario Canada N0G 2W0. 0479999, any condition. Don Roebuck, (416) 783–6416 (not [email protected] (519) 357–4880. Specializing in replacement mornings). 15–3 notes, prefixes, changeovers, special serial numbers and much WANTED: Serial #1 notes in the Journey Series only. Any more. Forward your want lists which will be kept on file. 48–135 denomination or prefix, but must be uncirculated or better. I will JOURNEY $5 PREFIX COLLECTION: Includes one note also consider any other low numbers between 2 and 100. Contact for every prefix with very few exceptions. Changeovers and short [email protected]. 19–1 prefixes included! Ends around APM. Great starter set! Contact WANTED: Looking for lower grade 1898 Dominion of Canada [email protected] 19–2 . $1 (DC-13) notes. Specifically need: DC-13a Series A; DC-13b FOR SALE: Small group of BCS graded BC-29b Devil’s Face Series D; DC-13b Series K; and DC-13c Series L, M, O. Please notes in Choice UNC64 and GEM UNC66 L/A prefix Beattie- contact Matt via email to [email protected] (Please include Coyne signatures. If interested, please contact Matt via email to pictures and/or scans if possible). 19–2 [email protected]. 19–2 FOR SALE: Canadian paper money “replacement” notes 1954 WANTED: Information to 1989, $2, $5, $10, $20, $50, $100. Some scarce notes. Roger INFORMATION WANTED: If anyone has, or knows where Fuyarchuk Box 35 Beauvallon, AB T0B 0K0 or phone I can obtain, a catalogue of Canadian or U.S. cigar store coupons, 780–366–2445 evenings 49–139 or knows anything about their history, or collects them, or has FOR SALE: 50th Anniversary history of the Dominion Bank, them for sale, please contact Don Roebuck at 110 Dewbourne 1871-1921, 227 pages, hard cover, illustrated (pictures of bank Ave., Toronto, Ont., M6C 1Y7, or (416) 783–6416 (not officers and branches). $50 plus cost of shipping. email mornings). 17–2 [email protected] 50–143

Page 124 Canadian Paper Money Society Journal 2014

Copyright © 1964-2017 Canadian Paper Money Society. SPECIAL IBNS SAMPLE Downloaded by (170.106.34.90) at 2021-09-28 19:42:22 MSK (+0300). [33|34] Always Buying and Selling Quality Coins & Banknotes from Canada & the World! 722 Annette Street, Toronto, ON M6S 2E2 416-604-9410

Jared Stapleton www.metrocbc.com

TORONTO COIN EXPO is host to Canada’s premium coin, bank note and collectable show, held semi-annually in the Spring and Fall, in Downtown Toronto.

Location: Toronto Reference Library, 2nd Floor 789 Yonge Street (1 street north of Bloor) www.torontocoinexpo.ca

2015 SHOW DATES: May 29-30 and October 2-3 2015 Auction Dates: May 28-29 and October 1-2

Page 126 Canadian Paper Money Society Journal 2014