Historic Canadian Banknote Certified by PMG Realizes Eye-popping $360,000 in Stack's Bowers Galleries Sale

A Dominion of Canada banknote believed to be unique realized more than four times its estimate in a January sale.

Posted on: 2/24/2025

One Canadian banknote certified by Paper Money Guaranty® (PMG®) flew high above the rest in a recent auction, realizing more than four times its estimated value. It was the top highlight among more than 300 PMG-certified banknotes in Stack’s Bowers Galleries’ World Collectors Choice Auction: The Canadian Banknote Sale on January 28, 2025.

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Topping this sale was a Dominion of Canada 1870 2 Dollars graded PMG 35 Choice Very Fine (lot 70102), which soared past its estimate of $50,000 to $75,000 to realize an astonishing $360,000.

Only 24,000 of these notes were printed for Victoria, making it an extraordinary rarity. According to the auction house, even the National Currency Collection lacks an example of this 2 Dollar note, and none had been seen or rumored to exist within the modern collecting community until now.

Issued when Victoria was a small frontier city with fewer than 4,000 residents relying on gold and silver coinage, this note reflects the challenges of a remote economy transitioning into Canada’s financial system. As the capital of British Columbia and a key location following the Fraser Canyon Gold Rush, Victoria likely warranted such an issuance despite limited demand.

Other PMG-certified notes sold in this auction included:

  • a Canada / French Administration 1729-49 24 Livres graded PMG 25 Very Fine (lot 70096), which realized $19,200
  • a Canada, Bank of Canada 1986 2 Dollars with a Printing Error graded PMG 64 Choice Uncirculated (lot 70482), which realized $6,600
  • a Canada, Bank of Canada 1954 1,000 Dollars graded PMG 50 About Uncirculated (lot 70220), which realized $5,520
  • a Canada, Pictou Bank 1882 partially uncut sheet of two 5 Dollar and one10 Dollar notes graded PMG 40 Extremely Fine EPQ (lot 70070), which realized $5,400
  • a Canada, Bank of Canada 1954 5 Dollars - Replacement / Star graded PMG 58 Choice About Uncirculated EPQ (lot 70204), which realized $5,280
  • a Canada, Bank of Canada 1935 100 Dollars - English graded PMG 40 Extremely Fine EPQ (lot 70140), which realized $4,320
  • a Canada, Bank of Canada 1935 1,000 Dollars - English graded PMG 25 Very Fine (lot 70142), which realized $4,320
  • a Canada, Bank of Canada 1971 10 Dollars - Replacement with Cutting Error graded PMG 65 Gem Uncirculated EPQ (lot 70491), which realized $4,080
  • a Canada 1935 25 Dollar Commemorative Issue - French graded PMG 35 Choice Very Fine NET (lot 70136), which realized $3,840
  • a Canada, Bank of Canada 1954 10 Dollars - Replacement graded PMG 62 Uncirculated EPQ (lot 70210), which realized $3,840

Prices realized include a buyer’s premium. The $ symbol indicates US Dollars.