Paper Money Guaranty (PMG) has certified an incredibly rare Canadian banknote that recently sold for more than $400,000. Upon acquiring the note, the new owner promptly submitted it to PMG for expert authentication, grading and encapsulation.
The note, one of just four privately owned examples, realized CA$528,750 (about $430,000 USD) when it was offered in an auction presented by The Canadian Numismatic Company on June 27, 2021. The respected Quebec-based auction house praised the note as "the Holy Grail of Dominion of Canada banknotes," an assertion that was supported by the enthusiastic bidding for it.
Shortly after the auction, the new owner submitted the note, which was in another grading service’s holder, to PMG. PMG’s expert team authenticated it and graded it PMG 20 Very Fine.
"This is one of the most important pieces of Canadian currency known to exist," said Peter Treglia, Director of Currency for Stack’s Bowers Galleries, who assisted the new owner of the note. "I’m sure that PMG certification is helping the new owner feel confident about this stunning, numismatic investment."
Now encapsulated in a PMG holder, the note carries the PMG Guarantee, which offers the assurance that the note is genuine and not overgraded. PMG is the world’s largest and most trusted third-party grading service for paper money, having certified more than 6.5 million notes since it was founded in 2005.
"PMG has certified more than 65,000 notes from Canada, none more important than this one," PMG Finalizer Chad Hawk said. "We are honored to have earned the trust of the paper money collecting community to certify ultra-rarities like this."
Dominion of Canada banknotes were issued from 1870 to 1935, and the $500 note is the second-highest denomination. The rare 1911 $500 shows Mary, the wife of King George V, who was Queen from 1911 to 1936. Her sons Edward VIII and George VI both ruled as king, the latter after the former abdicated following a tumultuous reign that lasted less than a year. Today, her granddaughter Elizabeth II is Queen.
Another example of this note, also certified PMG 20 Very Fine, realized $322,000 at a Heritage Auctions sale in September 2008. That example retains the record price for a Canadian note in any Heritage Auctions sale.
About Paper Money Guaranty® (PMG®)
Founded in 2005, PMG is the world’s largest and most trusted third-party paper money grading service, with more than 6 million banknotes certified. PMG has established the industry’s highest standards of accuracy, consistency and integrity. Every note that PMG certifies is backed by the comprehensive PMG Guarantee of authenticity and grade, which gives buyers greater confidence. This results in higher prices realized and greater liquidity for PMG-certified notes. To learn more, visit PMGnotes.com.