2014 $5 CANADIAN BANK NOTE SERIES: SAINT GEORGE SLAYING DRAGON FINE SILVER COIN

Coin is encapsulated and presented in a Royal Canadian Mint-branded maroon clamshell case lined with flock and protected by a custom beauty box.

Finished Packaging Size:
67 mm x 67 mm

Product Specifications:

Item Number:126312
UPC:6-23932-05002-0
Face Value:5 dollars
Mintage:8,500
Composition:99.99% pure silver
Weight (g):23
Diameter (mm):36
Edge:Serrated
Finish:Proof
Certificate:Serialized

Advertising Date: November 5, 2013
Launch Date: November 5, 2013

Completed Certificate Text:

Charting the Course of Banking in Canada

The story of banking in Canada reflects the nation’s unique history. As it evolved from colony to Dominion to independent state, Canada was uniquely positioned to draw from the systems and experience of both Britain and the United States, in order to ultimately build a system entirely its own. This process was rarely smooth. Marked from its earliest stages by rigorous debate about who should control such processes as issuing banknotes, for instance, Canada’s fledgling banking system represented a complex interplay of commercial and political interests at home and abroad.

The earliest chartered banks of deposit and issue in Canada were granted charters relatively late in the colony’s history—in the early 1820s. These institutions were governed largely by their charters.As the nation changed over the decades that followed, becoming united in a single Province of Canada in 1841 and emerging as a Dominion following Confederation in 1867, banking and its associated practices were increasingly constrained by national and provincial legislation rather than solely by individual bank charters.

1859 Bank of Western Canada Banknote
The 1859 Bank of Western Canada banknote upon which this coin design is based was issued by a short-lived chartered bank based in the region that is now Niagara Falls, Ontario. Said to have been established in 1859 by an American tavern owner, the Bank of Western Canada had its charter revoked, to considerable scandal, on October 15, 1863, alongside several other banks that had also become insolvent. The incident formed part of a pattern at the time that had greatly eroded public faith in chartered banks’ notes. Notorious “wildcat” banks like the Bank of Western Canada were in the business of issuing notes they knew they could never redeem. Outcry arose over the ease with which chartered banks could thus dupe the public with worthless paper. This outcry fed national momentum toward gold-backed government-issued notes, a practice that began with Provincial notes in 1866 and Dominion notes following Confederation. Along with broader legislative controls under the British North America Act, this first of many steps toward a unified, centralized national currency helped to reinvigorate public faith in paper money.

Saint George Slaying the Dragon
Though the Bank of Western Canada did not survive long, the iconic image of Saint George slaying the dragon that appears on this note has roots that go back thousands of years. At the time of the note’s issuance, Saint George had been present on popular British gold sovereigns since 1817. The sovereign design, by famed medalist Benedetto Pistrucci, featured a caped Saint George on a rearing horse slaying a dragon at his feet and became so iconic that it may have influenced the America Bank Note Company artist who designed the vignette on this note.

Though the Saint’s origins are ancient and murky, the version of the Saint George story that had become popular by the nineteenth century centered on a horseman travelling through Libya. Happening upon a young girl tied to a stake near a swamp, he learns of a terrible dragon that has been tormenting the local people. Though they had offered the monster sacrifices of sheep to appease it, it continued its relentless torment. In a final attempt to save themselves, the people had chosen to sacrifice the King’s daughter. When the dragon inevitably appears, he is laid low by Saint George, who uses the girl’s girdle, or garter, to bind it and lead it into the city, where it is destroyed, tamed, or converted according to various traditions. The element of the princess’s garter may historically be associated with the Order of the Garter established during the Crusades, of which Saint George is patron.

Regardless of the historical accuracy of the story, Saint George’s iconography of chivalry has remained consistent since the Middle Ages. Saint George the Dragon Slayer, with his red cross on white background, was made the patron saint of England in the 1340s by Edward III. Since that time, the saint has featured prominently in the works of many of the western world’s most noted artists. Saint George remained a popular figure on British medallions and coinage throughout the nineteenth century and was thus a fitting candidate for depiction on Canadian banknotes such as this one issued by the Bank of Western Canada in 1859.