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The E-Sylum: Volume 13, Number 25, June 20, 2010, Article 30

ARTICLE HIGHLIGHTS BANK OF VANCOUVER SERIAL NO. 1 BANKNOTE

It's always interesting to see popular press coverage of the numismatic hobby. Here's an article from Canada about the upcoming auction of an interesting serial number 1 banknote. -Editor

Bank of Vancouver $5 note serial no. 1

A century after the ill-fated Bank of Vancouver opened, one of its $5 bills is expected to fetch $50,000 to $100,000 at auction.

What makes this $5 bill special is its serial number 000001. It is literally the first $5 bill issued by the Bank of Vancouver, which operated between 1910 and 1914.

It also doesn't seem to have been ever put into circulation, because it is in excellent shape.

"It's not in mint shape, [but] it's in very fine condition," said Charles Moore of Moore Numismatic Auctions, who will be selling it June 24 in Toronto. "It was folded three times, and appears to have been carried in a wallet. [But] it's in much finer condition than most large-size banknotes of that time."

In fact, Moore thinks it's in the best shape of any of the nine Bank of Vancouver notes that are still known to exist six fives, two 10s and one 20. Three of the nine are in the National Currency Collection in Ottawa, which means there are only six Bank of Vancouver notes in private hands.

"In October [1914] the Dominion Trust company collapsed after the managing director committed suicide," said Greene. "They were badly hit by the collapse of the real estate speculation. This fellow knew there was no way out, so he committed suicide. At first it was portrayed as an accident, then the trust company didn't reopen. That caused a ripple that really pushed the Bank of Vancouver to the edge."

The Bank of Vancouver issued $5, $10, $20, $50 and $100 bills, in a large format that's 50-per-cent bigger than modern bills. No circulating $50s or $100s are known to still exist, but there are proofs. The rarity of any Bank of Vancouver bills makes them very desirable a well-worn Bank of Vancouver $5 bill came up for sale in 2008, and sold for $28,500.

Moore expects this one to attract spirited bidding from several collectors, both in Canada and the U.S.

To read the complete article, see: Bank of Vancouver $5 bill expected to fetch up to $100,000 at auction (www.vancouversun.com/life/Bank+Vancouver+bill
+expected+fetch+auction/3153650/story.html)

Wayne Homren, Editor

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