Old $5

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. Does having it go in an auction really lead that to that much more of a profit that its worth paying 27,000? I'm sure if you let some dealers know it was up for sale, maybe post it in the forums that a bill of the magnitude was up for grabs the right people would find out about it and come calling.

I see your point but the auctioneer did a fantastic job at advertising this piece and getting the RIGHT collectors attention. Also the note was estimated at a third of what it sold for so I can't imagine the original owner feeling anything but gratitude. I think you have also overestimated the generosity of dealers. No dealer in their right mind would ever offer such prices for a note that books at 35K, especially on a private sale.

I strongly believe that only a hand full of auctioneers could have achieved this price and only through an auction like Torex can these premiums be realized on a collectors behalf.

$150,000 plus $27,000 commission, plus tax if you live in Canada, hammer price.....

Is it just me or does this not seem that crazy of a price considering rarity and all the special qualities this note has?

1. see the vancouver sun web site (address earlier in the thread) for details on the note and a picture.
2. the idea that commission should be capped is absurd. With all due respect megaldoon, you need to understand how auction houses operate. Capping commission - and who are "they" who would do it? - would really serve no one, including buyers, who would soon have no auction houses to show off what's available in an orderly fashion. Sellers receive assistance with a platform for sales, and essential expertise that many don't have.

27,000 commission seems ridiculous.

You have to realize that in many other transactions in the real world commission is paid by the owner/seller....In most cases, the seller (for the owner of this note) uses their expertise, and connections  in order to sell what they want to sell to the right audience....The fact that this well known auction made the sale at a much higher than expected sale price I'm sure the seller would be thrilled with the results....As for selling such a note privately, how many collectors would know about such an item if it was not excellently advertised and made known as it had been....and how many collectors would drop 150+K on a note a private seller had that they knew nothing about....credibility in the field is worth a lot ....only my opinion
FRIEDSQUID

This is getting a little silly if you ask me, putting on a cap.

Moore’s Auction is a respectable Auction house. He has developed relationships with many collectors around the country and world over many years. The time put into relationships has allowed him to represent notes of such caliber from time to time in his auctions. Why should he not be rewarded for his work?

If you were are sales person and was told that no matter if you sell $1000 or $1,000,000 worth of product, you were still only going to be paid the same commission as if you sold $1000, would that be ok with you? I don’t think so.

The buyer or seller of a note is well aware of the conditions of the sale ahead of time for an auction, so there are no surprises. Now you want to start dictating now people are to auction off their items. If you are not prepared to pay up and go after these notes, then don’t comment. Give it a rest.

A side note:
It was announced last night after the sale of the note, that the seller was donating all the proceeds of the sale of the note to charities. Now does this change your feeling about the price paid for the note?

good points, i guess capping would be a stupid idea.

It's up to the auctioneer how much commission to charge.  He has the option to charge up to 15%.  That doesn't mean he will.

Does anyone remember when this same iconic note first appeared on the market way back in 1987 at which time it was available for the "insane" price of US$12,000.00! The attached image is from an August 1987 issue of Canadian Coin News.

I searched valiantly for Bank of Vancouver notes when I lived there in the early 1970's but to no avail ....

But don't forget, there could be three more #000001 notes out there somewhere! (with Plate Letters A, B and C).

{http://img.villagephotos.com/p/2008-1/1293040/VANCOUVER1.jpg}
{http://img.villagephotos.com/p/2008-1/1293040/VANCOUVER2.jpg}
 

The note has nice vignettes so it adds to the appeal. For those who cannot afford the note, vignettes (like proofs) are a much cheaper way to enjoy the beauty of the note without paying the price of a high grade note. 

{http://img341.imageshack.us/img341/6395/bankvancouverback.jpg}

The Vancouver note looks like it lost a bit of the bottom border since 1987.  But that could just be inflation.

The Vancouver note looks like it lost a bit of the bottom border since 1987.  But that could just be inflation.

After looking at the note in both pictures.... it does look like it has been trimmed up?

I think the picture accompanying the 1980s story is misleading. A close look shows the bottom border to be intact.
I examined the note very closely earlier this year, held it in my hands with no holder. There was no evidence of trimming. The note was original in every aspect....