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    Description

    Kirtland, OH- Kirtland Safety Society Bank $1 Mar. 9, 1837 G2 Wolka 1424-02 Rust 4
    In 1836 Mormon Church elders, led by Prophet Joseph Smith, Jr. and Sidney Rigdon (as cashier for the bank), sent their designees to Columbus, Ohio (chaired by Orson Hyde) to seek a state bank charter. Simultaneously, the other group of elders (led by Oliver Cowdery) went to Underwood, Bald, Spencer & Hufty in Philadelphia to contract for engraved plates, proofs and the sheet printing from the four plates purchased. Having the plates engraved and printed was easily accomplished. However, officials at the State Capitol in Columbus required specie or other collateralization to protect the circulation and denied the charter. Regardless, their notes were already printed and ready to issue, and the bank began operations. The vast majority of Kirtland notes, from $1 to $100, were dated and emitted in March 1837. The bank, of course, did not survive the nationwide bank panic in 1837, although Smith had guaranteed the notes would one day "be as good as gold." The lack of specie caused the bank's failure, which was a large factor in the Mormon migration from Ohio to their eventual settlement in Utah. PMG grades this note Very Fine 20 noting a minor repair.


    Auction Info

    Auction Dates
    September, 2018
    5th-11th Wednesday-Tuesday
    Bids + Registered Phone Bidders: 5
    Lot Tracking Activity: N/A
    Page Views: 233

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