LOT #12670 |
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Kirtland, OH- The Kirtland Safety Society Bank $1 Jan. 8, 1837 G2 Wolka 1424-02. ...
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Description
Kirtland, OH- The Kirtland Safety Society Bank $1 Jan. 8, 1837 G2 Wolka 1424-02This is the first of a complete denomination set of Kirtland Safety Society Bank notes graded by PMG, issued by Joseph Smith and others tied closely 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 bank's 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. Shortly thereafter that ruse was abandoned, and the notes that are offered below 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. The bank would fail in November 1837. Eventually Smith and Rigdon were each fined $1000 for their unauthorized banking venture. The smaller denominations are quite scarce, with the last $1 offered over two years ago. This piece is a pleasing mid-grade issue with bold signatures of Joseph Smith and Sidney Rigdon. PMG Fine 12. Prices have climbed steadily since the last Ace sold for $4,312.50 in 2006.
Auction Info
2008 September Long Beach, CA CAA Signature Auction #3502 (go to Auction Home page)
Auction Dates
September, 2008
17th-21st
Wednesday-Sunday
Bids + Registered Phone Bidders: 2
Lot Tracking Activity: N/A
Page Views: 582
Buyer's Premium per Lot:
15% of the successful bid per lot.
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