Description

    Extremely Rare Mormon "Anti-Bank" $3 Example

    Kirtland, OH- The Kirtland Safety Society Anti-Banking Co. $3 Jan. 4, 1837 G6 , Rust 14 Wolka 1422-03

    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 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 this lot 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 Sidney Rigdon were each fined $1000 for their unauthorized banking venture. The $3 "Anti-Bank" issue is the scarcest denomination of this short lived maneuver, and this piece is a nice problem free example. Very Fine.


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    Auction Dates
    September, 2007
    26th-28th Wednesday-Friday
    Bids + Registered Phone Bidders: 4
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