Bank of Vancouver

The economic boom ended in 1912, culminating in the North American recession which continued until the onset of World War I. The Vancouver Island Coal Miners' Strike, which lasted 1912–1914, also impacted the economy. During this period, the bank struggled.^[1] By January 1914, the paid-up capital was $873,838, and absorption by another financial institution became critical for survival.^[5] At this time, British and German capital began leaving BC because of fears of impending war. The failure of the Dominion Trust Company in October 1914 shook public confidence in financial institutions. A trickle of withdrawals led to a bank run, forcing the bank to cease trading in December 1914. The Supreme Court ruled in 1917 that stockholders had to settle the $282,295 of unpaid capital. In 1935, the affairs of the bank were finally wound up.^[1]

The banknotes issued were in $5, $10, $20, $50 and $100 denominations. Most of the $325,000 of notes in circulation at the time of collapse were probably redeemed by other banks and then cancelled by punching. Only nine uncancelled Bank of Vancouver banknotes are known to exist. Possibly further notes are held in private collections. In July 2008, a $5 banknote sold for $28,750. In June 2010, the first such one issued (serial number 000001) sold at auction for $177,000.^[1]