Westmoreland Bank of NewBrunswick

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Westmoreland Bank of Newfoundland
Two (2) Dollar
Ser # 4497
Noted on plastic cover "1861"  and C0051

Any knowledge of this item, potential value and references would be appreciated.

A web search found the following:

December 5, 2000 Coin Auction
This sale will take place at 11:15am at Toronto's Eagles Club - 17 Elm Street

61 Banknotes - Charlton 12-04 and 12-06a - New Brunswick (Moncton) comprising the Westmoreland Bank 1861 $2 and $5 - show age with faults but present well. Nice vignettes inc. train, sailing ships and pastoral scene. .....E$35-$40

Your note is very nice. I would say by the scan that it's grade is FINE to FINE +. Since there are 2 signatures at the bottom it means it was fully issued for circulation which makes it more valuable and as well collectible.

A little info on the bank. The bank started in Moncton which was known as (Peticodiac) back in 1854. It was very short lived as a large ship building company went belly up causing a depression in the region. Westmoreland Bank finally closed its doors March 13, 1867.

Notes from this bank are no longer redeemable at any banks which tends to destroy some of it's market value. The signature on the left of your note is "McAllister" and on the right "Jones". The book value of this $2 dollar note in FINE dated 1861 is $200 CAN but I believe that the market is stronger than that. I recently sold a lesser copy for 200 US so with that said I believe you may fetch 300 is the right buyer comes along.

Perhaps someone else could add to the history of the Westmoreland Bank

Um, Moncton was NEVER known as Petitcodiac, that's the name of the river that Moncton sits on.  Petitcodiac is another place entirely further down the river...the notes were issues with "Bend of Petitcodiac" on them, the earlier ones, which signifies the city of Moncton, which is located at a bend in the river....just a little geography lesson for you and to let you know to not believe everything you read...

A born and breed Monctonian....

Oh, and there's no "e" in Westmorland....it happens to be the name of the county Moncton is situated in as well....