Description

    Kirtland, OH- The Kirtland Safety Society Bank $5 Feb. 10, 1837 G8 Rust 7 Wolka 1424-10
    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 the notes that are offered below 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, and by June 1837 Smith severed his association with the bank. The bank would fail 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. This problem-free mid-grade note grades Very Fine 30 per PCGS.


    Estimate: $900 - $1,200.

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    Auction Info

    Auction Dates
    Apr-May, 2016
    27th-2nd Wednesday-Monday
    Internet/Mail Bids: 5
    Lot Tracking Activity: N/A
    Page Views: 139

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