'Junk Drawer' Find of Rare Province of Prince Edward Island Notes Certified by PMG

Paper Money Guaranty® (PMG®) was recently contacted by a gentleman who made a fortunate discovery. Digging through the contents of a junk drawer in a desk that has been in his family home for years, he found mixed in amongst a ball of string, candlesticks, old photographs and other odds and ends an envelope at the bottom of the drawer that contained two “old looking” notes. Knowing little about the notes, he found PMG’s name online and called to inquire if he could get the notes authenticated and graded.

When the notes arrived at PMG, the grading team was astonished to see that his “junk drawer” find consisted of extremely rare Canadian Provincial issues from Price Edward Island. As of today, they are the sole issued examples listed in the PMG Population Report.

The first note is an 1865-dated 1-pound Province of Prince Edward Island Treasury note from the early British Colonial period prior to the Confederation of Canada. Graded PMG 8 Very Good, it is listed as PEI-15a in Charlton Standard Catalogue of Canadian Government Paper Money with a catalog value of CDN $12,000 in VG.

The uniface note features a vignette of a farmer mowing hay at the bottom left, a Royal Crest at the top center, and a sheaf of grain at the bottom right. Charlton comments that issued Treasury notes are usually found cancelled, as this one is.

Province of Price Edward Island, 1865-dated 1 pound, PEI-15a, front Graded PMG 8 Very Good. Click image to enlarge.

Province of Price Edward Island, 1865-dated 1 pound, PEI-15a, back Graded PMG 8 Very Good. Click image to enlarge.

The second note is an 1872-dated Province of Prince Edward Island $10 note. This is the first dollar denominated issue after Prince Edward Island adopted the decimal currency in 1871 to replace the earlier notes denominated in pounds and shillings. Graded PMG 25 Very Fine, it is listed as PEI-18 in Charlton Standard Catalogue of Canadian Government Paper Money with a catalog value of CDN $13,500 in VF.

The front of the note features a vignette of Prince Arthur at the bottom left, a Royal Crest at the top center, and seated Britannia at the bottom right; while the back features lathework and “10” counters. Contributing to the note’s rarity is that only a small number of these notes were in circulation in 1873, when Prince Edward Island joined the Confederation of Canada and called in/redeemed the outstanding notes.

Province of Price Edward Island, 1872 $10, PEI-18, front Graded PMG 25 Very Fine. Click image to enlarge.

Province of Price Edward Island, 1872 $10, PEI-18, back Graded PMG 25 Very Fine. Click image to enlarge.

The submitter was ecstatic to learn that his notes were genuine and rare, and shared that he wished to sell them to help pay for his daughter’s university education. To ensure impartiality, PMG and its graders do not buy and sell notes commercially, so PMG declined to offer an opinion on the valuation of his notes. However, PMG shared the view that his notes were of significant historical importance and would be highly desired by collectors. PMG advised that dealing with a reputable dealer or auction house would ensure that his notes were professionally sold at fair market value. PMG has since learned that the submitter plans to sell these notes in the upcoming Florida United Numismatists (FUN) auction in January 2021.

PMG is proud of its role in the numismatic community to provide a fully independent opinion of a note’s authenticity and grade, backed by the PMG Guarantee, to give buyers and sellers greater confidence. This find is a great example of the treasures out there still waiting to be discovered. The rest of us should be so lucky to have a junk drawer like this somewhere in our house!

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