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$10 1886 Note Design
Face Design: Quebec Citadel / Farmer Reeping Grain / Queen Victoria
Back Design: Lathework, Corner Counters and Counters with Griffins flanking Bank Name
(surviving issued notes known only in institutional collection)
Prior to the 1944 revision of the Bank Act, Canadian chartered banks were allowed to issue their own banknotes in denominations of $5 and higher. As this essentially provided the banks with a huge interest-free loan until the notes were redeemed, almost all of the chartered banks issued their own notes. However, the vast majority of these notes were redeemed and destroyed before 1950, and most chartered bank notes are extremely difficult to obtain today, especially in uncirculated condition. Most notes prior to 1920 are exceptionally rare, often with no high grade issued notes surviving and only a few rare proofs.
The term "proof" for bank notes relates to a special type of notes rather than the grade. When most new note designs are created, a very small number of "printer's proofs" are prepared by the bank note company. These are "test" or "sample" notes used to check the quality and to send to the client (the bank) for approval. They are usually single sided without signatures or serial numbers, and are sometimes prepared in black and white to test the intaglio dies. They are either printed on thin smooth paper which can be mounted on cardstock, or printed directly on card stock. From the mid 1800s to the 1940s, the bank note companies have put away and saved a few examples of most of the notes they have printed. These surviving printer's proofs now provide a rare opportunity for a few collectors to own an original and important piece of Canadian banking history.
THE UNION BANK OF CANADA, 1886 - 1925
QUEBEC CITY, QUEBEC
This bank commenced business in 1865, under a provincial charter as the Union Bank of Lower Canada; the name was changed to the Union Bank of Canada in 1886. In 1911 the bank acquired the United Empire Bank of Toronto, and the following year it moved its head office to Winnipeg. It was the first chartered bank to open a branch in Alberta. At its peak the bank had 329 branches, with good representation in western Canada. In 1906 merger negotiations with the Royal Bank of Canada began, but fell through. However, in May 1925 the Royal Bank concluded an agreement with the directors of the Union Bank to purchase that bank for a consideration of 40,000 shares of Royal Bank stock at a par value of $100 each. After all necessary formalities, the purchase was completed and the actual transfer took place on September 1, 1925.
• $10 1886 Union Bank Of Canada - Rare Note
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This product comes with a 30-day warranty.