Colonial Acres Coins
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380-10-12-16a 1858 International Bank of Canada $5 Fitch, Small Blue Sig PMG Certified AU-55
380-10-12-16a 1858 International Bank of Canada $5 Fitch, Small Blue Sig PMG Certified AU-55
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380-10-12-16a 1858 International Bank of Canada $5 Fitch, Toronto, Small Blue Signature PMG Certified AU-55 (minor ink burn)
The International Bank of Canada was originally chartered in 1857 to provide banking services in Cayuga, Ontario, but amendments to the charter in 1858 permitted the bank to open in Toronto (Canada West). It was one of several banks that were created in the wake of Canada's 1850s banking boom, as economic growth encouraged the issuance of banknotes, which this bank did, in abundance. However, the bank engaged in questionable financial dealings, including issuing more paper money than it had reserve to back up (as per Canadian Banking Laws), and collapsed in 1859. Depositors and note holders suffered losses, which contributed to a loss of public trust in smaller, unregulated banks. However, the collapse contributed to banking reforms in Canada, eventually leading to a more stable banking system governed by stricter laws. As this bank was only open for a year, and many of the notes were never redeemed, the surviving banknotes are extremely rare, and highly valuable among collectors.
Face Design: A cattle scene.
Back Design: Plain, with the mirror image of FIVE showing.
Signature: J.R. Fitch
The International Bank of Canada was originally chartered in 1857 to provide banking services in Cayuga, Ontario, but amendments to the charter in 1858 permitted the bank to open in Toronto (Canada West). It was one of several banks that were created in the wake of Canada's 1850s banking boom, as economic growth encouraged the issuance of banknotes, which this bank did, in abundance. However, the bank engaged in questionable financial dealings, including issuing more paper money than it had reserve to back up (as per Canadian Banking Laws), and collapsed in 1859. Depositors and note holders suffered losses, which contributed to a loss of public trust in smaller, unregulated banks. However, the collapse contributed to banking reforms in Canada, eventually leading to a more stable banking system governed by stricter laws. As this bank was only open for a year, and many of the notes were never redeemed, the surviving banknotes are extremely rare, and highly valuable among collectors.
Face Design: A cattle scene.
Back Design: Plain, with the mirror image of FIVE showing.
Signature: J.R. Fitch
