Description
This listing is for one 1850 Bank of Upper Canada Half Penny Bank Token, as pictured. The first year produced, & minted at the Royal Mint in London. No dot. The Fascinating History of the Bank of Upper Canada: in 1850, the Bank of Upper Canada received the right to issue a coinage due to a severe coin shortage. The coinage consisted of 1/2 Penny & 1 Penny Bank Tokens. The obverse of the coins carried a representation of St. George slaying the dragon based on Benedetto Pistrucci's gold sovereign coinage design. The reverse of the coins carried the then obsolete Coat-of-Arms of Upper Canada. The 1850 issue was struck at the Royal Mint, London, but the coins did not arrive in Canada until 1851. Some of the 1d. pieces bear a dot between the tips of the cornucopias, but the significance of this is unknown. The letters "R.K. & Co." is not a mintmark. It is the mark of Rowe, Kentish & Company of London, the agents the Bank of Upper Canada used to place their coin orders. The Bank of Upper Canada was established in 1821 under a charter granted by the legislature of Upper Canada in 1819 to a group of Kingston merchants. The charter was appropriated by the more influential Executive Councillors to the Lt. Governor, the Rev. John Strachan & William Allan, & moved to Toronto. The bank was closely associated with the group that came to be known as the Family Compact, & it formed a large part of their wealth. The association with the Family Compact & its underhanded practices made Reformers, including Mackenzie, regard the Bank of Upper Canada as a prop of the government. Complaints about the bank were a staple of Reform agitation in the 1830s because of its monopoly & aggressive legal actions against debtors. The monopoly of the Bank of Upper Canada had been slowly eroding with the chartering of the Commercial Bank, & then the joint-stock banks. The Act to outlaw further joint-stock banks in 1838 again tilted towards monopoly. However, in 1841 the Bank of Montreal, long seeking an entry into Upper Canada, purchased the Bank of the People & quickly began to expand its branch network. The Bank of British North America also entered the provincial market around that time. As a result, the Bank changed its strategy & in 1850 it became the official bank of the Province of Canada, collecting all government revenue & issuing all government cheques. By 1863, the bank was struggling; in 1866 the Bank of Upper Canada closed its doors; the stockholders lost all of their investment of more than $3 million, & over $1 million dollars in taxpayers money was also lost. Thanks for stopping by! 1850 Bank of Upper Canada Half Penny - 1/2 Penny Bank Token - Good Condition - 1850 Bank Token One Half Penny - 1850 Canadian Large Cent 1850 Bank Of Upper Canada Half Penny - 1/2 Token Good Condition One Canadian Large Cent
