The highly anticipated sale of a historic Dominion of Canada Series 1870 $2 bank note payable at Victoria resulted in the rare note joining the ranks of the most expensive examples of Canadian paper money ever sold.

The Stack’s Bowers Galleries auction’s winning bid of $360,000 ($518,000 Canadian) exceeded all estimates in the firm’s first exclusive Canadian Collectors Choice Online Auction, held Jan. 28.

The Dominion of Canada 1870 $2 note is a true numismatic treasure. Graded Choice Very Fine 35 by Paper Money Guaranty, it is the only known example of its kind, a discovery that excited collectors and historians alike. Its historical significance stems from its designation “Payable at Victoria,” a detail long absent from records, with previous catalogers simply listing the issue as “No Known Issued Notes.”

Now, thanks to this remarkable find, the Charlton catalog entry for DC-3e can be updated to reflect the existence of this incredibly rare piece of Canadian history.

“We are thrilled to have had the opportunity to offer such an extraordinary piece to the collecting community,” said Aris Maragoudakis, director of world paper money at Stack’s Bowers Galleries.

He continued, “This discovery has captured the attention of banknote collectors worldwide, and the final price of $360,000 reflects a thriving market that appreciates true rarities. This sale is a culmination of the market’s desire for this type of material, and the work of our team. Dennis Hengeveld (Director of Consignments and Senior Numismatist) wrote a masterful description and Adem Karisik took charge of promoting what was our first Canada Only Banknote Sale. This auction was a great first step as we reaffirm our position as a leader in Canadian banknotes.”

The discovery of this $2 Dominion of Canada bank note is a defining moment in Canadian numismatics. Even the National Currency Collection in Ottawa does not contain an example of this type, and prior to this auction, the existence of a Victoria-payable $2 note was unconfirmed. Stack’s Bowers Galleries is proud to have facilitated the sale of this world-class rarity.

The consignor, who wishes to remain private, commented, “I am extremely happy with the job that Stack’s Bowers Galleries did promoting the item and presenting it to the public. The result is beyond what I could have imagined.”

In the same online auction, an example of card money issued in the early 18th century sold for $19,200. Dated 1733, the currency was denominated as 24 livres, the highest denomination used under the French administration of what would become Canada.

The Stack’s Bowers Galleries offering of Canadian numismatics sold 497 lots.

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