Thursday, April 3, 2008

Schingoethe Obsolete Currency Collection on Auction

By R.M. Smythe
Wednesday, April 2, 2008

Manhattan, New York – Spink Smythe (http://www.Smytheonline.com) to offer Part 14 of the Schingoethe obsolete currency collection April 9th, 2008. The auction will contain 1037 lots of obsolete notes.

When it came to coins and paper money Herb Schingoethe collected almost everything, but it was obsolete currency that his wife Martha liked to collect most of all. She fell in love with the incredible diversity of issuers, and with the artistic quality of the vignettes on the notes. She enjoyed meeting and dealing with the people who bought and and sold obsolete currency. Martha had the skills and the energy required to organize and maintain everything they acquired. Her husband Herb had the passion to collect on a grand scale. Together they created what is now known as the Schingoethe collection.

On April 9th, 2008 Spink Smythe will be offering part 14, as this incredible collection continuing the tradition of exceptional rarities and choice notes from many diverse series. This sale feature the final section of Illinois notes from Herb’s core Illinois collection that were treasured by Herb and Martha. The sale also includes many western rarities including some exceptionally rare Utah notes. This sale also contains notes from the North, South and Midwest, including many pieces from Connecticut, Maryland, Michigan, Missouri, New Jersey, New York, Ohio and Tennessee. Many well vignetted and choice proof notes that Herb and Martha prized are also featured.

Some of the more interesting notes being offered at this sale include:

Lot #1978 - Estimate $7,500-12,500
UT. Great Salt Lake City. Deseret 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.

Lot #1971 - Estimate $10,000-15,000
UT. Kirtland . Reissue-Kirtland Safety Society Bank. (Rust 69). Regular issued Kirtland $3 note printed by UBSH.Train coming over hill. Medallion busts in each corner. Dated March 8, 1837 in Kirtland and signed by Joseph Smith, Jr. and Sidney Rigdon. The note was reissued in Salt Lake City and countersigned on the face by Brigham Young and Heber C. Kimball. Also, signed by N.K. Whitney and with the secret mark of “TB” for Thomas Bullock. Embossed seal of the Twelve Apostles. Only 23 Reissued $3 notes were authorized and logged in the Church’s records. This serial number 4635 is listed in the Rust census. This note is stunning and one of the finest we have seen. It is clearly superior to the Ford VI 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 #1013 - Estimate $1,500-3,000
CT. Hartford. Hartford Bank. (CT-165 G72; G120; G160). Red stamped on back: Property of American Bank Note Co. Proof. Uncut sheet of three $1-$2-$3. $1.Two women supporting oval portrait of Washington surmounted by eagle. Oval female portrait. Jenny Lind. $2. Sailor reclining on coil of rope. Oval portrait of young lady distracted from reading. Liberty, resting on a large 2. Red overprint outlined, white center TWO. $3. Extra wide vignette covering entire bottom, and sides of note. Replete with allegorical references to Industry, Navigation, Education, and Agriculture, all flanking an anchor, and other trade items Choice Uncirculated.

Lot #1987 - Estimate $3,000-6,000
UT. Salt Lake City. Bingham Canyon & Camp Floyd RR. $10. Jan. 15, 1874. (Rust Unlisted). Red protector and “10″, green back with maidens. Serial No. 18. Plate A. Train rounds bend. Indian warrior, left. Athena standing, right. Payable at the Salt Lake City National Bank. Not in the Mormon & Utah Coin and Currency book by Alvin Rust, nor in the legendary John F. Ford Jr. Collection. An important Rarity. Fine.

Lot #1979 - Estimate $4,000-6,000
UT. Great Salt Lake City. Deseret Currency Association. $3. Oct. 1, 1858. (Rust 97). Blue paper. Rare Series B note. Man shearing sheep flanked by cattle. Seated hunter peering through spyglass. Indian with rifle and powderhorn. Large beehive underprint. Signed by H. B.Clawson. Printed script signature of Brigham Young. Drawn by henry Maiden and Engraved by D. McKenzie. VF, small notch out of upper left corner.

Lot #1832 - Estimate $2,500-4,000
RI. Providence. Globe Bank. $50. 18__. (RI-305 G62a; Durand-1379). Proof on India paper mounted on card. Navigation reclining with book, globe and dividers. Bold full green overprint. ABN. R-7. Choice Uncirculated, well centered.

Lot #1982 - Estimate $1,500-3,000
UT. Salt Lake City. Walker Brothers. $1. January 1, 1863. (Rust Unlisted, similar to 116-117). Overall pink underprint. Green back. Walker Bros private bank building with flag flying off the top. Indian princess. Payable in U.S. Treasury Notes. A rare issuer that acted as a merchant and private bank. The operation was profitable and in 1885 converted to the Union National Bank of Salt Lake City.VG, minor fold splits. Corner tip off.

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