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The most striking change with this edition is the increased number of pricing columns for Bank of Canada notes, 1935 to date, with the addition of Choice Uncirculated and Gem Uncirculated grades. The grading standards in the introduction have been modified to describe three levels of uncirculated condition.
It is fully expected that these changes may be controversial, but the publisher felt that it was preferable to devise a made in Canada grading system for Canadian paper money, than to concede to foreign grading practice by default.
With the recent publication of authoritative number ranges printed for many of the asterisk replacement notes, the ranges based on lowest and highest numbers observed have been replaced with official numbers wherever possible.
The catalogue has been updated to include the new issue of $5 notes and recent insert note discoveries. Insert replacement note number ranges now conform to a newly published mathematical model, resulting in widened ranges in some cases. (This would not, however, result in an increase in the number of uncirculated notes available for any prefixes which were fully issued into circulation some time ago.)
The hobby continues to grow in popularity, with new collectors joining the ranks and looking for nontraditional ways to collect. In this regard, notes with repeater serial numbers are receiving attention, and have been recognized in the special numbers section of the catalogue.
As the unprecedented bull market continues, valuations for the most part continue their relentless forward march. Exceptions are mainly confined to the commoner multicoloured and birds issues, where in some cases higher values attracted substantial quantities of notes onto the market. With supplies of such material in excess of demand, these notes could only be sold at substantially discounted prices. Prevailing sentiment on the pricing panel was negative for such notes, and values have accordingly been revised downward.
Dominion notes have been valued higher across a fairly broad front, at least for selected grades. The 1912 Train notes, for which demand seems insatiable, have been stellar performers once again. Some of the largest increases are seen, as usual, among the 1935 Bank of Canada notes. The King George VI issue of 1937 also shows strong demand, most notably for notes with the Osborne-Towers signatures. The Devils Face notes of 1954 continue to be popular. Modified portrait and multicoloured series asterisk replacement notes, after several years of spectacular price increases, are now rising at a more sedate pace. Notes belonging to changeover prefix series have risen rather dramatically in value with this edition. Notes of the Journey series, particularly the insert replacement notes, show many price increases. At the back of the book, special number and error notes have moved ahead, if somewhat selectively, in pricing.
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