CPM Forum

Canadian Notes => Early Canadian Notes => Topic started by: Seth on October 07, 2004, 07:11:50 pm

Title: Who has Dominion bank legals?
Post by: Seth on October 07, 2004, 07:11:50 pm: Does anyone have one of these elusive large denomination notes that were used by banks only during the pre-BoC days?

I'd love to see some high-res scans of them. The teeny B&W photos in the Charlton don't do them justice.
Title: Re: Who has Dominion bank legals?
Post by: Bob on October 08, 2004, 12:05:49 am: Nobody has any. They never circulated; banks used them for transactions with each other and with the finance department, but mostly they held them, along with gold, for their legally required reserves. After the Bank of Canada began business, there was no further need for bank legals as reserves were held by the central bank.
Only once, as far as I know, did a bank legal escape into circulation, and that was entirely accidental. A $1000 bank legal ended up among property tax funds collected in Vancouver, in 1915. When the mistake was discovered, T. C. Boville graciously consented to take it back, although it had no legal value outside of banks. The story is written up in the Sept. 1995 CPMS Newsletter, page 74.
What collectors DO have is proofs and specimens, released when bank note company archives were sold in the 1990's.
Title: Re: Who has Dominion bank legals?
Post by: spamltd on December 02, 2004, 04:23:12 am: Bob,
Is there any record of cancelled notes seen private hands as charlton lists them ?
Title: Re: Who has Dominion bank legals?
Post by: Bob on December 03, 2004, 11:53:16 am: I don't know of any, personally. An example has been seen in an exhibit from one of the chartered banks.
Title: Re: Who has Dominion bank legals?
Post by: Gary_T on December 03, 2004, 01:49:48 pm: I remember about 10 years ago the counter (or corner)from one went up for auction. I don't remember the denomination though.
Title: Re: Who has Dominion bank legals?
Post by: Tom on December 11, 2004, 08:27:19 pm: http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&category=3425&item=3946742138&rd=1
Is this one on the cover of Charlton here?

Tom
Title: Re: Who has Dominion bank legals?
Post by: BWJM on December 11, 2004, 08:41:38 pm: Yes, that is a Bank Legal. They're also found in the current Charlton between the 1923 Dominion notes and the Bank of Canada section.