Kirtland Safety Society Bank Note - $1 - 1837

Kirtland Safety Society Bank Note - $1 - 1837

Item: Kirtland Safety Society Bank Note - $1

Year: 1837

History: When the Saints settled in Kirtland, there was an economic need for a localized bank, as well as to increase the stability of the saints.  As a result the leadership of the Church decided to open up a localized regional bank.  Regional Banks were not unique at this time in US History while there wasn’t a solid federalized currency. 
 

Although, this is an oversimplified discussion it will due for the sake of understanding the collectable.  Joseph Smith and Sidney Rigdon started the Kirtland Safety Society Bank.  Oliver Cowdery secured the pressing plates, and they Kirtland Safety Society started to print banking notes.  Ultimately, the bank failed (for various reasons), and a lot of the Saints lost quite a bit of money in the process. 

From the failure came a number of challenges as to the legitimacy of the Prophet Joseph Smith, and this was one of a number of things that contributed to what might be a mini-mass exodus of “faithful” saints from the church.

The Kirtland Safety Society printed $1, $3, $5, $10, $20, $50, and $100.  As for a collectable currency obviously there were fewer $100’s printed than $1’s and they are more rare.  However, the popularity of these items are not only their place in history, but also the illusion of the counter signatures.  Each bill seems to be personally signed by Joseph Smith, Jr and Sidney Rigdon!

Upon further research what you will find, is that when the Bank first printed notes, Joseph and Sidney actually only signed a small number of $1’s and $3’s.  They were both busy, and as you can imagine signing thousands of bills was daunting, and in addition Smith wasn’t used to writing and signing a lot.  So after signing for about two days – when they could – he turned the task over to his secretary W.W. Phelps – who often signed and scribe for the prophet. 

When looking at the signatures, it is fairly easy to tell the two apart.  When his scribe would sign for him you would see a large scrawling signature, with grand swoops.  You will see this type of signature on all of the bills that we know Joseph never signed himself ($5, $10, $50, $100, etc.), and a number of the $1 and $3.  This is a good example of what is a hologram signature.

 by his secretary looks like on some $1 and $50s which were never really considered to be by Joseph himself.

However, on the few that we know he signed some of, we see a smaller more deliberate signature.  Remember, Joseph Smith wasn’t a writer – and when he used a pen it was more steady and deliberate that we would normally thing.  You can even see some hesitation marks on some – not as grand, not as large signatures.  This is an example of an actual signature of Joseph Smith, Jun on a Kirtland Safety Society Bank Note.

As mentioned above, those bank notes with his signature are more than just collectable for the sake of collectible currency.  They are collectable as a piece of history, touched, and signed by the Prophet Joseph Smith.  This is a rare concept – the rarity of which can often be forgotten.  During the life of the Prophet, there were so few things actually “in the hand” of Joseph.  Although, we have many thing which he contributed and produced for the restorations, nearly all of them were in someone else’s hand.  The Book of Mormon was scribed in the hand of Oliver Cowdery.  The revelations currently contained in the Doctrine and Covenants, were in the hand of numerous scribes, secretaries, and colleagues.  As he received pieces of revelation, someone else wrote them.  Even later as the Mayor of Nauvoo there were few things actually in his hand.

Item Specifics:

This item is a $1 Kirtland Safety Society Bank Note with an authentic Joseph Smith, Jun. and Sidney Rigdon signature.  As such it is the most sought after of the LDS currency.  It is in fair condition, certainly circulated. 

Value:

The value of these items can range.  As for the currency for the sake of collectible currencies a $1 KSS Bank Note can be valued anywhere of $2,000 to $3,500 depending on condition.  As you increase the denomination and condition you also increase the scarcity of the denomination as well and increase the currency, which can put a $100 KSS somewhere between $8500 and $12,000.

There are some bank notes that are “countersigned” by Brigham Young and Heber C. Kimball.  When the Mormons migrated west, some of these bill remained, and they countersigned them to try and bring value back into circulations, etc.  These bills can be collectible (especially if you can find one with a all four signatures being real – although I have never seen one myself).

However, as collectible and value goes for most LDS – the gem isn’t the rarity of the denomination but in the rarity of Authentic Signatures.  A $1 KSS by itself can go from $2,000 to $3,500; however, with authentic signatures it is at least valued at $6,000 and with the right buyer and condition could exceed any $100 at over $12,000.

Tags: Kirtland Safety Society Bank Note, Collectibles/Antiques, LDS Book Review, Ryan Daley