Spink Smythe sees world record for obsolete currency at April 9th auction. Brigham Young signed Kirtland note breaks world auction record and was just one of many lots that benefited from strong interest and energetic bidding during part 14 of the Schingoethe collection.
lot by perhaps two grades. A boldly impressed seal and vivid brightness. Light wrinkling, the note is nearly full Very Fine-Extremely Fine. On eye appeal, it might be judged finer. Likely not to need an upgrade. There may not be a true uncirculated note of the reissued series due to the usage and circumstance. The reissued notes were quite historic in that Young made "them good as gold" as was promised back in Ohio by Joseph Smith. The Kirtland notes raised much controversy in the 1830's era politics of Ohio and the advance of the Mormon religion. However, there is no doubting the significance of this paper money issue as one of the most famous in American annals of finance through paper promissary loans.
Lot #1978 - Presale estimate $7,500-12,500. Realized - $16,000
UT. Great Salt Lake City. Desert Currency Association. $2. March 4, 1858. (Similar to Rust 87, but hand signed). Series A Note. Printed on thin, frail white paper. Book and plow flank title. Typeset, large `2'' at the right. Handwritten signature of Brigham Young. Another historic and rare issue of note. The series was created to use in payments to defenders against the impending Johnston's Army incursions by the Federal Government. These notes were backed by livestock and the majority of this typeset issue, Series A, B and C, were burned and replaced by the copper plate notes with vignettes. Generally, these are rarely offered. This example, has much body to it. Small body hole. For the issue, Fine-Very Fine is the proper classification.
"The Schingoethe sale of obsolete currency exceeded our expectations and reinforced our belief in the strength of the market." said Caleb Esterline the Auction Director of the Schingoethe catalog for Spink Smythe. "There was particular interest in high quality obsolete proofs as well as engraved issued notes with color. New York, Pennsylvania and Ohio consistently sold above the estimates. Scarcer states such as Minnesota and Missouri were extremely competitive. The star of the sale was the selection of Utah notes with many records being set. Lot 1971 was a world record price for a Brigham Young signed Kirtland note surpassing previous sales by tens of thousands of dollars. The strong demand was infectious and the high quality notes all exceeded our expectations."
Accredited media interested in scheduling an interview to discuss this release or past or upcoming auctions are encouraged to contact Mary Herzog at 212-943-1880
About Spink Smythe
Established in 1880, Spink Smythe buys, sells, and auctions coins, paper money, stocks and bonds and autographs at their corporate headquarters at 2 Rector Street in the heart of the Financial District in New York City. To order a catalog, to contact any of the firmís specialists, or to make general inquiries, call 212-943-1880 or 800-622-1880, or visit the firmís website at: http://www.smytheonline.com.