Dominion of Canada $500 1911 Note at Heritage Auctions

News: Registration is free here at the CPMF!

Here's the Heritage web link:

http://currency.ha.com/common/view_item.php?Sale_No=3502&Lot_No=12893

It's also on eBay Live --- Item # 170258140550.

I wonder if this is the same note that was reported at the Forum earlier this year? It probably is.

http://www.cdnpapermoney.com/forum/index.php?topic=7209.0

I won't be bidding myself but good luck to anyone who does!

Yes this is the same note, I had received larger scans from the owner which shows some of the damage that was repaired.

The note doesn't appear to have been washed & pressed although there are some erasures and the signatures do appear to have been "washed out", which is a great pity. Personally speaking, I don't think the Canadian market is ready yet for a $100,000+ note but a US buyer might decide to pick it up. I don't think the Bank of Canada Currency Museum has the necessary budget for a purchase of this magnitude ................ unless they should decide to sell off some of their many Bank of Canada $500 1935 duplicates .... !

Note sold for $280,000 US plus commission. Several bidders, including floor, ebay and HA Live.

Note sold for $280,000 US plus commission. Several bidders, including floor, ebay and HA Live.

Unbelievable ... or so it seems to me!

Including commission that is $322,000 US. or  $344,395 CDN.  If the buyer is Canadian s/he will likely have to pay GST, PST, HST depending upon province of residence, so this could tack another 5 to 13% onto the tab.

If the buyer is Canadian s/he will likely have to pay GST, PST, HST depending upon province of residence, so this could tack another 5 to 13% onto the tab.

I think with a note of that value you would avoid paying any provincial, federal or harmonized tax by picking up the note personally and bringing it back over the border undeclared.  At the minimum tax rate of 5%, you are looking at another $15K+ in taxes, if the note is shipped across the border at the full declared value.  You could travel 1st class and go pick-up the note for far less.

There is really no reason that you should have to pay Canadian taxes for notes purchased outside this country.

I think with a note of that value you would avoid paying any provincial, federal or harmonized tax by picking up the note personally and bringing it back over the border undeclared.  At the minimum tax rate of 5%, you are looking at another $15K+ in taxes, if the note is shipped across the border at the full declared value.  You could travel 1st class and go pick-up the note for far less.

There is really no reason that you should have to pay Canadian taxes for notes purchased outside this country.

I would agree 100%   

If I had that note in my briefcase and I arrived at Canada Customs and they asked me if I had anything to declare, I'd break into a cold sweat and the agent would know in a split second that I was not telling the truth.  I don't play poker for the same reason.

If I had that note in my briefcase and I arrived at Canada Customs and they asked me if I had anything to declare, I'd break into a cold sweat and the agent would know in a split second that I was not telling the truth.  I don't play poker for the same reason.

We are having a poker game Saturday night at my place and you are invited.  Bring your G/R test note and I will bring my E/R test note.  Winner takes all. 

The excellent accuracy of the pricing of this note in the latest Charlton catalogue needs to be acknowledged, i.e., $225,000 in VG. The Pricing Panel was pretty well spot on even though they didn't really have a previous public auction realization to go on. The only(?) previous sale of one of these notes was at a Feb. 2005 Moore Torex auction where it was estimated at $150,000 in VG/Fine. That note did not find a buyer at the auction itself but is believed to have sold privately after the auction for an undisclosed price:

http://www.cdnpapermoney.com/forum/index.php?topic=7209.msg34767#msg34767

A story about this was published in the Canwest dailies today.

http://www.canada.com/theprovince/news/story.html?id=85e95e80-ee91-4af1-b131-69ff909fe1d9