Lot 2873

Description

The Zimmerman Bank, three dollars, Elgin, undated, not numbered; three dollars, Clifton, undated, No.782, imprint Toppak, Carpenter & Co. Montreal. Repaired, very good; edges trimmed, 6mm tear lower edge, very fine. (2)

The Zimmerman Bank (1854-59) began operations under the Free Banking Act of 1850. In 1855 the bank obtained a charter with authorised capital of $1 million. Actual business as a chartered bank did not begin until June of the following year. With the death of the major shareholder, Samuel Zimmerman, 12 March 1857, operations changed overnight with the decision to wind up the bank's affairs as quickly as possible. In early 1858 the Zimmerman Bank made arrangements with the Bank of Upper Canada to take over their note redemption. In 1859 the Zimmerman Bank changed its name to the Bank of Clifton.