For What It’s Worth – July/August/September 2021

 by Gary Miller

Newfoundland $2 bill – 1882

We are finally showing signs of coming out of this deadly pandemic as we slowly move towards normalcy. I have not received as many inquiries as usual so I have accessed a rare item from the archives of a top Ontario coin dealer and longtime friend, Michael Findlay.

The note pictured here is a $2 bill from the Union Bank of Newfoundland issued in 1882. The Union Bank of Newfoundland was chartered in 1854 and continued conducting business until the collapse and closure in 1894. On “Black Monday “, December 10, 1894, the failure of the Commercial Bank of Newfoundland caused a run on the Union Bank and only the, government backed, Newfoundland Savings Bank survived. The notes of the Commercial Bank and the Union Bank were redeemed at 80% of their face value by the government Bank, but the survival of many notes in perfect or near perfect condition tells us that many were kept.

The first issue of notes in 1854-55 were issued in Pounds and feature a sailing ship design. This issue was followed by the “Queen Victoria “ notes from 1863-83.

Currency issued in 1882-1889 were all printed by the American Bank Note Company, New York. The beautiful colours and engravings make these notes the most popular among collectors. The note pictured here would sell for about $2000, while a perfect example would bring $5-6000!

I am certainly looking forward to getting out to some coin shows this fall.
Stay safe,  be well and please get vaccinated!

      Happy Hunting!

Leave a Reply

Your email address will not be published. Required fields are marked *