1 Dollar

Macdonald & Co. operated as a private bank in Victoria during the Fraser River and Cariboo gold rush years, issuing notes that circulated primarily among miners, merchants, and trading houses in the colony. Private bank issues from Vancouver's Island are extraordinarily scarce — the colonial government was chronically ambivalent about paper money, and the dominant instrument of exchange remained gold dust weighed at the counter.

The firm collapsed in 1864, less than a year after this note was issued, in a broader contraction that swept out several Victoria merchant banks simultaneously. Redemption was incomplete, leaving an unknown quantity of notes outstanding.