Thank you for contacting Mearto with your appraisal inquiry. Based on the photographs and description provided, the subject of this appraisal is an ungraded circulated piece of Canadian paper money from 1900 in a denomination of 25 cents, in the Saunders signed variety.

The piece appears to be in good to very good circulated condition with a cutting error and prominent folds, and minor tears and chipping noted on the piece. Based on current prices of similar condition Saunders signed pieces in the collector market, a Fair Market Value (pre-auction estimate) of this piece would be estimated at C$6 to C$12.