Louis Graveraet Kaufman
Born in Marquette, Michigan. Brother of Nathan. Employed with Marquette County Savings Bank and First National Bank. He moved up through the positions of messenger, teller, cashier, manager, vice president, president and finally chairman of the board. Served as president of the Michigan Bankers Association. President of Chatham National Bank in New York 1910 to 1927. His signature appeared on National Bank Notes in both Michigan and New York.
The collection was displayed in the Chatham-Phoenix bank in New York. In 1927 he built a new bank in Marquette. The Kaufman collection was displayed in the directors' room of the First National Bank & Trust Company. Pieces were held in place by tacks driven next to coin edges. These produced many nicks in the edges.
In 1943 Harry X Boosel learned of the collection but could not study it because the vaults remained closed during the war. Boosel was able to inventory and appraise the collection in 1970. The bank had grossly underestimed the value. The collection was sold at auction by RARCOA August 4-5, 1978. It realized about $2.25 million. It was estimated that the value had been reduced about $1 million by the damaging display techniques.
bio: CAT RARCOA (photo)Source credit: Pete Smith, American Numismatic Biographies