1935 Bank of Canada Low Serial Number

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Greetings

It has recently come to my attention that every series of banknotes in Canada considers low serial number to be between 1 and 999 however the 1935 series lists this as 1-500 and has slightly different wording calling it a sheet number instead of serial.

Would someone be able to enlighten me how to value a 1935 Bank of Canada banknote with serial number 500-999?



Thank you in advance for your time.

Firstly, there should be some distinction drawn between sheet numbers and serial numbers.  In 1935, the serial number of the note must include the check letter.  Without this, it is just the sheet number.  Serial numbers uniquely identify a note whereas a sheet number only identifies the sheet that the note came from.  In 1935, multiple notes on the same sheet bore the same sheet number but had different check letters (A, B, C, D).  Thus, there is not one but FOUR notes with the sheet number A000001.  Similarly, there is not 500 notes bearing the numbers A000001 through A000499 but rather 2,000.  This is probably why numbers 500-999 are not listed.  The numbers below 500 already constitute double the quantity priced for subsequent series.

From 1937 onward, the number on a banknote (including of course the prefix) is unique* and is considered a serial number.

As for valuing 1935 notes with sheet numbers 500-999, I would suggest taking the value for the lower numbered note, then halving that.  Of course the final value is always a negotiation between buyer and seller and the word of some schmuck like me or an esteemed catalogue should only be taken as a suggestion.

*I know, I know, there are exceptions such as errors, Lasting Impressions sets, etc.  For the purposes of this explanation, disregard those edge cases and focus on the bigger picture.

Thank you Brent this is very helpful. However I am still somewhat confused as several of the later series has a prefix and a serial number, while the number 00000001 for instance can only exist once with the given prefix, there could be multiple 1973 $1's banknote bearing the number 0000001 each one with a unique prefix.

With that said the quantity of these low number notes far exceed those of the 1935 series yet we can find them priced up to 999.

Not sure if my point is coming across clearly but I guess I am still somewhat confused. 

You are correct, there is a 0000001 note for each and every prefix.  You're also correct that the quantity of these notes now vastly exceeds that of the 1935 notes.  However, there are very few 1935 low number notes still in existence today vs. the more modern notes.  This is reflected in the price differences.

The technical details (ie. quantities printed and available) are just one factor in determining pricing for a banknote, or anything really.  Supply and demand rule the day.  If something is readily available, it will drive the price down.  If there is lots of demand for something, the price is driven upwards.  Lots of factors all get balanced out when determining a price.  Economics 101.

Good questions though and thanks for asking!  I appreciate the opportunity to help shed some light on the subject.

Thank you Brent