Lot 2868

Description

Colonial Bank of Canada, four dollars, Toronto, 24th June 1859, No.1974, imprint American Bank Note Company, New York, two signature (P.S1669); four dollars, Toronto, 4th May 1859, No.682, imprint American Bank Note Company, New York, one signature (P.S1678). Three pin-holes, flattened of creases otherwise very fine; hinged otherwise nearly extremely fine. (2)

The Colonial Bank of Canada received its charter from a petition read to the Legislature on 23 April 1856, with Royal assent given on 1 July 1856. After several amendments to the bank's charter in 1857 and 1858, the original shareholders sold their interests. In 1859 the new owners finally opened for business with notes put into circulation. The bank lasted only six months before its failure as a result of a run on it precipitated by the failure of The Interational Bank. An advertisement in the 28 October 1859 issue of the Toronto Globe stated that the bank had suspended operation. The bank's charter was repealed 31 August 1863.