Lot 2871

Description

International Bank of Canada, ten dollars, Toronto, June 1st 1859, No.364, imprint American Bank Note Company (P.S1826). Minor creases near edge otherwise good extremely fine.

The International Bank of Canada (1858-1859) was originally chartered in 1857 to provide banking service in Cayuga, Ontario. Amendments to the charter in 1858 permitted the bank to open in Toronto, where it operated as a 'wildcat bank' for about a year before failing in October 1859. All of the shares were owned by a Mr Reed when it failed. A man of disreputable character, Reed was also connected with The Bank of Clifton. The International Bank was a small local bank and records of September 1859 indicate notes in circulation of about $119,000. Although it failed in 1859, its charter was not repealed until 1863.