High Desert Bank Receivership
The former president of High Desert State Bank, Doug Lutz, was a serious collector of antique currency and rare negotiable instruments. He had diversified the bank’s holdings by investing in a collection of some 241 notes. When the institution failed in June 2010, the FDIC Receivership took possession of these Specialty Items.
Worley Auctioneers & Appraisers, charged with their liquidation, sought out the best venue for the sale. They turned to one of the numerous professional organizations to which they belong, the American Numismatic Association, and rented booth space at the organization’s 2010 World’s Fair of Money in Boston.
The venue was perfectly selected to attract 39 extremely well-qualified bidders from 12 different states, as well as Canada, Germany, Malaysia, Norway, the Philippines, Singapore, and the UK. Indeed, the clientele’s pedigree was as diverse as the notes in the catalog.