VINELAND, N.J. — Kyser & Rex’s cast iron Mikado mechanical bank sold for $288,000, including buyer’s premium, at Bertoia Auctions’ September 10-11 sale offering the second installment of the Aaron and Abby Schroeder collection. It is considered one of the finest examples of the bank known, this specimen representing the red table variation. The firm cataloged it as pristine to near mint condition.

Reached after the sale, auctioneer Michael Bertoia called it a substantial record for the form.

In the late 1970s or early 1980s, Aaron and Abby Schroeder saw a newspaper advertisement for an estate auction in Pennsylvania with an image of the bank being sold as a doorstop.

“The doorstop was not a doorstop, but was instead an extremely rare and incredible condition Mikado bank,” Bertoia said. Only one other person in the audience recognized its significance and the Schroeders had to chase it higher than they would have liked, but no doubt a great deal less than the result on September 10.

Bertoia said the firm had strong interest in the bank with a number of bidders surviving into the six figures. Noted Bertoia, “‘The money is in the face’ as Donal Markey said. The figure’s face was nearly flawless.”

Watch for a full review of Bertoia’s second sale from the Schroeder collection in a forthcoming issue.