LOT #12223 |
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Kirtland, OH- The Kirtland Safety Society Bank $50 Mar. 9, 1837 G16 Wolka 1424-16 Rust SV6. ...
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Sold on Apr 28, 2010 for:
$6,325.00
Bid Source: Live: Floor bidder
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Description
Rare Kirtland Safety Society Bank $50
Kirtland, OH- The Kirtland Safety Society Bank $50 Mar. 9, 1837 G16 Wolka 1424-16 Rust SV6This is quite likely the most avidly collected of any issuer of obsolete currency due to its connection to the early Mormon church. The bank was organized by Joseph Smith and other church elders in late 1836, and currency plates were prepared almost immediately for the bank's notes. Despite the charter being rejected by Ohio banking authorities, notes were issued starting in January of 1837, with the insertion of the words "anti-bank" into the title. Within a few months that ruse was abandoned, and notes bearing the original title began to flow out of the bank. By May of 1837 the bank was refusing to redeem its notes for specie, causing the issue to be severely discounted, and by June of 1837 Smith severed his association with the bank, which failed in November of that year. Eventually Smith and Rigdon were each fined $1000 for their unauthorized banking venture. The $50 denomination is one of the scarcest, and examples in any grade are seldom available. This piece, which is signed by J (oseph) Smith, Jr. and S (idney) Rigdon, is encapsulated in a PMG Very Good 10 holder. Close examination fails to establish any reason save for a handful of miniscule pinholes to account for the assigned grade, and while we seldom second guess either of the two grading services (at least in writing), we would unhesitatingly grade this original and utterly unmolested example a full Fine. Whatever the technical grade, this rare, attractive and evenly circulated example is certain to please.
Auction Info
2010 April/May CSNS Signature Currency Auction #3509 (go to Auction Home page)
Auction Dates
Apr-May, 2010
28th-3rd
Wednesday-Monday
Bids + Registered Phone Bidders: 6
Lot Tracking Activity: N/A
Page Views: 4,327
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15% of the successful bid per lot.
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