$5 1877 Bank of Prince Edward Island PMG Certified Choice Fine 15 (Serial Number 10914 pp B - Various Red Overprint)
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Product Overview
This $5 1877 Bank of Prince Edward Island note has been independently third-party certified by the Paper Money Guarantee Corporation (PMG) as Choice Fine 15. PMG is the largest and most widely recognized company in the world that provides independent third-party grading of banknotes.
About the Bank of Prince Edward Island
The Bank of Prince Edward Island was incorporated on April 14, 1856 in Charlottetown, after nearly two years of negotiations with Great Britain over the legality of a colony-established bank. On August 13, 1856, the bank opened for business, and was the first bank established on the island.
In 1857 the Bank of PEI temporarily closed (citing a provision in their original charter, they suspended all financial transactions for three months) after the directors discovered that the bank president and cashier had made loans that exceeded their capital. The cashier (William Cundall) remained at the bank while the president (Ralph Brecken) resigned.
In 1881, after it was discovered that the cashier (Joseph Brecken, son of former president Ralph Brecken) had made irresponsibly large loans, the bank was closed and then liquidated over the next several years (1882–87). The Bank of Prince Edward Island was the first in Canada to file for bankruptcy.
• Face design: farmer watering livestock at pump; young girl's head below "Autumn"
• Back design: lathework, counters and bank name
• Charlton Catalogue reference: 600-12-12a
Includes:
• $5 1877 Bank of Prince Edward Island PMG Certified Choice Fine 15 (Serial Number 10914 pp B - Various Red Overprint)
About the Bank of Prince Edward Island
The Bank of Prince Edward Island was incorporated on April 14, 1856 in Charlottetown, after nearly two years of negotiations with Great Britain over the legality of a colony-established bank. On August 13, 1856, the bank opened for business, and was the first bank established on the island.
In 1857 the Bank of PEI temporarily closed (citing a provision in their original charter, they suspended all financial transactions for three months) after the directors discovered that the bank president and cashier had made loans that exceeded their capital. The cashier (William Cundall) remained at the bank while the president (Ralph Brecken) resigned.
In 1881, after it was discovered that the cashier (Joseph Brecken, son of former president Ralph Brecken) had made irresponsibly large loans, the bank was closed and then liquidated over the next several years (1882–87). The Bank of Prince Edward Island was the first in Canada to file for bankruptcy.
• Face design: farmer watering livestock at pump; young girl's head below "Autumn"
• Back design: lathework, counters and bank name
• Charlton Catalogue reference: 600-12-12a
Includes:
• $5 1877 Bank of Prince Edward Island PMG Certified Choice Fine 15 (Serial Number 10914 pp B - Various Red Overprint)
