PC-6C2 1854 Province of Canada Bank of Upper Canada Penny Token VF-EF (VF30)

PC-6C2 1854 Province of Canada Bank of Upper Canada Penny Token VF-EF (VF30)

The Bank of Upper Canada was established in 1821 in York (present-day Toronto) and quickly became one of the most important financial institutions in Upper Canada. Chartered by the provincial government, the bank played a major role in financing commerce and government activities during a period when the colony faced a persistent shortage of small-denomination coinage. Following the union of Upper and Lower Canada in 1841, the privilege of issuing copper tokens eventually passed to the Bank of Upper Canada, and in 1850 the bank was authorized to produce its own copper currency.

Between 1850 and 1857, the Bank of Upper Canada issued a series of penny and halfpenny tokens, dated 1850, 1852, 1854 and 1857. These attractive pieces are particularly important to Canadian numismatics as an early attempt to address the shortage of small change before Canada's transition to decimal currency in 1858. The obverse features the celebrated St. George slaying the dragon, based on Benedetto Pistrucci's famous design for the British sovereign, while the reverse displays the coat of arms and seal of Upper Canada along with the denomination. The earliest pieces were struck at the Royal Mint in London, while later issues were produced by Heaton & Sons of Birmingham. The large 1857 issue was struck just before decimalization, and much of the unsold stock was subsequently melted, adding to the historical interest of these final Bank of Upper Canada tokens.

Obverse: Saint George slaying the dragon facing to the right, with the legend above and the date below.
Reverse: The Coat of Arms of Upper Canada, with the denomination above and below.

6C2 Variety: The penny token is dated 1854 and was produced at the Heaton Mint, the four in "1854" is a crosslet 4, and the token has a coinage die axis.

Specifications:
Engraver: John Pinches
Composition: Copper
Weight: Approx. 15.5 g
Diameter: Approx. 33 mm
Edge: Plain
Die Axis: ↑↓
Mint: The Heaton Mint/The Mint Birmingham, United Kingdom
Mintage: 750,000