Released on: April 17, 2008, 2:10 am

Press Release Author: R. M. Smythe and Co

Industry: Advertising

Press Release Summary: Sale of Brigham Young signed Kirtland note breaks world
record and was just one of many lots that benefited from strong interest and
energetic bidding during part 14 of the Schingoethe collection of obsolete currency


Press Release Body: Manhattan, New York - April 17, 2008 - Spink Smythe\'s April 9th
sale featuring part 14 of the Schingoethe collection was an outstanding success with
realized prices on some notes breaking world records. The jewel of this sale was a
Brigham Young signed Kirtland note (see photo) which had a presale estimate of
$10,000 to 15,000 and sold for $47,500, smashing the previously held world record
for this type of note by tens of thousands of dollars. Bidder interest was not just
limited to the Kirtland note. Strong buyer interest in this auction was reflected in
their bidding as buyers pushed prices well beyond presale estimates for many
obsolete currency rarities, including:

Lot #1356 - Presale estimate $1,250-2,500. Realized $6,500
NY. /Albany. /Bank of the Interior. $100. January 2, 1858. (NY-70 G16a). Green
overall lathework. Proof on India paper. Haxby Plate Note. Sidewheel steamship.
Woman standing with spear and shield. Small state arms. RWHE. EF.

Lot #1842 - Presale estimate $2,500-4,000. Realized $7,000
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 #1996 - Presale estimate $1,500- 3,000. Realized $8,000
UT. /Great Salt Lake City. /Thirteenth Ward Assembly Rooms. Certificate of One Share
of stock. Jan. 15, 1863. Rust 217. Rust Plate Note. Allegorical woman with sword
standing. Signed by Franklin Wooley and Edwin Wooley. Fine, corner tip off.

Lot #1999 - Presale estimate $750 - 1,250, Realized $13,000
UT. /St. George . /St.George Stake Tithing Store House. 5¢. Sept. 17, 1895. (Rust
unlisted, same series as Rust 234). Light yellow. Beehive. Grapes on the back. Ex.
Criswell/Stanley Gibbons. NASCA 1982. VG.

Lot #1987 - Presale estimate $3,000-6,000. Realized - $9,000
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 #1971 - Presale estimate $10,000-15,000. Realized - $47,500
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 #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


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Contact Details: R. M. Smythe and Co.
2 Rector Street, 12th Floor, New York, NY 10006
Email: webmaster@smytheonline.com
Phone: 212-943-1880