Stack's Bowers & Ponterio
January 2020 NYINC Auction 17-18 Jan 2020
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CANADA. Niagara District Bank. 5 Dollars, 1854. CH #530-10-08. Raised. PMG Very Good 10.
According to PMG's pop report, this 5 is the sole note encapsulated in a PMG holder. Redeemable at St. Catharine's, Canada West. The Charlton book lists just one known in an institutional collection. This note was first issued as a 1 Dollar, and was subsequently raised to 5 Dollars. This note is uniface, with the face displaying an allegorical female at left and arms at center.
According to PMG's pop report, this 5 is the sole note encapsulated in a PMG holder. Redeemable at St. Catharine's, Canada West. The Charlton book lists just one known in an institutional collection. This note was first issued as a 1 Dollar, and was subsequently raised to 5 Dollars. This note is uniface, with the face displaying an allegorical female at left and arms at center.
The Bank of the Niagara District was originally chartered in 1841, but because it couldn't gain sufficient capital, it did not start issuing notes until 1853. The bank operated successfully for almost two decades, until in the early 1870s when the bank incurred heavy losses due to dwindling fortunes in St. Catharine's, and the loss of American correspondents. In 1874, the Niagara District Bank merged with the Imperial Bank of Canada. No deterring comments mentioned on the holder, though we note some edge wear consistent with the grade, and a small hole at center for accuracy.
Estimate: $7500.00- $12500.00