(Auburn), MI- Clinton Salt Works Company at the Bank of Auburn/Payable at Michigan State Bank $1.50 May 1, 1838 PMG Very Fine ...
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(Auburn), MI- Clinton Salt Works Company at the Bank of Auburn/Payable at Michigan State Bank $1.50 May 1, 1838 PMG Very Fine 30. The company concealed their private nature well with this "bank" layout and well engraved plates. The $1.50 design depicts an allegorical woman, perhaps representing Commerce, at center, a vignette of Minerva, or perhaps America, seated with an eagle at left, and an ornamental end panel at right. The Clinton Salt Works was incorporated by the state legislature in early 1838 nominally to produce salt, but the enterprise almost immediately turned to banking, which proved to be a very short and disastrous expansion of the business model. It is doubtful that these notes were ever redeemed by either the Bank of Auburn or the Michigan State Bank (Detroit), or that there was a legitimate business arrangement with the Clinton Salt Works Company by either bank. This odd denomination should excite any Michigan Obsolete collector. HID08101242017 www.HA.com/TexasAuctioneerLicenseNotice
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