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Auction: 9USA - Schingoethe Obsolete Currency Collection Part 15
Lot: 814

UT. Salt Lake City. Desert University Bank. $10. February 1868. (Rust 122; Schingoethe UT-220-10). Blue paper. No. 314. Title across top center. Woman with sickle and sheaf at left. Printed signature of David O. Calder. An Excellent opportunity for the collector to acquire a marvelous piece of Mormon and University of Utah history! Daily Telegraph Print. AU. ($1,500-3,000) David O. Calder was appointed as professor in the Mercantile Department by the regency of the University of Deseret in November 1867. In October of 1868, classes started with more than 70 students. Professor Calder designed commercial classes where the students worked in a store or bazaar and received actual hands-on instruction in the business world. The store for the students of the Commercial Department classes was in the lower rooms of the Council House. Actual buying and selling took place with students handling the operations. The Deseret University Bank was opened at this time, and students learned to transact banking operations and the actual routine of banking procedures. Scrip was issued and used in lieu of money. Genuine banking was transacted with U.S. legal tender for deposits and withdrawals. The engraved notes were issued by entering the date, serial number, and signatures of the cashier and president. Operations ceased at the Deseret University Bank shortly after Calder´s resignation in the winter of 1869 due to increased responsibilities with the Mercantile Department at the University. The University of Deseret became the present day University of Utah! Estimate US$ 1,500-3,000

Sold for
$1,050