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    Description

    Kirtland, OH- Kirtland Safety Society Bank $5 Feb. 10, 1837 G8 Rust 7 Wolka 1424-10 PCGS Very Choice New 64.
    This 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 bank's charter being rejected by Ohio banking authorities, notes were issued starting in January 1837, with the insertion of the words "anti-bank" into the title. Shortly thereafter that ruse was abandoned, and these "regular" notes began to flow out of the bank. By May 1837 the bank was refusing to redeem its notes for specie, causing the issue to be severely discounted. By June 1837 Smith severed his association with the bank. The bank ultimately failed in November 1837. Eventually Smith and Sidney Rigdon were each fined $1,000 for their unauthorized banking venture. Although hardly inexpensive, the $5 denomination is the most available denomination from this short-lived venture, and this piece, bearing the signatures of Joseph Smith, Jr. and Sidney Rigdon, is a bright, problem-free example.


    Auction Info

    Auction Dates
    January, 2019
    9th-14th Wednesday-Monday
    Bids + Registered Phone Bidders: 10
    Lot Tracking Activity: N/A
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