Unique Summerside $5 banknote achieves 80% increase on estimate

A unique 1872 $5 banknote from the Summerside Bank highlighted the Toronto Coin Expo

A unique example of the 1872 $5 banknote from the Summerside Bank starred at the Toronto Coin Expo auction, held September 27-28.

Summerside Bank $5 1872 banknote All of the notes issued by the bank are only known in single figure quantities

The Summerside Bank was a small yet successful chartered bank in the Canadian province of Prince Edward Island. Since its absorption in 1901, only single figure quantities of each issued note are known to have survived.

The 1872 $5 is unique and a spectacular trophy note for any Canadian collection. It sold for $54,000, achieving an 80% increase on its $30,000 high estimate. Following was a unique 1866 $4 note, which brought a 48% increase, selling for $44,400.

AuctioneerGeoff Bell told CBC News: "Any Summerside notes are difficult to find, but to find two unique ones and then two of such great condition, well it's unheard of really."

The auction house also soldtwo stunning examples of the $1 note. An 1884 $1, which is one of the finest of alltheknown examples, sold for $24,000 against a $20,000-25,000 estimate. The other $1, this time from 1872 and the finest of five known, sold for $20,400 to just beat its $15,000-20,000 valuation.

The auction's top lot was provided by a complete set of 1935 notes from the Bank of Canada, which were issued in both English and French. The notes were the first issued by the bank, and the set contained a pristine specimen exampleof each denomination in both languages. One of just nine recorded completesets, it sold for $114,000.

Paul Fraser Collectibles continues to bring you all the latest news on collecting rare coins and banknotes. We also have a superb collection of rare English and Italian coins currently available in our online store.

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