Rare-Example-of-1920-Home-Bank-of-Canada-$5-Graded

Rare Example of 1920 Home Bank of Canada $5 Graded

08 Mar 2019  Fri

PMG recently certified the second-known example of the Home Bank of Canada $5 note , that was issued in 1920. Before this new discovery, the only example of the note was with the National Currency Collection of The Bank of Canada. The recently certified note is the first and only note in private hands.

The note, graded as Choice Fine 15, features fresh colours and bold signatures. The obverse depicts a portrait of Major General Sir Isaac Brock, and a seated allegorical “Commerce” portrait with ships in the background. The reverse side depicts three students and the bank name.

The Home Bank of Canada was established on 10th July 1903, with its headquarters in Toronto. It issued banknotes of denominations like $5, $10, $20, $50, and $100 in 1904, 1914, 1917, and 1920. They were printed by the American Bank Note Company in Ottawa. About 50 such issued notes are in private hands and 14 are a part of collections by different institutions. The notes issued 1920 are the rarest.

The bank was only operational from 1903 to 1923, due to which their notes are rare. Ten officials of the bank were involved in major frauds. Some of the notes issued in 1920 were probably destroyed when the bank collapsed.

The bank was established as Toronto Savings Bank in 1854. It took on several names until it received a Federal Charter and was named as The Home Bank of Canada in 1903. The bank started issuing its own banknotes and had more than 70 branches in Canada. Several bad loans were offered which resulted in major frauds and scams. Finally, on 17th August 1923, the bank was closed and payment was suspended.

Image Courtesy: PMG

Knowledge Base