Torex Auction June 2020

News: Welcome to the Canadian Paper Money Forum.

Lots of nice stuff in the upcoming auction.  I wonder if there will be some bargains given that there won't be any live auction/show.  Anyone here going to be bidding?

Lots of nice stuff

-Not sure what "stuff" you're referring to "AL-Bob" 
I've tried all the links to Torex, their twitter account, GB auctions & can't find anything that is upcoming to view (just old pdf listings)?

I've tried all the links to Torex...

Here is the link: https://auctions.canadiancoinsandpapermoney.com/auction/93/june-2020-public-torex-auction-sale

Thanks "AZ"
- yes some nice items up for auction. Just wish some of the rarer pieces weren't in over-hyped "Legacy" holders!

Here are some items that I thought were worth looking at:

Lot 33: 1870 $2 DC-3b #162111 PMG F12 Payable at Toronto.

This exact note sold for 6325 USD in 2006:  https://currency.ha.com/itm/canadian-currency/dc-3b-2-1870-a-more-than-acceptable-specimen-of-this-very-scarce-denomination-this-piece-is-payable-at-toronto-fine/a/418-15908.s?ic4=GalleryView-Thumbnail-071515

I would expect this sale to exceed that price by a large margin as collectors are starting to appreciate the scarcity of early Dominion notes.  An overgraded PMG 20 Halifax example achieved 26,400 USD last year.  This is a Toronto note which is not quite as scarce but still very worthy of consideration.

Lot 34: 1878 $1 DC-8a #024748 PMG VF30 Payable at Montreal, Scalloped Border.

A truly gorgeous Scalloped Border note.  The Catalogue does not do these justice at all as they are very scarce in all grades and hardly ever seen in grades approaching EF.  This is not your typical overgraded PMG note either.

Lot 36: 1878 $2 DC-9b #208380 PMG VF20 Payable at Toronto.

I prefer the 1870 $2s but the 1878s are nearly just a scarce.

Lot 37: 1878 $2 DC-9d #018246 PMG F12 Payable at Halifax, Charlton Plate Note 24th Edition.

This one is truly rare with 5 known according to the Charlton (including the Bank of Canada's example).  Appears to be the note used for the back illustration in the Charlton.

Lot 38: 1882 $4 DC-10 #27225 PCGS VF25, a very bright and choice example.

Not the most beautiful specimen but most of them come this way or worse.  I've only heard of one or two EFs and those would be likely to sell for a large multiple of this note.  I would say this is a decent filler note until one of those shows up.  The AU pricing in the Catalogue makes no sense at all as I do not believe this note exists in that grade.  Poorly cut but slightly oversized with some of the adjacent note showing.  This exact note sold for $9200 in the Feb. 2018 Torex auction.

Lot 43: 1897 $2 DC-14a #160561 PMG F15 Red Brown Back.

Ok, this is a pretty ugly Red-Brown back.  PMG 15 that looks more like a VG.  These are scarce but you can definitely find better with a little bit of patience.

Lot 44: 1902 $4 DC-17a #A028113 PMG VF20.

As the catalogue mentions, "This variety is rare in VF condition or better".  The pricing for higher grades is pure fantasy.  I'm even skeptical of the existence of an EF let alone an AU.  The best I could find was a PMG 30 NET with the bottom part of the design chopped off.  In any case I don't think this note should be dismissed as there isn't very much improvement that can be made.

Lot 45: 1902 $4 DC-17b #A471557 PMG VF35 EPQ, Excellent centering and fully bright.

One of the nicest 1902 $4s available.  Not as scarce as the 17a but much rarer than DC-16 in high grades.  The catalogue is highly deceptive showing an Unc price of only 22,000.  The reason for this is that the only known Unc (Graded PMG 62) is missing the lower margin entirely and has sold at a discount while there are multiple DC-16 notes available in grades up to Gem Unc achieving much higher prices.  There is also a PMG 55 which is cut completely crooked and missing the lower left edge of the design.  Excluding those two notes this is about as good as you can expect to find for a 1902 $4.

Lot 56: 1923 $2 DC-26e #J-566836 PCGS UNC64 PPQ Group 1, Bronze Seal.

All the coloured seals seem to sell very well.  This exact note achieved $11,500 in the 2017 RCNA auction.  I can't imagine we'll see that price again but who knows.  This note is from a group of about 6 consecutive notes which make up the totality of AU or better bronze seal notes available.  The Charlton plate note depicting the bronze seal has a serial number 5 numbers away.  This note does have a light center bend as do all of the notes in this consecutive group.  However this particular example is the only one from the group to have been assigned an "Unc" grade by either PMG or PCGS.  If you are going to bid on this be aware that it is really an AU note.

Lot 57: 1923 $2 DC-26I #X-542602, Legacy Currency Grading Superb Gem uncirculated-66PPQ.

While any Gem UNC '23 $2 is a great find, the DC-26l with the X prefix is by far the most common.  Still a great note if you don't have one already.

Lot 74: 1923 25¢ DC-24b #054944 No “Authorized...” PMG UNC65 EPQ.

This is not a bad note.  PMG has only graded three of the 24b in Gem along with two of the 24a.  This is compared to more than 20 of each of the 24c and 24d.  The Hyndman-Saunders signature was short lived, corresponding only to the Black Seal, Group 1 of the $1 and $2 1923 notes.

Lot 78: 1923 $2 DC-26b #D-448089 Group 1, Red Seal PMG UNC66 EPQ.

Fantastic Group 1, Red seal note.  This note is no joke.  There are two examples of this note graded 66 EPQ, the next best being in the AU range.  The early seals are very scarce.  We saw a DC-26a in a Legacy 65 PPQ holder sell for $26,438 in April.  This despite the fact that there appear to be more UNC DC-26a notes in total than 26b.  I will be very interested to see what this one sells for.

Lot 79: 1923 $2 DC-26j #U-434072 Group 3, Black Seal PMG UNC65 EPQ.

After the X-series, this has to be the 2nd most common.  This note comes from a group of at least a dozen consecutive notes grading Unc or better.

Lot 85: 1937 $20 BC-25a #E/A0001593 PMG UNC65 EPQ. Scarce Osborne-Towers signatures.

Great time to start an Osborne collection.  This one fits well with the $50 note below.  Looks at least as good as a 66 to my eyes.

Lot 87: 1937 $50 BC-26a #H/A0001462 PMG UNC66 EPQ. Charlton Plate Note 24th Edition.

The $50 Osborne has long been one of the most elusive notes.  PMG has graded two examples at this level.  I happen to know who owns the other one and the price they paid.  I can say confidently that it is not likely to see the light of day within most of our lifetimes.  This might be the only other opportunity to obtain such a prized trophy note.  Great serial number to go with the $20 above.

Lot 95: 1954 $10 BC-32bA #*D/A0008068 Devil’s Face PMG UNC66 EPQ.

Not much to find wrong with this Devil's Face replacement note.  Again, only two graded this high.

Lot 139: 1954 $20 BC-41a #ME1628731, Legacy Currency Grading Gem UNC65PPQ.

This note is worth mentioning since in 2018 a CCCS UNC-65 sold in the Geoffrey Bell auction for $3600: http://auctions.gbellauctions.com/Bank-of-Canada-20-1954_i29749660.  I don't think that was a sensible price by any means but it will be very interesting to see what this will sell for.

Lot 321: 1954 $1000 BC-36 #A/K0006640 PMG UNC63 Devil's face.

This exact note sold for 19,200 USD in a 2018 Heritage auction.  I have yet to see a truly original Unc although PMG's population report does show a 64 EPQ.  I expect this to sell for a bit less this time around since at least one PMG 64 example has been brought to the market since this note last sold.

thanks for posting the  photos of the notes

Great comments and insights Al-Bob, thank you!

Great comments and insights Al-Bob, thank you!

-yes, once again "AL-Bob" you've provided topnotch, insightful knowledge on each note's virtues, level of scarcity, potential stumbling blocks, plus a little editorial commentary on the prospects of each lot reaching certain hammer results.  Very interesting & a treat to read on the various "trophy" offerings.

Thanks for sharing!