LOT Heritage Rare Coin Galleries  /  2007 Jan (FUN) Heritage Sig. Currency #424  / 

12850

Kirtland, OH- The Kirtland Safety Society Bank $50 Mar.

Currency:USD Category:Coins & Paper Money Start Price:2,250.00 USD Estimated At:9,000.00 - 12,000.00 USD
Kirtland, OH- The Kirtland Safety Society Bank $50 Mar.
<B>Kirtland, OH- The Kirtland Safety Society Bank</B></I> $50 Mar. 9, 1837 G16 Rust 10 Wolka 1414-16<BR>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 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 $50 and $100 denominations are the two keys to the set and are especially scarce and seldom offered. This piece, signed by Smith and Rigdon, is an attractive <B>Very Fine</B></I> specimen which is certain to please its fortunate new owner.<BR><BR><b>Shipping:</b> Coin/Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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