Lot 2872

Description

Bank of Prince Edward Island, twenty dollars, Charlotte Town, 1st Jany 1872, No.04463, imprint British American Bank Note Co. Montreal & Ottawa (P.S1929a). Vertical fold otherwise good extremely fine.

The Bank of Prince Edward Island (1856-1881) was the first bank ot be incorporated under Provincial Charter in the colony. The bank was established in 1856, with a capital stock of Å“30,000 and through conservative management, the bank was prosperous over the next two decades until a change of cashiers in 1876 resulted in large advances being made under false pretenses. The bank became insolvent as a result and in 1881 was liquidated by the courts, with the Bank of Nova Scotia as liquidator.