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PMG-certified Mormon Paper Money Featured in May GreatCollections Auction

Ian Russell on Wed, May 20, 2020 10:31:36 AM
Online bidding is now underway for the May 24 and 31 auction.

Mormon banknotes certified by Paper Money Guaranty® (PMG®) highlight a May GreatCollections auction. Online bidding for the Obsolete Currencies and National Banknotes sale is now open with the two-part auction ending on May 24 and May 31.

Among the most anticipated notes in the sale are an 1837 $1 Kirtland Safety Society Bank Anti-Banking Note graded PMG 25 Very Fine and an 1840s $5 Kirtland Safety Society Bank Note graded PMG 30 Very Fine.

The Kirtland Safety Society Bank was formed in 1836 in Ohio. After creating the printing plates and printing a significant number of banknotes, they applied for a charter from the state of Ohio, which was denied due to lack of capital. As a result, the bank modified the notes by changing the bank title to "Kirtland Safety Society Anti-Banking Co." as well as blocking out the titles "Cashier" and "President" and replacing them with "Secretary" and "Treasurer." This was an attempt to differentiate the institution from a bank as it had no legal charter to operate. Today, the notes that were modified by the bank are particularly desirable.

Another highlight of the sale is an 1858 Great Salt Lake City, Utah Territory, $3 graded PMG 25 Very Fine. In 1849 many Mormons had resettled in the mostly ungoverned west, where they established the State of Deseret. During its short history, the State of Deseret created currency that was issued by the Deseret Currency Association. Since there was very little gold or silver to back up the currency, it was backed by livestock. The currency was used to pay workers at the church and came in denominations of $1, $2, $3, $5, $10, $20, $50 and $100.

Other PMG-certified highlights include:

For more information and to bid, visit the GreatCollections website, www.greatcollections.com.