LiveAuctionTalk.com Spotlights Collecting "Money" in its Weekly Free Article

July 8, 2006—On a Sunday morning in 1875 a report reached Honolulu that the Bank of California had failed. The Honolulu bank was closely tied to it and uneasiness filled the islanders.

A small crowd of depositors gathered in front of the Honolulu bank and demanded their money. Samuel Mills Damon, the bank’s manager, had just returned from Maui and headed directly for the bank.

Even though it was Sunday, Damon opened the bank doors. He also posted a notice saying any depositor wanting his money back would be given it immediately.

Damon also summoned the leader of the crowd inside and insisted on paying him the total amount of his deposits. As the money was being counted, the man stammered then insisted on leaving his savings right where they were.

Damon stood at his post all day long ready and willing to dole out more cash if need be. No more demands were made. By the next morning, public confidence was restored.

That kind of financial know-how and people skills led to Damon eventually becoming the sole owner of the Bishop & Co., Bank of Honolulu. It was in operation for 37 years.

Not only was Damon a savvy businessman he was also a savvy coin collector. Working in a bank proved to be a gold mine in accumulating a world class collection.

Included in his collection was one of the most important pieces of Hawaiian paper money in existence, the $10 Kingdom note.

Undated but released in 1880, the note is so rare only about two or three issued and un-cancelled pieces are known to exist. It bears serial #1, the very first $10 bill issued by the Kingdom of Hawaii.

When you get something this rare and this historically important coming out of a collection this important, collectors line up. That’s exactly what happened on March 23 at Doyle, New York.

The note measured 2 7/8 inches by 6 1/4 inches. It sold in the Coins, Medal and Bank Notes sale from the estate of Samuel Mills Damon. Estimated to bring $40,000-$50,000, it commanded $268,000.

LiveAuctionTalk.com author Rosemary McKittrick has been writing weekly about the art, antiques and collectibles field for 16 years. Beyond the facts, Rosemary is a storyteller. Her fresh, lively narratives bring the world of collecting to life.

McKittrick is co-author of “The Official Price Guide to Fine Art,” a 1000-page book published by Random House and co-author of four volumes of “McKittrick’s Art Price Guide.”