Inventory - CSA - 1861 - 1862 - 1863 - 1864:
 

Below are my current 1861 CSA offerings . Visit the Terms page to order.     To return to Home page; click "Shipleys Currency" at upper left. All notes in stock unless otherwise indicated. * PLEASE NOTE * ALL NEW SCANS AND MOST SCANS PRESENTLY ON THE WEBSITE ARE NOW SCANNED AT 300 DPI. THIS WILL ENABLE YOU TO VIEW A NOTE FAR BETTER THAN LOOKING AT IT WITH THE NAKED EYE.

                                  IMPORTANT !!

TO ENLARGE THE SCAN, CLICK THE MIDDLE BOX WHICH OPENS WHEN THE SCAN

APPEARS.


 

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Abbreviation Key


 1861  $ 500  T-2    CR-2               

  

 

 

 

 

 

 

 

 

PMG VERY FINE 30

 

 

 

 

 

 

 

 

 

 

  Gorgeous Note

 Lush, vivid Green

 

 

 

 

 

 Completely Problem

          Free

 

 

 

 

 

 

 

 

 

 

 

 

 

 Totally Original

Serial # 195. Famous central vignette of "The Crossing" by James Smillie. Ceres seated at lower left. Only 607 notes printed. Dated May 23, 1861. Signed by the original Register, Alexander B. Clitherall and the original Treasurer, Edward Elmore. Plain back. The back of the note bears the issuance date of June 22, 1861 at New Orleans in ink. Further; this breathtaking note was issued by none other than A. (Anthony) J. Guirot, the Assistant Secretary of the Treasury of the Confederate States of America. Guirot's signature is one of the most elegant to be found upon any Confederate Treasury note. The endorsement reads " New Orleans June 22nd, 1861 A. J. Guirot Asst Treasr CS". The T-2 was printed upon a sheet with T-1, T-2, T-3 and T-4, wherein all notes bore plate letter "A". Today; there are approximately 129 T-2's known in any grade. This includes T-2's which are cut cancelled, torn, stained, holed, chinked, repaired, impaired or bearing any sort of problem you can think of. T-2 is the most rare note in the entire Confederate Treasury Note series; even more rare than the fabled T-35 (Indian Princess), the T-1 or the T-27.  Most literature relative to CSA Treasury notes provides an estimated survival rate of 15% of all notes issued (T-1 thru T-72) from the date of issuance to today. While this is merely an estimate; the survival rate among the T-1 and T-2 is thought to be somewhat higher at roughly 25%.  Assuming the estimates are as close to correct as possible, we would be left with a mere 152 T-2's extant. An estimate is just that; an educated guess. It is not an educated guess that only 607 T-2's were printed, it is a fact acquired from actual Confederate Treasury records. While somewhat unfair to do so, compare the number of 1864 $10 notes issued (T-68) of 9,145,000 to the note here offered (607). The most daunting task which today's collectors face is locating an unimpaired, problem free example of the T-2. As stated above, a mere 129 T-2's are known. Of the 129 known surviving examples, the large majority reside in grading service holders bearing an annotation "Apparent" or "Net". As early as 1875, the temptation to improve the appearance of this issue has been tremendous. A slight tear repaired, soiling or stains removed, pinholes filled, punch out cancels filled in; the note was at some time "bleached", vignettes redrawn large 2-3 inch tears repaired; you name it. It is indeed a rare and fleeting opportunity to acquire a totally original, non-repaired T-2. Superb, vivid green color. Bright, with no stains, spots or problems of any kind or character. In this day and time, locating a totally original T-2 is a true challenge. Incredible eye appeal. Simply amazing. This note may have been used one or two times during it's active role in commerce 156 years ago; then carefully placed in someone's wallet or purse. Interestingly, no interest was collected upon this note. The T-2 paid interest at the rate of "Five Cents per day". Had the notes owner collected the interest due upon it; the note would have been cancelled in some manner to denote such. The few tiny black dots which may be seen upon the back are not pinholes; rather very tiny specks of ink, an extremely common occurrence. Believe me, they are not distracting. The signatures of Clitherall and Elmore are "right". By that, I mean that they have not been wet during any attempt to improve this note. While I do not always agree with the grading services upon a given note's grade; I do agree with the premise that they are superb at detecting repairs of any kind. PMG denotes none and you can count on the fact that if any problems existed upon this piece; PMG would have called them out. The scan does not do this immaculate piece justice. It is even more beautiful when holding it in your hands than it appears in the scan. The time will soon be upon us when the availability of a "non-apparent" note of the rarity and quality of the note offered here is no more. I could go on and on about this lovely piece, but must stop. If you are looking for a solid note which bears no problems and bears breathtaking eye appeal, you need look no further. I am in a position to advise no one. However; based upon over four decades in this business, I would state if you are considering a T-2, acquire an example that is problem free. In the long run, you will be most pleased that you did. An immaculate, rare Confederate Treasury note which would be an incredible addition to any collection; whether it be a museum or individual.

PMG Very Fine 30

 

 

 

My Grade:

 

Choice Very Fine

 $ POR   

Reverse

 1861  $100  T-3    CR-3

 

 

 

 

 

 

 

 

 Older Restoration

 

 

 

 

 

 

 

 

 

 

 

 

 

 Very Attractive Note

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Excellent Color

          &

        Trim

Serial # 948. Dated May 14, 1861. Central vignette of locomotive pulling into depot. Depiction of Ceres standing to far left. This vignette has also been referred to as "Minerva" and "Liberty". Plain back. An extremely attractive example of this rare "Montgomery" issue. The T-3 had a total print run of 1,607 notes of which 1,606 were issued. The first printing, which consisted of serial number 1 through serial number 607 was printed upon 607 four subject sheets with the T-1, T-2 and T-4. The second printing of the T-3 was comprised of 1,000 two note, half sheets consisting of T-3 and T-4; bearing serial numbers 608-1607. What became of the sheet which bore serial 1607; which was not issued? We know today that by order of Confederate Secretary of the Treasury, Christopher Memminger, it was sent to the New Orleans branch of the American Bank Note Company (Southern Bank Note Company) with a request for 5,000 more "impressions" of $50 and $100 notes. These notes were to "correspond as closely as possible to the sample provided". [Letter from Secretary Memminger to George B. Clitherall dated May 7, 1861; courtesy of J. Wayne Hilton, pages 210-211 of his masterful work "Collecting Confederate Currency...The Magnificent Montgomerys"]. Thus, the two subject sheet sent to Clitherall became the model for the the $100 T-5 and the $50 T-6. The known census of all surviving T-3's in any grade or condition today is slightly less than 200. Signed by the actual Register - Alex B. Clitherall and the actual Treasurer - E.C. Elmore. It was not until the 1861, $100 T-7  was issued that signers other than the actual Register and Treasurer signed Confederate Treasury notes; as the number of notes required  to be signed proved to be too much for Elmore and Clitherall to accomplish. The note here offered has been restored or conserved, depending upon one's point of view. The work on this note was likely done in the early 1950's to 1960, at a time when no attempts were made to deceive or hide restorations. There was simply no reason to, as this note likely sold for a good bit less than it's face value at that time. At the risk of getting lengthy in this description, I feel it is important to take those viewing the note via a scan through each and every restoration. First; the note has been cross cut cancelled. It appears that the cancellations have been closed; although no attempt made to hide this fact. Further, it is often times difficult to tell just how much the cross cancellation with a bank hammer actually penetrates the paper. Irregardless, they have been closed in a very unobtrusive manner. The note has 4 "eraser" sized punch out cancels which have been filled in. Looking at the front of the note and starting at the far left bottom, we see a poc (punch out cancel) just below Minerva's (Ceres) feet located in the second "0" of "100". Next, there exists a small poc just above and to the right of the "lex" of Alex. Moving further to the right, just before the "E" in the first "E" of E.C. Elmore exists a poc and finally, at the "mor" of "Elmore". The only other restoration I can see is a repair or "filling in" of a "V" shaped cut out cancel at the top of the note which starts at the top left, center, running through the "ERA" of CONFEDERATE STATES. It is important to remember that these restorations were merely made to make the note look better as a collectible at the time. It was by no means performed to deceive.... it didn't matter in those days. This work is poor to fair by current professional standards of repair but not that bad. Had this note been restored by today's professional, you may rest assured that you would not see any of the aforementioned with the naked eye. A black light box and other tools would be required to observe the slightest hint that the items so easily seen here have been performed. The note bears extremely good color and superb trim. It also retains excellent body and sharply detailed vignettes. A very nice Montgomery for those who do not see the need to spend $27-$29,000 on a problem free very fine. The reverse presents a most interesting issuance. It reads "Officer of Com of Sub (Commissary of Subsistence) Lynchburg, Va May 20, 1861 This day paid out by JR Williams Capt & CS (Commissary of Subsistence)". Further, a black stamp "PAY MOBILE SAVINGS BANK" is also present. While I have seen this stamp on later issues, such as the 1862 $100 issues of T-39, 40 and 41, it is rarely if ever encountered upon a Montgomery. All in all, a very appealing T-3 with superb clarity and color, coupled with a fascinating endorsement and bank stamp. Superb eye appeal and as stated, an excellent choice for the collector who seeks a coveted Montgomery issue and does not wish to spend an additional $20,000 to acquire a very fine. One of the best restored T-3's I have seen which was not restored to deceive. In all reality, a very nice T-3.

Fine to Very Fine

 

 

 Restoration

 $ POR  

Reverse
Pic 2

 1861  $100  T-5   CR-5

 

Issued by Ferdinand

Molloy, Capt & ACS

Serial # 4457. A stunning example of the so called "First Richmond Issue". Superb eye appeal and extremely tough this nice. This one speaks for itself. An immaculate Confederate Treasury note. The far right, black frame line does not show up in the dark background of the scan. It is there, as is shown in "Pic 2". "Disbursed September 19th, 1861 Ferdinand Molloy Capt. & ACS (Assistant Commissary of Subsistence)". As nice as they come and a beauty.

CHOICE

UNC

 $5250

 

 

Reverse
Pic 2

 1861  $100  T-5   CR-5 Serial # 747. Dated August 28, 1861. A very appealing example of this scarce Southern Bank Note Company issue. In reality; the note was printed by the American Bank Note Company of New York; using their New Orleans locale. Superb color; exceptionally crisp and very clean for the grade. The reverse indicates that the note was either redeemed or utilized to pay taxes in New Orleans by Cramer & Company of that city on January 20, 1862. An intriguing piece of American history. Fully framed; although the right, front frame line is difficult to see against the black background of the scan. It is indeed all there. The note is not cut cancelled, bears no pinholes and possesses superb eye appeal. A very reasonably priced, high quality T-5.

VF+

 

MKT

GRADE:

VF 30

 $3050  

Reverse
Pic 2

 1861  $100  T-CR-5

 

 

 

 

 

 

 

PCGS VF 30 POC

 

 

 

 

 

 

 

 

Bank of The State

of Georgia Stamp

Serial # 1190.  Dated August 28, 1861 and the first of the so called "Richmond Issues" bearing a central vignette of Steam locomotive rounding corner. Minerva to right and Justice to lower left. Plain back. Printed upon red fiber, high quality bank note paper by the so-called "Southern Bank Note Company". In reality, this was the Southern branch of the American Bank Note Company and was an attempt to have this firm continue printing notes for the Confederacy just as they had printed the Montgomery issues in New York City. This note and the T-6 were the last of the Confederate Treasury notes to be signed by the actual Register and Treasurer of the Confederate States. Robert Tyler; who signed as Register to the left, was the son of former United States President John Tyler. A lovely mid grade example of the issue with no problems. While the note does bear two small punch out cancels; they could no be in a better location and are not distracting. I have seen these poc's in the very signatory lines themselves. Also cancelled in red ink upon the front by John Boston, the head CSA depositary agent in Savannah. The Bank of the State of Georgia held this note until June 25, 1862 as is evidenced by the large stamp upon the back wherein the bank claimed the principal and interest due on the note from the date of issuance until June 25, 1862 in the amount of $3.01 plus the principal of $100. If one seeks true Civil War fiscal history; this note reeks of it. Simply fascinating.

PCGS VF-30

POC

 $2250  

Reverse
Pic 2

 1861  $100  T-CR-5

 

 

 

 

 

 

PCGS VF 25 POC

 

 

 

 

 

Bank of The State

of Georgia Stamp

Serial # 1203. Dated August 28, 1861. Same vignettes as above. A mere 5,798 T-5's were issued by the Confederacy. While this may  sound like a large number, I can assure you that it isn't. Most experts in the area of Confederate Treasury notes provide an estimated 15% survival rate. Given that this note paid interest at the rate of 3.65% per annum (one cent per day-front); that survival rate could have been slightly higher relative to this issue. Irregardless, here offered is a truly significant piece of Confederate fiscal history. A very bright note (much more so than the scan shows), the back tells us that the note was held by the Bank of the State of Georgia. Just as with the T-5 above; 13 serial numbers away from this piece, the back stamp indicates that the note was redeemed on June 25, 1862 by the Bank. William Cummings was the head assistant cashier at the Bank of the State of Georgia with the principle office of the Bank in Savannah. Further, upon the front of the note in red ink appears the cancellation of John Boston, chief CSA Depositary at Savannah, GA. Although two poc's exist at the far left and right corners; they do little, if anything to distract from this wonderful, very early CSA issue. A T-5 which simply exudes Confederate fiscal history.

PCGS VF 25

POC

 $1950  

Reverse
Pic 2

 1861  $100  T-5   CR-5

 

 

 

 

 

 

 

 

 

Cancelled Red Ink

"W.T. Goodwin

   Dept Coll"

Serial # 5356. Brown ink date of September 14, 1861. An extremely interesting example of the issue. Two small punch out cancels are noted; however, they could not be located at a better place. Not in the signatures or other important locations upon the note which could create major distractions. The note was "Cancelled" in red ink upon the face, below which is written the name of "W. T. Goodwin, Dep Coll". Goodwin was the Deputy Collector at Savannah, Ga and his name is frequently seen on the $100 issues of 1862 (T-39, 40 & 41). The reverse presents with a most unusual endorsement. I do believe it reads as follows, "Rec'd amt, this note & Int. $3.25 to 6/Aug/62 T. W. Adams Asst Cash (Cashier)". The manner in which this was done was not the way it was supposed to be accomplished. A story for another day. Adams signature was likely crossed out by Goodwin when he cancelled the note upon the face in Savannah. I could write pages about this note, although space limits me here. The first I have seen by T. W. Adams; whose brother; F. W. Adams, was the Cashier of the Athens, Georgia branch of the Bank of the State of Georgia. An intriguing reverse notation if there ever was one. The T-5 paid interest at the rate of one cent per day or 3.65% per annum. Simply an exceptionally interesting note that serves to vividly illustrate that there is more to meet the eye than just the note itself. No pinholes or problems of any kind. Normal circulation is evident and thankfully, no detrimental issues exist.

Fine

 

2 Poc's

 $975  

Reverse
Pic 2

 1861  $ 50  T-6   CR-6

 

 

 

 

Issued by Isaac

T. Winnemore, Maj

& aqm.

 

 

 

 

From Louisiana, rare endorsement.

Serial # 3044. Central vignette of Industry and Agriculture seated on cotton bale. Liberty to left and George Washington in oval to right. Plain back. Red fiber paper. The first of the so called "Richmond Issues"; with most all T-1 through T-4 being issued in Montgomery. The last of the notes signed by the actual Treasurer and Register. In this case; we see Robert Tyler's signature as Register; the Son of President John Tyler. A note which exemplifies beauty beyond description and is as bright, clean and colorful as any T-5 or T-6 you will ever see. Completely and totally framed, with four more than complete full frame lines. Only the second note I have seen issued by Winnemore. As seen on the back, the note was "Issued 16th Sept 1861 I. T. Winnemore Maj & aqm (acting quartermaster). Winnemore was from Louisiana and enlisted there. More research is warranted, as he is a relatively unknown signer. Without question; one of, if not the best T-6's I have ever laid eyes upon. As crisp as the day it was printed, bearing no stains, spots, pinholes or problems of any kind. What appears as a light fold at the upper left corner from the back is in reality a sheet crimp. This note is Gem....or a breath away if not. We will go conservatively here and call the sheet crimp a fold...although it isn't. It's location and the scan could provide the appearance of a fold. Even though this is  as near gem as you can get, we will grade it AU+; although it is a higher grade. These are currently next to impossible to locate bearing superb color and four full frame lines; with selvage to boot! An incredible T-6 and a note which bears a rare endorsement as well. Quality and rarity; a combination which cannot be beat.

CHOICE

AU++

Near GEM

 $4900  

Reverse
Pic 2

 1861  $ 50  T-CR-6

 

 

Bank of the State of

   Georgia Stamp

 

 

Red Ink Pen Cancel

  by John Boston

Serial # 1115. Dated August 28, 1861. POC. Punch out cancelled. An extremely interesting and desirableT-6. Although there exist two punch out cancels; they are the least intrusive and bothersome as any note I have ever seen bearing poc's.  Often times, punch out cancelled notes will bear 6 to even 8 holes of this size; most often located within the signatures. A lovely example made many times more interesting by what occurred after the interest was paid on this note.  With regard to interest bearing CSA notes; the T-1 paid 10 cents interest per day from the date of issue. T-2 paid 5 cents per day; while T-3 paid one cent per day and T-4 paid 1/2 cent interest per day. The "Richmond Issues" ( T-5 and T-6) continued the practice of paying interest; with T-5 paying one cent per day and T-6 (this note) paying 1/2 cent per day. These two were the last interest bearing notes the Confederacy printed until the $100 issues of 1862 (T-39, 40 & 41) which paid 2 cents per day or 7.30%. Obviously, this note was owned by the Bank of the State of Georgia with the parent branch located in Savannah. It is intriguing to calculate the interest which accrued on this piece. The note was issued on August 28, 1861. The year of 1862 was a "leap year", with only 28 days in February. Thus; the total number of days interest was paid was 301, from August 29, 1861 through June 25, 1862. 301 days at 1/2 cent per day is the equivalent of the sum of $1.50 1/2 as seen in ink on the reverse stamp. In addition, the note is pen cancelled in red ink on the front by John Boston, who was at this time an assistant depositary at Savannah. Boston went on to become the chief CSA depositary agent in Savannah, GA.. Even if you have a T-6, a neat note to collect. Problem free, with no pinholes, margin chinks or the like. An amazing piece of history from the American Civil War and quite difficult to locate bearing such a stamp and this nice.

Very Fine+

2  small poc

 $2050

 

 

 

Reverse
Pic 2

 1861  $ 50  T-6  CR-6

 

 

Issued Major W. I.

Anderson, QM

Memphis, TN

Serial # 2402. As much original embossing as I've seen upon this issue and simply gorgeous. Signed by Robert Tyler for Register (to the left) the son of President Tyler and E.C. Elmore; the actual Treasurer of the Confederacy at the time. The last note signed by the actual Register and Treasurer. Signers were utilized for the remaining Treasury notes until the end of the Civil war. Cut just a tick tight at the left front, the note is otherwise immaculate. Again, we see the endorsement of Major W.I. Anderson, QM Sept 16/61Memphis, Tenn upon the reverse. What appears to be a fold at the far upper right of the back is actually a sheet crimp (as made); however, what you see directly beneath that crimp in the sheet is a fold. The only fold I might add. A very tough note with superb emerald green color against a bright white background. An opportunity to acquire a very desirable Confederate note at a very reasonable price.  AU  $3950  

Reverse
Pic 2

 1861  $100  T-CR-10

 

Strange printed "O",   upper  right

Serial # 25189. Most desirable "C" plate. Absolutely perfect trim. T-7 is known for it's poor trim; although certainly not the case here. Thin paper, with no problems and superb eye appeal. As clean and bright as they come. Something I have never seen before appears at the upper right front of the note. It appears to be an "O" or and inverted "C". I have looked at this under extremely strong magnification and it is definitely printed...not hand written. How this strange and heretofore unknown error occurred is not known to me; although I can assure you; I've never seen it before. I know of no one who has. The corner fold at the upper right is the strongest fold this note has. An extremely appealing T-7 with the added bonus of a discovery printing error. CH VF+  $2750  

Reverse
Pic 2

 1861  $  50  T-8    CR-15                                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  PCGS CHOICE

  ABOUT NEW 58             PPQ            

 

 

 

 

 

 

 

   CHOICE NOTE       

Serial # 21182. Engraved date of July 25, 1861. Plate "B". "for" hand written before "Treas". Thick bond paper. Portrait of George Washington in center. Tellus seated to lower left. Plain back. Blue "C" stamp below and to the left of the left serial number. To this day; the purpose of this stamp is unknown. A magnificent note in all respects. Razor sharp corners with superb trim, clarity and contrast. Vivid red ink serial numbers. This note represents the classic scenario of why so many "would be" Choice Uncirculated" notes reside in AU 58 holders. The most frequent cause of an AU 58 grade is a light corner bump or the like. Not so here. I held this note at every angle possible; practically standing on my head, all while using very strong magnification to ascertain why this note did not grade higher. I finally located what I think may be the reason PCGS grades the note Choice Almost New 58-PPQ. From a certain angle, there appears to be a faint, and I do mean faint, bend near the middle and just to the right. This "bend" does not run the entire vertical distance of the note and does not come close to breaking the paper. It is very difficult to see. Given the fact that this small, very faint bend disqualifies the note from a Choice New grade, informs me that almost no Confederate Treasury note of 1861, 1862 or 1863 will qualify for the grade of Choice New. If the note has been touched within the last 156 years, the grading services will "see" something that indicates such. Confederate Treasury notes were not bundled and shipped to the nearest bank as are Federal notes. These bundled Federal notes may have stayed in a vault somewhere untouched for years. Confederate notes are fortunate to have survived the last 156 years and were most often held under adverse conditions. No air conditioned vault or the like. They traveled upon horseback to their final destination in many instances. When I acquire a Confederate note to offer upon this web site, I do not acquire "just any note". I may look at dozens upon dozens of AU 58 T-8's which reside in grading service holders before locating a choice example. Further, I pay no attention to "book price" upon the rare occasion I locate a choice example. I am well aware that "book price" will be or is currently irrelevant provided the note is pristine. The note here offered speaks for itself and is a "sometimes you see it and sometimes you don't" bend away from Choice Uncirculated. Tremendous eye appeal.

PCGS CHOICE

ALMOST NEW

     58  PPQ

 $675  

Reverse

 1861  $  50

CT-8 Contemporary

       Counterfeit           

        T-15B                  

 

 

 

 

 

 PMG Very Fine 25

 

 

 

  Looks Unc.

 

 

 

 

 

 

     FIRST CSA

  CONTEMPORARY

   COUNTERFEIT

 

 

 

 

 

 

 

 

 

 

Totally "Bogus  

     Signers"              

Red ink serial numbers 57680. Plate "B". Engraved date of July 25, 1861. Portrait of George Washington in center. Tellus seated to lower left. Plain back. No "for" before "Treas'r at lower right. Lower right "50" medallion is titled to the left. Two medium flourishes over "America". A very scarce contemporary counterfeit. No pinholes or other problems of any kind. Hand written ink signatures which are totally and completely fictitious. In other words, not official signers of Confederate Treasury notes. There existed no James Scott or J. Williams designated or authorized to sign CSA notes. A wonderful aspect of this piece in my humble opinion. In most instances; contemporary counterfeits bear a forgery of actual authorized signers, as those who were inclined to pass the counterfeit looked upon a genuine note and forged the signatures they saw upon the authentic piece. As the T-8 was the very first Confederate Treasury note to be counterfeited and such an early issue, I doubt it mattered little at the time if it bore "bogus signers". In 1861, most, if not nearly all of the populace in the South did not know who was an "official" signer. Out of an abundance of caution, the vast majority of these less than scrupulous people forged an official signature based upon a genuine note they observed. Rarely they did not and one observes what we see here. I will say this is the only CT-8 I have seen which bears totally bogus signers. Had the potential passers of this note ever seen a genuine T-8 bearing authentic signatures or were they concerned that they could not forge the actual signers name well? There are many intriguing stories behind this particular note. This is one of the most fascinating CT-8's I have ever had the pleasure of handling. The note appears to be Choice Uncirculated when looking straight upon it. There exist no vertical or horizontal folds whatsoever. Only upon tilting the note and looking with a light may the artificial circulation be seen. Counterfeiters (or those who passed them) endeavored to make their notes appear to have been previously accepted in commerce. Consequently; we see upon this superb note what is deemed "artificial circulation". This was accomplished by "roughing" the note up a tiny bit, producing a very small "crinkle' like pattern, most visible upon the back. As may be seen in PIC 2; there exist no folds or anything remotely similar to actual circulation folds. I doubt this note ever entered commerce at all. It is far to clean and problem free to have circulated. I would imagine PMG did not know what to do with this note from a grade perspective; although I feel they did the right thing. It would be most difficult for the grading services to stray into this area, as it is best left to those who actually collect contemporary counterfeits and know what they looking at. In my humble opinion, the "artificial circulation" adds a great deal of appeal to the story behind this choice piece. The note here offered is an example I truly admire and could go on about for hours. I must stop; however herein lies the opportunity to acquire a magnificent counterfeit. If we could only go back in time and observe the actual transaction, see the people who placed the bogus signatures upon the note, the act of adding artificial circulation, etc.. There are those who prefer their contemporary counterfeits to be Gem New, stamped, show actual circulation or artificial circulation (as this note does) or a combination of the above. There is no right or wrong way to collect these wonderful pieces of history. A splendid and very scarce contemporary counterfeit bearing incredible eye appeal. Rarely ever encountered this nice.

PMG VERY FINE   

         25             

 SOLD  

Reverse
Pic 2

 1861  $  50  T-8    CR-15                 

 

 

 

 

 

 

 

 

      PMG ABOUT         

 UNCIRCULATED 55 

 

 

 

 

 

  CHOICE NOTE         

 

 

 

 

 

 

 

    FULLY FRAMED    

            &                       

    BRIGHT WHITE      

Serial # 21204. Engraved date of July 25, 1861. Plate "B". "for" hand written before "Treas". Thick bond paper. Portrait of George Washington in center. Tellus seated to lower left. Plain back. Blue "C" stamp below and to the left of the left serial number. A choice T-8 in all respects. Exceptional trim, bright, fresh and amazingly clean. There exist no folds as we would normally deem "folds" which actually break the paper. Some extremely light handling, although usually tolerated, as these notes were counted in bank vaults of the era just as several other high denomination notes were at the time. There does a exist very tiny corner bump at the upper left back. Further, an extremely small, faint corner "bend" is detectable with good light and strong magnification at the upper right back. A small corner fold is visible at the lower right back as well. None are distracting; however, must be called out. A light, vertical striation is visible at the middle back, provided the note is held at the "perfect" angle. It does not run the entire vertical distance of the note. That's all. Obviously, the grading services are getting much tougher with regard to grading Confederate Treasury notes. This is a good thing; however, in some instances I feel like certain paper anomalies or "as made" imperfections are improperly deemed "folds" and the note down graded. The paper utilized in printing CSA notes 150+ years ago is held to the same standards by the grading services as the finest Crane paper used in the printing of modern Federal notes today. The technology utilized in the production of paper has evolved astronomically in the last 150-155 years. While I readily understand a tiny corner bump creating an AU grade, I am on occasion at a loss as to the difference between an AU-58 and an AU-55. In other words, certain paper imperfections; however minor, must be called something by the grading services. Irregardless, a beautiful T-8 and absolutely CHOICE. I would not have acquired this note had it not been pristine and possessed immaculate eye appeal. I am required to pay more to obtain the few choice examples I see; however, I have learned through over 4 decades of experience it is well worth it. Simply a gorgeous T-8 and most definitely graded using the collector oriented method.

PMG ABOUT

UNCIRCULATED

         55

 $595  

Reverse
Pic 2

 1861  $  50  T-8    CR-18               

 

 

 

 

 

 

   PMG ALMOST

 UNCIRCULATED                55                                        

 

 

 

 CHOICE NOTE         

 

 

 

 

 

  Superb Trim             

Serial # 4537. Engraved date of July 25, 1861. Plate "Bb". "for" printed before "Treas". Thick bond paper. Portrait of George Washington in center. Tellus seated to lower left. Plain back. Another example of what is deemed a "choice" note. Incredible trim, clean, bright and fresh. While the T-8 is by no means a rare note, it is by no means "common" bearing the eye appeal this note possesses. There are no folds which break the paper. There is a very, very light "bend" which runs across the note horizontally a distance of approximately one half of the middle back. The note has to be candled to observe this. Further, there exists an extremely faint, one inch light "bend" upon the back, which would appear as one looks at the back where the lower right "50" medallion is located upon the front. Again, the note must be well candled to observe this faint "bend". Again; utilizing high magnification, a light corner "bump" is present at the lower left back and finally, light handling or what could possibly be deemed a small, faint "bend" is noted at the upper right back; just where the upper left "50" medallion is located. That's all there is. The items I refer to require strong light and good magnification to observe. They are extremely difficult to detect. I suppose whomever was doing the grading that day deemed the light, vertical bend across the middle portion of the note, coupled with the extremely faint and elusive bends enough to warrant an AU 55 grade. It's hard to say; given we never know what individual grades a given note. He/she could have been accustomed to grading Federal notes wherein the very faintest sign of handling or touching can affect the grade. Irregardless, simply a superb T-8. One must consider the overall appearance of any given note before deciding to purchase it. This note is choice; by anyone's standards. Sure to please with incredible eye appeal. Bright red ink serial numbers and bold signatures. Bright white paper and a beautiful, choice T-8. Without reservation, collector oriented graded.

PMG Almost

Uncirculated 55                   

 

 

 $595  

Reverse
Pic 2

 1861  $ 50  T-8   CR-22

Serial 21892. Plate "C". "for" handwritten over Treas'r. Thin paper. As crisp as the day it was printed. Cut somewhat tight at the bottom; this issue is a tough one to locate. Bold signatures and serial numbers. An old Bradbeer (1915) reference number appears on the back along with some contemporary initials. Until the 1940's, when Phillip Chase began cataloging CSA notes, Phillip Bradbeer's 1915 work was the only reference collectors had. Grover Criswell based his work upon Bradbeer and it remains in use today. The note here offered was "splattered" a bit in the signing room; not the least bit unusual considering the number of quill pens in use, the number of people signing and the likely close quarters they were in. A nice note and one which I have taken the ink and trim into account relative to the price. A great opportunity to add this issue to your collection.

 AU

Ink Spots

 $395  

Reverse

 1861  $ 20  T-9    CR-27         

  

 

 

 

  PMG Very Fine 30

         EPQ

Serial # 38102. Plate "Cc".  Large "XX"; "for Treas'r" printed below "1861" instead of lower, far right corner. Central vignette of sailing ship. Plain back. Very clean, bright and problem free. One must look through hundreds of T-9's to locate a circulated example possessing the superb eye appeal of this note. Fully framed and simply a superb note for the grade. Earning the Exceptional Paper Quality designation from PMG; I doubt this note saw much circulation. The folds I see are consistent with storage in someone's wallet or the like. A wonderful note for the grade which is totally problem free.

PMG Very

Fine 30 EPQ

 

Exceptional

Paper

Quality

 $395  

Reverse

 1861  $  20  T-9    CR-28                 

 

 

 

    FOR TREA'Sr          

 PRINTED TWICE       

 

 

 

 

 PMG Choice Very

      Fine 35           

 

 

   Under Graded           

 

 

 

 

 

 

 

    At or near top of

  Condition Census         

Serial # 14048. Printed date of July 25, 1861. Plate "Cc". Central vignette of three masted sailing ship. Plain back. A snow white, fully framed example of this very desirable printing error. This example is in all probability the finest known CR-28; as those listed in the condition census are unverified and have not all been seen by the same person. Irregardless of where the note stands in the "condition census" it is indeed a sight to behold. In my humble opinion, very much undervalued; especially in this lofty state of preservation. Razor sharp corners (save for the upper right back), exceptionally well inked, bearing bold, vivid and very legible serial numbers and signatures. I cannot determine how the grading service came up with a grade of VF 35 relative to this note. There are a few small corner folds at the upper right, back corner. Perhaps this is what prompted PMG to assign such a low grade to this immaculate piece. However; there are no visible folds within the body of the note itself. Slight handling perhaps, although no folds or the like which "break" the paper. While we do not know what individual at PMG graded this note, he or she was perhaps used to utilizing the "feel" technique. One gently runs their fingers across the body of the raw note and perhaps a very light bend which cannot be seen with the naked eye is detected....or thought detected. Irregardless, I will not waste further time with this discussion, as I am a total loss for words on this one. Suffice it to say that I have seen more notes of this caliber in AU-58 holders than Choice VF-35 or even XF-45 holders. Totally baffling. The dark line which may be observed running vertically down the note on the left back is actually the front frame line showing through. It is not a fold. Simply a magnificent example of this most sought after error and a gorgeous T-9 on it's own - without the double "for Treas'r" printing mistake. I have keen reservations with regard to a better example ever surfacing. Outstanding eye appeal and a note which would fit very nicely into any collection.

PMG CHOICE

VERY FINE 35       

 

 

 

UNDER GRADED

 $675  

Reverse
Pic 2

 1861  $ 20  T-9    CR-29B

 

 

 

 

PMG Choice About

Uncirculated 58

        EPQ

Serial # 19381. Plate "Ccc".  Large "XX", "for Treasr" printed at lower, far right corner. Engraved date of July 25, 1861. Sailing ship in center. Plain back. A gorgeous snow white example of this appealing 1861 issue. Razor sharp corners with no folds present. A very light "bend" which is not a fold may be observed via slow, careful examination at the upper right back. Clean, bright and fresh. Extremely well inked bearing bold, vivid signatures and serial numbers. This note has been "collector oriented" graded (conservatively); thus Fricke's separation of the grading service values vs "collector oriented grading are non applicable here. Truly amazing that a note that is near 155 years old could be this clean and spotless.

PMG Choice

About Unc 58

 

EPQ

 

Exceptional

Paper

Quality

 $750  

Reverse

 1861  $ 20  T-9   CR-31  Serial # 54160. Another choice example of this very tough, R-7, 1861 issue. What appear to be folds upon the reverse are not. The upper left reverse appears to have a corner fold which is in reality a sheet crimp and not a fold. It is raised. Nonetheless; we shall grade the note as though it is a fold. The vertical line at the right quarter of the reverse is a sheet striation and imbedded in the paper and as made. Fully framed and and very attractive with strong bold signatures and serial #'s. Excellent eye appeal.   AU+  $675  

Reverse

 1861  $ 20  T-CR-31

 

 

 

PMG Choice About

  Uncirculated 58

 

"Exceptional Paper

       Quality"

 

 

 

 

 Gorgeous Snow

        White

Serial # 49480. Printed date of July 25, 1861. Plate "D". Central vignette of three masted sailing ship. "20" and "XX" on dies upper right and lower right. Plain back. Small "XX" to lower right. "For Treasr" printed. Thick bond paper. A splendid example of this early Confederate Treasury issue. No folds; or what we would normally think of as a "fold". After approximately 10 minutes with a good magnifying glass, I detected what PMG must be calling a fold. Believe me, it wasn't easy. At the upper right corner from the back; the very faintest and lightest bend can barely be made out. More along the lines of what is normally called "light handling". Bold vivid signatures and extremely well inked; this example bears choice eye appeal. Superb margins all the way around and truly hard to believe this note is 156 years old. I pass on Choice Uncirculated grading service 61, 62 or 63 notes, as they may be trimmed into the frame line and simply are not as attractive as a note such as this example. Choice AU notes such as the piece here offered offer the collector a much more appealing; and in time, more valuable note for their collection. Simply superb.

PMG Choice

About Uncirculated 58

 

EPQ

 

Exceptional

Paper

Quality

 $775

 

 

Reverse
Pic 2

 1861  $ 20  T-CR-31 Serial # 50148. Plate "D". "For" before "Treasr" printed upon thick bond paper. Flawless and as clean, crisp and bright as they come. I acquired this note as a Gem CU note. However; upon very close examination, a tiny corner fold is present at the upper right reverse. It is extremely easy to miss small details such as this with the human eye. The scans show a note as you will never see it with your own eyes. Still; a gorgeous note and worthy of any collection.1861 material in this lofty state of preservation continues to go up in price; as there is very little of it to be found. A superb CSA note.

CHOICE

    AU++

 $ 750  

Reverse

 1861  $ 20  T-9   CR-31

 

 

 

 

 

 

 

 

 

 

 CHOICE NOTE

Serial # 33731. Engraved date of July 25, 1861. Plate "D". Central vignette of three masted sailing ship. "20" and "XX" on dies upper right and lower right. Plain back. A breathtaking example of the issue. Fresh, crisp and bright with incredible clarity and contrast. Most notes such as this have long been absorbed into the collecting community and are closely held. Totally original and problem free bearing immaculate eye appeal. While near impossible to see with the naked eye; there exists the very tiniest of corner "bumps" at the upper right back. Faint and extremely difficult to see, it must be called out. It is hard to believe that this tiny bump reduces the cost of this note by as much as $1,000 or more; dependant upon whether the grading services would assign a grade of 66 or 67 to this piece. An interesting scenario presents itself at the serial numbers. The person numbering the sheet numbered this note # 33631 and changed it to 33731. This is quite understandable considering the fact that whomever was numbering the sheet was likely at it all day and was distracted by something or simply transposed the numbers. In my humble opinion; occurrences such as this provide "character" to the note and are a wonderful glimpse into the "imperfect" manner in which these notes were produced. No machine cutting or mechanized printing. Irregardless; a beautiful note which may be acquired for less than half the cost of a "bump free" example. Superb.

CHOICE

   AU++

 $775  

Reverse

 1861  $  20  T-9    CR-32             

 

 

 

 

        PCGS                     Extremely Fine 45 

 

 

 

 

  UNDER GRADED 

Serial # 8092. Plate "D". Printed date of July 25, 1861. "FOR" before "Treasr" printed; thin paper. An extremely well inked, clean note. Superb eye appeal and totally problem free. I can find no folds, no matter how I hold the note or which direction I look at it. There is a very, very tiny corner bump at the upper left back. In addition, there exists a small, diagonal raised sheet crimp at the upper right back corner. Otherwise, razor sharp corners and a gorgeous T-9. If one looks at the note long enough and holds it in a very specific manner; there are some minimal faint; and I do mean faint, signs of very light handling which are barely visible under high magnification. I am at a loss as to how this note came to be graded Extremely Fine 45. A gorgeous T-9 which is Almost Uncirculated 58. Whoever graded this note did so quite conservatively and perhaps interpreted the small sheet crimp as a fold. Even at that, the note will grade almost uncirculated utilizing conservative, collector oriented grading.

PCGS EXTREMELY FINE 45            

 

 

My Grade:

Almost Uncirculated

 $450  

Reverse
Pic 2

 1861  $ 20  T- CR-32 Serial # 100766. "Plen "D". "FOR" before "Treasr" printed; thin paper. Clean, bright and fresh. Cut tight at the right; otherwise, no problems. No pinholes, ink bleed or burn. A beautiful T-9.    AU  $425  

Reverse

 1861  $ 20  T-CR-32 Serial # 52331. Plen "D".  A very presentable T-9 for the grade and free of the normal problems associated with it's state of preservation.  If you want a nice, clean, bright T-9; free of pinholes or other problems...this one if for you.  F/VF  $235  

Reverse

 1861  $ 10  T-10  CR-36 Serial # 68274. Plate "A". Small "10" to upper left. "FOR" hand written before Treasurer. Plain reverse. An exceptional T-10 which for some reason did not scan well. Clean as a pin with no pinholes, smudges, stains, tears and all the other problems usually seen with this issue. Two neat "gutter folds" or sheet crimps are visible from the front. The crimps were in the sheets prior to printing and are highly sought after. This particular gutter fold gives the appearance that "Hope" to the lower left has her head cut off! Four full frame lines with room to spare. When it comes to T-10; you will find it most difficult to do better than this.

CHOICE

   FINE

 

Market Grade:

   VF

 $995  

Reverse

 1861  $ 10

       CT-10                   

        39A

 

 

 

 

 

 

 

       Upham

  Contemporary

     Counterfeit

Printed serial # of 10,447. Printed signatures of Jno (John) Ott for Treasurer and C.C. Thayer for Register. Plate "B". Central vignette of Liberty with Eagle and the 1st National flag of the Confederacy upon shield. "Hope" to lower left. Plain back. "Cross Bar" present on "F" in "States Of". Comma present between Richmond, VA preceding date. An Upham creation who lived in Philadelphia, PA. The story behind Upham is long and detailed. Far too detailed to go into here. Suffice it to say that Upham created a large volume of "Rebel" counterfeits which bore an imprint at the bottom or left side. These notes were printed upon paper which was as thin or more so than that utilized for newspapers. Consequently, Upham counterfeits are extremely difficult to locate in this day and time without tears or major problems. Further, the imprint was located upon the note so as to be easily trimmed off; which the vast majority were. One could simply purchase a large quantity of Upham counterfeits, trim the imprint off and pass them in the South. While these are crude counterfeits, one must remember that in 1861 there existed no means to communicate with the public as we have today. With few exceptions, those who lived in the South knew no more that those who lived in the North exactly what their currency was supposed to look like. Notes such as this bearing the full Upham imprint are scarce. Not one single pinhole. Standard "break" or line running through eagle's left wing, as on all 39 "A''s and "B''s. two light "smudges" upon back along with sings of artificial circulation. A extremely nice CT-10.

Extremely Fine

 

Slight Artificial

  Circulation

 $250  

Reverse

 1861  $ 10  T-10  CR-36A Serial # 49843. Plate "A". Small "10" to upper left with "FOR" hand written above Treasurer. Plain reverse. Central vignette of Liberty with Eagle and the 1st National flag of the Confederacy. "Hope" to lower left. Superb clarity and contrast. Dark, vivid signatures and bright red serial numbers provide great eye appeal. No pinholes; although a couple of margin dings are noted at the right reverse. Many just do not understand how hard it is to locate T-10 without stains and major problems. As one can tell from the T-10's here listed, I have looked at hundreds of T-10's to acquire only the finest, problem free notes out there. A super note for the grade and price.  FINE  $550  

Reverse

 1861  $ 10  T-10   CR-36A

 

 

  Fully Framed

  Solid Note

 

 

 

 

PCGS Very Fine 20

Serial # 723117. Plate "A". Engraved date of July 25, 1861. Small "10" to upper left. "For" hand written in brown ink above "Treasr" at lower right. Vignette of Liberty with Eagle and the 1st National flag of the Confederacy in center. "Hope" to lower left. The perfect note for the collector who is looking for a solid, problem free, mid grade example of the issue. T-10's such as this are not as easy to find as one might think. They were "workhorse" notes printed upon fair to decent paper and did not wear well. Usually found with major stains, torn, soiling or cut cancelled. Amazingly, not one single pinhole; most unusual at this grade level. Bold, vivid signatures of Mr. R. (Robert) J. Delony for Register at lower left and Mr. L. J. Levin for Treasurer to the lower right. Great trim and eye appeal. A very attractive example of the issue.

PCGS Very

   Fine 20

 $795  

Reverse

 1861  $10  T-10  CR-37

 

 

  Perfect Trim

Serial # 64219. Plate "A". Small "10" to the upper left. "For" printed above "Treas" at lower right. Recently acquired from a collection formed in the "ancient" days of the 80's. Simply a drop dead gorgeous T-10 at this grade level. Many collectors understandably do not realize just how rare this issue is without problems and well trimmed. Amazingly free of problems such as stains, spots, chinks, tears, pinholes and the like normally found on T-10, especially at this grade lever. The first of the CSA series not to be located in grades such as T-1 thru T-9. Provided one was fortunate enough to locate an example that was true Very Fine; the cost of the note would be well above 5 times the cost of this piece. This example was printed upon very thin paper and truly a miracle of survival this free of problems. Incredible trim with only a slight "bump" outside the frame line which effects nothing. Not one single pinhole. As these were printed upon thin paper, they were prone to "sheet crimps". One may be seen just at the top of the right, lower "10". These are as made and do not hurt a note's desirability or value. A totally original and problem free T-10 and perfect for most any CSA type set. If you want a better note than this, a lot of patience and a great deal more money will be required.

CHOICE

   FINE

MKT Grade VF-30

 $995  

Reverse

 1861  $  100  T-13    CR-53             

 

 

 

 PCGS VERY FINE              35                       

 

 

 

 

   CHOICE NOTE

Serial # 810. Printed date of September 2, 1861. No flourishes between "Confederate" and "States" at top. Plate letter "D". Central vignette of slaves loading cotton onto waggon. Sailor at Capstan to lower left. Plain back. A "Choice" Confederate Treasury note if there ever was one. As stated elsewhere, "choice" notes stand apart from others of the same type and same grade; no matter what that grade may be. One could look for eons and fail to locate a note this attractive at this grade level. Superb trim, clean, bright and eye appeal beyond description. I certainly do not know how one could locate a better looking T-13 at this grade level. A true; solid very fine using collector oriented grading standards. Coupled with a conservative grade and other outstanding attributes a choice note must possess. Further, a note which will stand the test of time and excessively tough bearing such incredible eye appeal at the grade level of VF-35. A gorgeous 1861 $100 note and CHOICE.

PCGS VERY FINE 35         

 

 

 

   CHOICE

 $375  

Reverse
Pic 2

 1861  $ 100  T-13    CR-57             

 

 

 

Green Printed Back

 

  ONE THOUSAND

        DOLLAS

 

 

 

 

 

 

 

        X-Ford                 

Serial # 5880. Engraved date of September 2, 1861. Central vignette of slaves loading cotton onto wagon. Sailor to lower left. Ordinarily, a plain back is seen upon this issue. In this case, we see a very intricate green design which covers the entire back along with "ONE THOUSAND DOLLAS" in white. While not the same design as seen in green, red, pink and orange upon the backs of some 1862 $100 issues (T-39, T-40 & T-41) or "bogus backs" as they are called; the design is extremely interesting. Believed to be post Civil War and sometimes referred to as "stage money". In reality, I can't phantom this note actually being utilized as stage money. No one actually knows why this mysterious green overprint infrequently appears upon the back of various 1861-1864 CSA notes. Interestingly, this note was among the counterfeit collection of John J. Ford which I acquired in 2005. The note itself is as crisp as the day it was printed. The trim is not perfect, although not bad. No tears, chinks, soiling or other problems. Clean as a pin and bearing superb eye appeal. A tiny corner bump at the upper left back is all that keeps this note from an uncirculated grade.  AU  $ 325  

Reverse

 1861  $  50  T-14    CR-76 Serial # 22472. Printed date of September 2, 1861. No flourishes. Large numeral "1" above and to the right of plate letter "A". Central vignette of Moneta seated beside open treasure chest. Two sailors to lower left. "50" and "L" to right; top and bottom. Plain back. Unusually bright and non-toned for the issue. Cut somewhat tight at the far left and priced accordingly. The left frame line is present; although cannot be seen against the black background. Totally problem free; not even a single pinhole. No ink bleed or burn as is so often seen with the T-13 and T-14. Vivid detailed signatures, serial number and free of soiling, spots... as clean as a CSA note comes. Extremely well inked resulting in superb eye appeal. A superb T-14 for the money. Uncirculated  $325  

Reverse

 1861  $  50  T-14    CR-76 Serial # 5281. Printed date of September 2, 1861. No flourishes. Large numeral "6" above and to the right of plate letter "A". Central vignette of Moneta seated beside open treasure chest. Two sailors to lower left. "50" and "L" to right; top and bottom. Plain back. A very pleasing, problem free example of the issue. Well inked with excellent clarity and detail. Trimmed a hair tight at the very lower left front. Not toned and mottled as is usually the case with T-14. In viewing the note straight on from the back, it appears to be uncirculated. However; when tilted at the proper angle and with a good light, a very faint horizontal "bend" is noted. Crisp and fresh. A superb note for the price.  AU  $250  

Reverse

 1861  $ 50  T-16   CR-83 Serial # 37645. Printed date of September 2, 1861. "No" Series. Engraver's name below "Fundable" at left. Central vignette of Jefferson Davis, President of the Confederate States of America. Plain back. Printed upon red fiber paper. Very lightly cut cancelled. Cancellation of Confederate Treasury notes, when done so with a bank hammer, was not accomplished one note at a time. The notes were placed in various sized stacks and then struck with the "X" bank hammer. It is quite obvious that this note was at the bottom of the stack, as it can be held to a bright light and no light penetrates the note. In other words, the only means of determining that this note is cancelled is by observing the cancellation marks on the back. Superb color and eye appeal. Cut  somewhat tight at the lower left front; although a gorgeous, high grade T-16 which may be acquired for a fraction of an uncanceled example.  AU

Cut Cancelled

 $350  

Reverse

 1861  $ 50  T-16    CR-83               

 

 

 

 

 CHOICE NOTE           

 

 

 

 

 

 Huge Margins

Serial # 32943. Printed date of September 2, 1861. "No" Series. Engraver's name below "Fundable" at left. Central vignette of Jefferson Davis, President of the Confederate States of America. Plain back. Printed upon red fiber paper.  Not one single pinhole or problem. As well trimmed as could ever hope to encountered the T-16. Cut cancelled; although quite lightly. The cancellation shows up much more distinctly in the scan than in person. One can hold the note to a window beaming direct sunlight and be unable to tell the note is cut. A contemporary number "4" is written upon the face, which effects nothing and could have been some sort of control number or the like. Irregardless, an absolutely beautiful T-16 which possesses all of the attributes of a choice note. Incredible eye appeal. Gobs of red fiber. Were this note not cut cancelled; it's cost would be several times the amount asked here. As crackling crisp as a CU note, the note does have a few folds. The market grade would easily be Choice Extremely Fine+. Nonetheless; when holding the note at the proper angle & with strong light, four very light folds and one distinct one (lower right back) are visible. Consequently, I cannot grade this gorgeous note more than Choice Very Fine+ using my method; which is the collector oriented means. A classic scenario which vividly illustrates that not all Very Fine notes are created equal. In addition; a most appropriate note to illustrate the use of the word "Choice".

Choice Very Fine+

 

Cut Cancelled         

 

 

Market Grade:

 

Extremely Fine

  40-45                 

 $375  

Reverse

 1861  $ 50  T-16   CR-84 Serial # 55552. Printed date of September 2, 1861. "No" Series. Engraver's name below "Fundable" at left. Central vignette of Jefferson Davis, President of the Confederate States of America. "CSA" in script letters watermark. Simply a gorgeous, problem free note for the grade. Very faintly cut cancelled; in fact, so faint that I nearly missed it. Even when candled by a flashlight, the cancellations are extremely difficult to see. They do not penetrate the paper. T-16's were printed upon high quality bank note paper. Thus, no pinholes or the like. Free of problems such as soiling, stains and other distracting features normally seen at this grade. Superb color.  Fine+

 

Very lightly

Cut Cancelled

 

 

 

MKT

Grade:

VF 25

 $250  

Reverse

 1861  $ 50  T-16   CR-87

 

 

 

   Fully framed

  Superb Color

Serial # 24852. Printed date of September 2, 1861. 2nd Series. Engraver's name above "Fundable" at left. Central vignette of Jefferson Davis, President of the Confederate States of America. Plain paper. Superb color and trim. One can look straight at this note while holding it to a light source, such as a window and can not tell it is cut cancelled. Obviously, at or near the bottom of the stack of notes when struck with the bank hammer. A gorgeous example of this tougher T-16.

Choice Very Fine

 

Cut Cancelled

 $325  

Reverse

 1861  $ 50  T-16   CR-91  Serial number 21782. 2nd series. A pristine example which possesses as much clarity and contrast as one could hope for. Superb!  Four very tiny pinholes which are extremely difficult to see. Clean, bright and crackling fresh. Originally acquired as CU, the note is obviously not. However, it is indeed a most desirable T-16 possessing superb eye appeal.  XF++  $995  

Reverse

 1861  $ 50  T-16   CR-91 Serial # 14966. Printed date of September 2, 1861. 2nd Series. Engraver's name below "Fundable" at left. Central vignette of Jefferson Davis, President of the Confederate States of America. Plain paper. Cut cancelled. A pristine example of the issue. Crackling crisp, clean, bright and superbly trimmed. One would be hard pressed to locate a finer group of T-16's than that which you see offered here. Very cleanly cut cancelled and difficult to see. T-16's simply are not found this well trimmed. Superb color and eye appeal. A beautiful example of the issue and much, much tougher to locate this nice than one might think. Most would grade this note Extremely Fine+, however, as difficult as it may be, it must be graded accurately. A breathtaking T-16.

Choice Very

     Fine+

 

Cut Cancelled

 

 

 

Mkt

Grade:

XF-40+

 $375  

Reverse

 1861  $  50  T-16   CR-92

 

 

 

 

 

 Stunning Color

    and Trim

Serial # 1895. Printed date of September 2, 1861. 2nd Series. Engraver's name below "Fundable" at left. Central vignette of Jefferson Davis, President of the Confederate States of America. Plain back. "CSA" in script letters watermark. Breathtaking color and eye appeal. Fully framed with plenty of selvage all the way around and quite scarce as such. No pinholes or other problems of any kind. Another example from the same group of notes as the Cr. 83 listed above which is very lightly cut cancelled. The cancellation does not penetrate the paper and one cannot determine that this note is cancelled by simply holding it in front of you to a bright window or the like. A little too much going on to grade the note extremely fine; although many would. A tougher example of the issue and a gorgeous one at that.

Choice VF/XF+

 

Cut Cancelled

 $350  

Reverse

 1861  $ 20  T-17  CR-99 Serial # 17839. Bright and nice. Full body and crisp. Cut tight at the left margin; which is the norm for T-17. A minor edge ding at the lower right from the face. Far and away above the norm for a T-17.  VF  $1100  

Reverse

 1861  $ 20  T-17  CR-99               

         PF-2                          

 

 

 

 

 

 

 

 

PMG ABOUT

UNCIRCULATED

       55

Serial # 25544. Plate "A". Printed date of September 2, 1861. Central vignette of three females representing from left to right; Commerce, Ceres and Navigation. "Liberty" with pole and cap to far left. Green overprint. Plain back. Superb trim for the issue and bearing immaculate eye appeal. While there do exist perhaps four to five T-17's which repose in New 62 or New 63 grading service holders; each of those notes has an entire frame line trimmed away on the right or on the left. The note offered here is trimmed far better than those examples; being cut just a fraction close at the far upper left. This note bears trim which is much, much better than you will see on the aforementioned New 62 or 63 T-17's. T-17 is perhaps one of the toughest notes in the entire CSA Treasury note series to locate well trimmed. Add the lofty state of preservation this amazing note remains in and we have the makings of a true rarity. A note which will stand the test of time. A very thin sheet crimp exists to the mid right reverse. Otherwise; I see no folds which break the paper. Given strong enough light and magnification; a very light vertical bend may be observed at the mid reverse. It cannot be seen with the naked eye; however, with the appropriate light and magnification, it is there and perhaps how we came to an assigned grade of About Uncirculated 55. Very light handling is also noted; although I am unsure if all of the above is sufficient to warrant the lower grade assigned. Bright red serial number and bold signatures. T-17's of this caliber are extremely rare. Simply an amazing note and a note which many would prefer to a slightly "technically" higher grade piece which has one total frame line trimmed away. A wonderful opportunity to add a superb T-17 to your collection.

PMG ABOUT

UNCIRCULATED

         55                 

 $3450  

Reverse

 1861  $ 20  T-17   CR-99 Serial # 21369. A well circulated example of this workhorse note; although exceptionally nice for the grade. Not one pinhole, very clear and legible serial number and signatures. What definitely separates this note from other 17's at this grade level is the trim. T-17 is well known for perhaps having the worst trim in general than any other CSA issue. Not so with this example, as it is fully margined. The green overprint is very vivid for the grade as well. If you are looking for a nice problem free, mid-grade example of this issue, you can't go wrong here. Good trim will add more to a T-17's value than most any other Confederate Treasury note. Very nice.

FINE

 

 

Choice Trim

 $995  

Reverse

 1861  $ 20  T-17  CR-100

 

 

 

Handwritten "for" before Register &

Treasurer - R-9+

Serial # 32706. Central vignette of three females representing from left to right; Commerce, Ceres and Navigation. "Liberty" with pole and cap to far left. Green overprint with plain back. Cut cancelled. This Hoyer & Ludwig issue was printed with plates that bore printed "for" before Register and Treasurer. This particular plate erroneously omitted the printed "for". Such necessitated the signers for "Register" and "Treasurer" to hand write "for" after their signature. This is evidenced by the continuation of C.C. Thayer's signature for Register to the left. Notice that his signature is unbroken and continues into "for". An exceptionally nice note for the grade; as T-17's were usually trimmed terribly. An old stamp hinge is noted upon the back; as old time collectors used these to close cut cancels. No paper loss; very cleanly cut and extremely difficult to tell the note is cut cancelled. Of 43,732 T-17's printed, only 3,600 CR-100's were emitted in any grade. Compare that to a total print run of 7,160 T-35's (Indian Princess). Both notes circulated heavily. Nearly 10 years ago, a VF+ example of this note brought $3,600. A lot has changed in 10 years and I sure haven't seen these any CSA notes decrease in price. Very scarce and highly desirable.

Choice 

   Fine

    c/c

 $995  

Reverse
Pic 2

 1861  $  20  T-18    CR-101           

 

 

 

 

 

 

 

 

 

 

        PCGS

CHOICE NEW 63    

Serial # 93879. Engraved date of September 2, 1861. Central vignette of three masted sailing ship. Sailor at capstan to lower left. Plain back. Simply a magnificent example of the issue. While the T-18 is by no means a rare note, locating an example which remains in this lofty state of preservation is indeed a challenge. It is my humble opinion that collectors are beginning to understand just how scarce any Confederate Treasury note is in this condition. Bright, fresh, well inked and bearing choice trim. In order for the grading services to grade a note 65 or better, the amount of paper outside the frame line must be exactly the same surrounding the entire note. Given the fact that these notes were hand trimmed from sheets with large sheers, collectors will find that very few meet this criteria. The note here offered certainly comes very close to this arbitrary methodology of grading. Nonetheless, Confederate Treasury notes are held to the same standard in this regard as a machine cut 2006 Federal Reserve note by the grading services. Irregardless, much, much more scarce than one would think. The back of the note possesses a blue stamp: "J. H. November, 1861". Throughout the years, I have seen a good many 1861 issues bearing this contemporary stamp. When possible, I added them to my collection. Perhaps a collector who views this note will know the meaning of this stamp; however, I nor anyone I know has been able to ascertain it's meaning. It is contemporary (of the period) and in my opinion, a wonderful addition to a choice note. A gorgeous note and extremely difficult to locate this nice. In fact, I certainly don't know where there is another at this particular time.

PCGS   CHOICE

      NEW 63             

 $750  

Reverse

 1861  $ 20  T-18    CR-130             

 

 

 

  PCGS CHOICE

 ABOUT NEW 58

Serial # 13011. Engraved date of September 2, 1861. Central vignette of three masted sailing ship. Sailor at capstan to lower left. Plain back. Number "25" preceding plate letter "A". Simply a gorgeous example of the issue. The very faintest of corner "bumps" at the upper right back is all that keeps this note from a higher grade. I look through hundreds upon hundreds of any given issue before locating a note which bears the quality and eye appeal to be listed here. I would calculate that I reject 99 of 100 notes which I have the opportunity to acquire. Incredibly clean and bright, with each and every detail distinct and vivid. A tiny age spot may be seen at the top back; which is not the least bit unusual and affects nothing. The T-18 is not rare; although locating an example as nice as that here offered is rapidly becoming a thing of the past.

PCGS  CHOICE

ABOUT NEW 58

 $295  

Reverse

 1861  $ 20  T-19    CR-137         

 

 

 

 

 

 

 

 

PMG VERY FINE 30 

 

 

 

 

 

 No "Apparent"

 

 

 

 

 

 

 

 CHOICE NOTE       

          

Serial # 3836. Plate letter "A" ; as all T-19's are. Engraved date of September 2, 1861. Central vignette of Navigation holding staff of Mercury while seated beside globe with ship in background. Minerva to lower left and blacksmith holding hammer next to anvil at lower right. Plain back. Printed upon red fiber paper, T-19 saw heavy use and very few "choice" notes remain available to collectors today. The actual supply of immaculate T-19's is diminishing at an incredible rate and will only serve the drive the price higher; upon the very rare occasion at note of this caliber may be found. Very, very few unimpaired examples of T-19 are to be encountered at this lofty grade level and of this quality. Throughout the years, the temptation to have impaired or "problem" T-19's restored has been great due to the note's rarity and value. The note offered here is choice in all respects and is the type of note wherein one cannot go by any price guide or "book". The key word here is opportunity. On the rare occasion I encounter a note such as that offered here; I concern myself little with the cost to me...as the notes value will take care of itself and to collectors. I have been called "crazy" by more than one dealer for the prices I will pay for a choice note. However; in 45 years, I have never seen the purchaser of that choice note do anything but double or triple their money should they sell; sometimes within 3-4 years. Today's seemingly somewhat higher price for quality has never failed to be tomorrow's bargain. Superb quality never goes out of style; especially with a lightning fast decrease in supply. Incredible eye appeal, color and framing. One must remember that not all VF-30 graded T-19's are remotely the same when it comes to eye appeal, quality and beauty. The Assigned grade of VF-30 is a technical grade only. It has nothing to do with the notes desirability, beauty and other attributes which comprise a "choice" note (See comments relative to "Choice" under Recent Additions and News). I have seen VF-35 graded notes that can not come close to the quality and eye appeal of this piece. Here offered is one of the the best T-19's I have ever laid eyes upon and is the type of note which one does whatever is necessary to acquire. Simply an incredible T-19 and the finest I have offered in many years. Always remember to look at the note inside the holder; not just the number assigned to it by the grading service. A breathtaking T-19 if there ever was one and a note a collector would never need worry about upgrading.

PMG VERY FINE           30           

 $6350  

Reverse
Pic 2

 1861  $  20  T-19    CR-137

 

 

 

PMG VERY FINE 25

       EPQ     

 

 

   No "Apparent"      

 

 

 

  CHOICE NOTE

Serial # 838. Plate letter "A". Engraved date of September 2, 1861. Central vignette of Navigation holding staff of Mercury while seated beside globe with ship in background. Minerva to lower left and blacksmith holding hammer next to anvil at lower right. Plain back. Printed upon red fiber paper. Another incredible T-19. As stated above, the supply of non repaired and no problem T-19's is diminishing much more rapidly than demand. This note is choice in all respects, bearing far above average frame lines for T-19. Clean bright and fresh having earned PMG's "Exceptional Paper Quality" designation. Quite unusual for T-19. One of the best T-19s one could ever hope for and rarely seen above the grade of fine. Tremendous eye appeal. We'll let this wonderful note speak for itself; it certainly doesn't need me to point out it's merits or lack of flaws. Opportunities such as this do not arise often. Worthy of any collection - anywhere.

PMG VERY FINE

      25 EPQ

 

EXCEPTIONAL

PAPER

QUALITY

 $5950  

Reverse
Pic 2

 1861  $ 20   T-20   CR-141

 

PCGS Extremely

 Fine 40 PPQ

 

  Choice Note

 Amazing Trim

Serial # 116170. First Series. Central vignette of Industry seated behind large "20" with Cupid to her left and beehive to her right. Hope with anchor to far right and portrait of Alexander Stephens, Vice President of the Confederate States to lower left. Plain back. As well trimmed as one is likely to ever encounter the T-20. One could look through thousands of this issue and fail to locate an example this well framed. Bright and fresh with no problems whatsoever. Believe me; uncirculated examples which are trimmed into the margins are much more plentiful that a note such as the example offered here. Incredibly tough to locate this well cut. Further, the paper utilized upon this issue was of poor quality. It is with a great deal of amazement that I see a "PPQ" or Premium Paper Quality" designation upon this note. I do not recall ever seeing a T-20 residing in a grading service holder bearing this moniker. I attempt to locate the finest examples of any given issue to offer here. This entails looking through hundreds upon hundreds of notes and rejecting 99% of what I see. Conservatively graded by PCGS; which pleases me a great deal. Bright and clean, bearing extraordinary eye appeal. In my humble opinion, much more desirable than an Unc T-20 which is trimmed into the frame lines.

PCGS

Extremely Fine 40 PPQ

 

Premium

Paper

Quality

 $425  

Reverse
Pic 2

 1861  $ 20  T-20   CR-141

 

 

 

 

 TRANS-MISS

  Choice Note

Serial # 88125. Central vignette of Industry seated behind large "20" with Cupid to her left and beehive to her right. Hope with anchor to far right and portrait of Alexander Stephens, Vice President of the Confederate States to lower left. Plain back. A rather crude creation of Blanton Duncan, this issue was heavily counterfeited during the Civil War. T-20's were printed so close to each other upon sheets as to make it next to impossible to place a knife blade between the uncut notes. Thus, the difficulty in locating a fully framed T-20. The example here offered is cut just a hair tight on the right, however; you may rest assured that the trim upon this note is far and away above what is normally seen. Bright, clean and cracking crisp. I have had this note put away for a long, long time; having acquired it when a few such notes were available. It is truly difficult to believe that a note this gorgeous is also a Trans-Mississippi issued piece. Without reservation, one of the best Trans-MS re-issued T-20's I have ever had the privilege of offering. Notes such as this one are not to be found in this day and time, having long ago been placed into collections...where they remain tightly held today. Some type of plate anomaly appears at Stephens portrait, although it can't be stated with certainty what it is. To me, just another factor that makes the collecting of these old notes so interesting. Printing was not down to perfection as it is today. The Trans-Mississippi stamp is bold, vivid and very legible. There are signs of old mounting remnants on the back, however; when it comes to acquiring a Trans-Mississippi re-issued note, these are of little or no consequence. We have only those notes which were re-issued to choose from, thus certain minor issues which would affect a regular type note do not affect these in the same same manner. See the T-36 listed below for a better explanation of Trans-Mississippi notes. As good as one could ever hope for with this issue and as stated, just not available in this quality today. Absolutely, positively guaranteed to be a genuine Trans-Mississippi issue for life. The real thing.  Extremely

    Fine

 $695  

Reverse
Pic 2

 1861  $ 20  T-21   CR-144

 

 

 

 

 

PMG VERY FINE 30

 

 

 

   Yellow Green

Serial # 9646. Central portrait of Alexander H. Stephens, Vice President of the Confederate States. Plain paper. This example is of the yellow green variety of colors found upon T-21 and a rarity 8 with plain paper and no watermark. Superb eye appeal and as clean, bright and fresh as one could ever hope to locate a mid grade example. The note faces up with the appearance of a much higher grade; thus the importance of seeing a reverse scan. Above average trim for the issue; although cut a hair tight at the far lower left front. In this grade; one would expect soiling, stains and many other problems. Not so here. Were this note not trimmed a tick tight in one small location, we would be looking at a cost of around $1800 in this grade. Nice, problem free T-21's are that tough to locate. No pinholes, ink bleed, soiling or other problems and a gorgeous T-21. Very difficult to locate this nice in mid grade.  PMG VERY

   FINE 30                     

 $875  

Reverse

 1861  $ 20  T-21   CR-146

 

 

 

 

 

 

      Great Color

 

 

 

 

 

 

 

 

 Choice Eye Appeal

Serial # 30062. Printed date of September 2, 1861. Alexander H. Stephens, Vice-President of the Confederate States in center. Plain reverse. Vertical CSA in block letters watermark. Cut cancelled. Although cut cancelled, one has to look quite hard to determine when viewing the actual note; as the note is very, very lightly cut. In most locations, the cancellation does not penetrate the paper. Superb color and as clean as a pin. No pinholes, chinks or problems of any kind. It is indeed difficult to imagine how an 1861 Confederate Treasury note remained this clean and bright for all of these years. Trimmed just a fraction tight at the lower right front; otherwise, choice. Some might find it hard to imagine just how many T-21's one has to go through in order to locate an example which is this clean, bright and fresh. I am unsure if the contemporary writing upon the back is a name or a location. Simply a gorgeous T-21 and much more difficult to locate bearing the eye appeal this notes possesses than one might think. It seems there is always some sort of major, or most often, minor problem with nine out of ten notes I view. Not so here. Without reservation, a market grade oriented VF 30-35. Perhaps it is my "old school" grading, learned many, many years ago; although I think the note technically grades closer to Fine+. I could perhaps be grading this note to conservatively. I would much rather grade a note to toughly than to loosely. Whatever the case may be, a most desirable T-21 bearing immaculate eye appeal and a note you absolutely cannot go wrong with.

Fine+

 

Cut Cancelled

 

 

Mkt

Grade:

Very Fine 30-35

 $395

 

Reverse

 1861  $10  T-22   CR-150 Serial # 3329. Plate "A". A very pleasing example of the ever elusive "Indian Family" note as it is nicknamed. A product of the Southern Bank Note Company, this example possesses nice even circulation for the grade and jumbo margins. Very difficult to locate bearing this type of trim. Bright, vivid signatures and serial numbers. Gobs of red fiber with color far beyond that expected in this grade. This note was used in commerce; although by some miracle, it was never damaged. No problems and just honest, even wear. Much tougher to locate problem free nowadays possessing eye appeal of this quality.

CHOICE

  FINE

 

Mkt

Grade

VF 25

 $1075  

Reverse

 1861  $ 10  T-22    CR-150                                                     

    

 

 

PMG VERY FINE 25   

 

 

 

 

 

    Superb Color 

Serial # 1004. Plate letter "A". Printed date of September 2, 1861. Central vignette of Indian Family. Thetis to left; maiden holding ear of corn in her right hand & "X" in her left.    Beautiful red overprint. Plain back. A very pleasing exception to the T-22's we normally encounter in this day and time. Four black frame lines; although trimmed somewhat tight at the far upper right when viewing from the front. The line is there; although the black background prevents it from showing in the scan. One tiny margin ding located in the same area. Rarely will one ever encounter the brilliant red color upon a note at this grade level; the red ink wore off rapidly as the note circulated in commerce. No pinholes, or other problems. If such existed, I would call them out and one can bet that PMG would. From a freshly inked plate. Bold serial numbers and signatures. Superb eye appeal and surprisingly nice for the grade. 9 of 10 T-22's at this grade level will bear faded overprints and a whole host of other problems. A super note, the likes of which are extremely difficult to locate in this day and time. Most higher grade examples are very tightly held and an acceptable higher grade example seldom appears.

PMG VERY FINE 

        25

 

 

My Grade:

Choice Fine

 $1275  

Reverse
Pic 2

 1861  $ 10  T-22    CR-151        

 

 

 

 

 

   PMG VERY  FINE

            30 

 

 

 

 

      Fully Framed

 

 

 

 

 

 

 

 

    CHOICE NOTE       

Serial # 16099. Plate letter "B". Printed date of September 2, 1861. Central vignette of Indian Family. Thetis to left; maiden holding ear of corn in her right hand & "X" in her left.    Beautiful red overprint. Plain back. Printed upon red fiber paper. A breathtaking product of the "Southern Bank Note Company of New Orleans (actually the American Bank Note Co of NY). While one may encounter the T-22; rarely will an example be seen of this quality. Each and every characteristic of a "Choice" note is present. Fully framed; which is indeed rare when it comes to T-22. Superb color, inking, contrast, etc.. The very small dark area seen at the upper top back is actually contemporary ink occasioned when the next sheet printed was laid on top of the sheet this note was printed upon in the stack. Notes were signed quickly while uncut and rapidly placed in a stack; while the signatures remained somewhat wet. This is not the least bit uncommon and had it been something else, you can bet PMG  would have so noted. I have looked with high magnification and can attest that what you see is ink....a very small amount. Choice notes such as this one will stand the test of time and are rare. The issue is not difficult to locate graded Fine and slightly trimmed into the margin at one place or another. It is near impossible to locate in this grade and fully framed such as this note. Extremely scarce above the grade of true Fine. I am somewhat surprised that the note has not been assigned at least the grade of VF 35 by PMG. A true Very Fine note utilizing collector oriented grading standards; not market grade standards. The best T-22 I have had the occasion to offer in many years. Further a note which is extremely difficult to place a value upon, as scarce, high quality pieces such as this one never fail to increase in value. At least they haven't during the last 45 years I have been in this business. The day will come, sooner rather than later, when we deem the current price on this piece laughably low. I have seen it far too many times in the last 4 decades. I must stop; however could go on forever with regard to this incredible T-22.

PMG VERY FINE

            30                                      

 

 

 

 

 

  CHOICE NOTE

 $3175  

Reverse
Pic 2

 1861  $10  T-23   CR-154 Serial #1314. Plate "A1"; red fiber paper. Totally original and well above average color. Well trimmed and a very nice T-23. No ink bleed or other problems. The vast majority of T-23's one sees offered as very fine do not make the more conservative "collector oriented" grade. This includes those notes housed in a grading service holder. I can count the number of true very fine T-23's I have encountered in the last 40 years on one hand; as they are extremely rare. While "reports" exist of one or two extremely fine examples; this writer has never owned such an example or seen one offered for sale, at auction or privately. CHOICE  FINE             

MKT

Grade:

VF-25

 $4600  

Reverse

 1861  $10  T-23  CR-153 Serial # 517. Plate "A"; plain paper. I feel privileged to offer several T-23's at the present time. This issue is extremely difficult to locate and will soon move up price wise to the T-15 & T-19 category, while those issues move even higher. An exceptional note; especially for the grade. The note retains most of the orange "TEN" and "X", "X" overprint and has good body. No stains, tears, chinks, pinholes or other problems of any kind. When one is fortunate enough to find one of these; there are usually problems. This example is NOT cut cancelled (none offered here at present are) and possesses great eye appeal. Excessively rare in true very fine. If you order a VF+ note from most locations, this is what you will receive. While not strong enough for the collector oriented grade of grade of VF; the note doesn't miss the mark by much. A beauty and ever increasingly difficult to locate.

FINE++

 

 

Market Grade:

VF-30

 $4950  

Reverse

 1861  $ 10  T-23  CR-153 Serial # 4317. A very well trimmed and presentable example of this tough 1861 issue. Excellent color for the grade with very good eye appeal. As with any note listed upon my site; not cut cancelled. If such is the case, it will be called out. Again, I disagree with the grading service holder this note is housed in. Graded "Apparent" VF 30; Mounting remnants on Back. First; I do not think the note grades VF 30. Secondly; there are no mounting remnants on the back. Believe me, I have seen hundreds upon hundreds of Confederate notes with mounting remnants upon the back. I do not know what PCGS sees; but whatever it is; it is certainly not mounting remnants. Do not let the fact that I happen to have several T-23's listed at the moment fool you. T-23 is a very, very tough note. I have gone through periods of having 7 T-23's and then attend one show and have none. A splendid note; especially for the price.

CHOICE

 FINE+

 

PCGS

Apparent

VF 30

Mounting?

 $4800  

Reverse
Pic 2

 1861  $ 10  T-23  CR-153 Serial # 1764. The famous "Wagon load of cotton" vignette graces this extremely tough issue. This note has been holed out cancelled in the area of "America" in Confederate States of America and repaired by some meticulous individual. It's not uncommon to see this; however this one is rather well done. Easily seen from the back. This repair looks better than a large hole in the note. My primary concern is that a potential buyer be aware of it. T-23 is a tough one; as most all of the overprinted notes are. An opportunity to acquire a quite acceptable T-23 at a very affordable price.

FINE

Repaired

 $2500  

Reverse

 1861

 

 

 

 

 $ 10  T-23   CR-154 Serial # 5743. A quite pleasing example of this plate "A1" rarity 8, T-23. The note has the body and feel of an XF note, although does have an issue or two. Not cut cancelled; some small flicks of paper are stuck to the note at the upper left corner from the front plus in and around the oval portrait. It appears that this area is a paper void; however, one can feel the paper stuck to the note. Likely easily removable, I have not tried to do so as I am not inclined to "work" or do anything to a note which comes into my possession. Average color but bright, vivid signatures, serial numbers and vignettes. Amazingly crisp. No pinholes or other problems other than the aforementioned.    VF  $2950  

Reverse

 1861  $10  T-24    CR-156                       

                       

PMG VERY FINE 25 

 

 

  Problem Free

Serial # 17416. Plate letter "H". Engraved date of September 2, 1861. "Leggett, Keatinge & Ball Richmond, VA" to  far left. Wonderful color; especially for this grade level. No problems of any kind or character; otherwise PMG would have so noted. Very well trimmed with superb eye appeal. Bold, vivid signatures and serial numbers. The best T-24 one is likely to locate at VF-25; as most T-24's bear some sort of problem at this grade level; or any other grade level for that matter. Very well inked and a sharp T-24. Superb eye appeal and a very desirable note.

PMG VERY FINE

         25     

 $575  

Reverse

 1861  $10  T-24   CR-156

 

 

 

 

 

 

 

PMG EXTREMELY

    FINE 45  EPQ    

 

 

 

 

 

 

 

    Superb color

Original Embossing

Serial # 1725. Engraved date of September 2, 1861. "Leggett, Keatinge & Ball Richmond, VA" to  far left. Plain paper. Bust of R. M. T. Hunter; United States Representative and Senator from Virginia (1837-61), Confederate Secretary of State (1861-62) and Confederate Senator from 1862 to 1865 in oval to lower left. Portrait of child (later identified to be Dr. Alfred L. Elwyn) to lower right. Gorgeous, bright and vivid "10", "TEN" and "X" orange overprint. Plain back. Simply an amazing example of the issue. Superb trim, blast orange color and loads of original embossing. The embossing does not show well in the scan; as usual. It is extremely deep and vivid at "The Confederate States of America". In fact, I would venture to say that this note possesses as much deep, original embossing as any CSA Treasury note one would ever encounter. An as made "raised" area, pinch or sheet crimp is noted at the lower right reverse. Notice that the "as made" sheet crimp did not deny the "EPQ" designation from PMG. Incredible eye appeal; the one intangible element when it comes to looking up a note's price in a book. It simply can't be done. Superb trim and earning the EPQ or Exceptional Paper Quality moniker from PMG. An extremely difficult note to locate in this day in time this well preserved and retaining incredible color. As I have seen so many, many times over the years; a price which will be laughably cheap within a couple of years. Quality, desirable notes always tend to follow this trend. A wonderful opportunity indeed.

PMG

Extremely Fine 45

EPQ

 

Exceptional

Paper

Quality

 $1695

 

 

Reverse

 1861  $  10

T-24    CR-163           

 

 

 

 

 

  PMG EXTREMELY

         FINE 40             

 

 

 

   Conservatively

        Graded             

 

 

 

 

 

 

 Very Clean &  

       Bright                                       

Serial # 55546. Plate "J". Printed date of September 2, 1861.

Bust of R. M. T. Hunter; United States Representative and Senator from Virginia (1837-61), Confederate Secretary of State (1861-62) and Confederate Senator from 1862 to 1865 in oval to lower left. Portrait of child (later identified to be Dr. Alfred L. Elwyn) to lower right. "Keatinge & Ball Richmond, VA" to far left. "CSA" in block letters watermark. This paper was manufactured in Great Britain and smuggled through the Union blockage of Southern ports; most often via Bermuda. Intricate white "Ten" and "10" within brilliant orange medallions to the top left and right. Incredible orange micro "TEN DOLLARS" overprint at lower center. Plain back. It is extremely difficult to see any folds whatsoever upon this note. This example is one of those "you have to feel them" in order to detect them I suppose. If held at an appropriate angle long enough, one can begin to make out two nearly invisible faint and extremely light vertical bends. Extremely difficult to see, even with great light and magnification. There does exist a corner fold at the upper right back. Whatever the case may be, I doubt this note circulated a single time. Loaded with original embossing. Even the watermark is embossed and somewhat raised. As clean and bright as one could ever hope to see a T-24. Extraordinary eye appeal and quality. Very vivid signatures and serial numbers. I have seen notes with much more "going on" in AU 58 grading service holders. Perhaps the grading services are tightening up their standards, which is good. Nonetheless, I have never seen any note remotely close to being this nice in an XF-40 grading service holder. Superb and sure to please.

         PMG     EXTREMELY 

    FINE   40                                                          

 $1175  

Reverse

 1861  $ 10         CT-25   

        168B                 

 

 

 

 

 

 

 

 

      INTAGLIO      

 

Very Deceptive                                                          

Serial # 28697. Printed date of September 2, 1861. Central vignette of Hope standing beside anchor. Confederate Secretary of the Treasury, Christopher Memminger to lower right. R.M.T. Hunter, Confederate Secretary of State and Senator to lower left. Plain back. No watermark. An incredibly deceptive counterfeit manufactured by the intaglio printing process. Most counterfeits are lithographs, utilizing limestone plates wherein the "raised" area of the stone was the portion printed. The intaglio process actually involves engraving a "sunken area" into a plate; which in this case was likely steel. As one can readily determine, the process is much more effective than a lithograph utilizing limestone plates, which is most always encountered with contemporary counterfeits. Actual, original embossing is noted on the back behind the portraits of Hunter and Memminger. Over the years, I have been fortunate enough to acquire a good many complete Confederate Treasury note type sets. On at least four occasions, the T-25 residing in those collections was none other than this very type note. This contemporary counterfeit is that good. Red ink serial numbers and brown ink signatures. Perfect trim with superb eye appeal. As is usually the case, I will gladly pay more for this issue than is listed in Tremmel. Most likely an AU-58 to AU-55 note from the grading services. The note has no problems whatsoever; however, I feel like the note is closer to Choice Extremely fine. Bright white and downright gorgeous.

Choice Extremely

       Fine             

 $395  

Reverse

 1861  $ 10  T-25    CR-169

 

 

 

 

 

 

 

 

       PMG            

Choice Very Fine                35             

 

 

 

 

 

 

 

   Snow White

Serial # 4498. Printed date of September 2, 1861. Central vignette of Hope standing beside anchor. Confederate Secretary of the Treasury, Christopher Memminger to lower right. R.M.T. Hunter, Confederate Secretary of State and Senator to lower left. Plain back. "CSA" in block letters vertical watermark. Compared to T-26, the T-25 had only 1/4 of the number issued. Much more difficult to locate in nice, collectable condition than many realize. Often found toned or mottled, the example here offered is bright white and definitely the exception to the rule. It is obvious that the grading services have taken note of the difference in values assigned to "Collector" grading vs "PMG, PCGS" or "Market" grading. In Fricke's 2014 field edition of "Collecting Confederate Paper Money"; higher values are assigned to "collector" oriented grading when compared to "Market" or third party graded notes. I have seen a very noticeable difference in notes housed in third party grading service holders which have been graded in the last two years or so. It is apparent that the grading services are "tightening" their grading criteria, which is a good for collectors, dealers, and the hobby as a whole. Five years ago; this note would have been housed in an extremely fine 40...perhaps 45 grading service holder. Not so today. This note was definitely graded by "collector orientated" standards. I was taught to grade notes by the late Dr. Douglas Ball many years ago and grade conservatively. I have no qualms about the grade upon this note and fully agree with it. While cut a tiny fraction tight at the far upper left margin, the note is far and away above that normally encountered for the issue. No pinholes or problems. Superb eye appeal with original embossing remaining upon the back. A much, much tougher CSA issue and very underrated.

PMG CHOICE

VERY FINE 35

 $580  

Reverse

 1861  $ 10  T-25    CR-169

 

 

 

 

 

 PMG Very Fine 30

Serial # 36813. Printed date of September 2, 1861. Flourish over "bearer". Vertical "CSA" in block letters watermark. A most attractive mid grade example of this "sneaky tough" issue. T-25 has always been much more difficult to locate than it's "brother", the T-26. Printed upon high quality bank note paper manufactured in Great Britain and smuggled through the Union Blockade of Southern ports; the note bears not one single pinhole. Not cut cancelled, as so many T-25's are. Much more difficult to locate in collectible condition than one would think. A very pleasing, problem free T-25 which would fit well into any mid-to upper grade type set.

  PMG Very 

    Fine 30

 $525  

Reverse

 1861  $ 10  T-25    CR-169 Serial # 4960. Printed date of September 2, 1861. Flourish over "bearer". Central vignette of Hope standing beside anchor. Confederate Secretary of the Treasury, Christopher Memminger to lower right. R.M.T. Hunter, Confederate Secretary of State and Senator to lower left. Plain back. "CSA" in block letters vertical watermark. An exceptional mid grade example of the issue. Extremely difficult to locate fully framed. The note here offered is 99.99% framed, being cut a tiny, tiny fraction tight at the far upper left. The black background of the scan prevents one from seeing the portion of the frame line which runs to the last 1/4 inch of the top left. Clean and problem free, lacking a single pinhole. A hair toned or mottled on the back; as T-25's for some reason tend to do. This toning is not near as bad as is frequently seen and not at all distracting when viewing the actual note. The T-25 is one of the most underrated notes in the entire Series; from 1861 to 1864.

Very Fine

 

 

MKT

GRADE:

 

VF-35

 $395  

Reverse

 1861  $ 10  T-25    CR-169 Serial # 13640. Printed date of September 2, 1861. Flourish over "bearer". Vertical "CSA" in block letters watermark. Plain back. A most suitable example of a tougher than most think 1861 issue. As usual, not fully framed although nearly so. Cut tight at the lower right front. No stains, spots or other problems. An AU or better, fully framed T-25 is tougher than a Montgomery. The perfect note for a mid grade set and for the collector who does not desire to spend a king's ransom to acquire a high grade note; provided one could be found. Fine  $275  

Reverse

 1861  $ 10  T-26   CR-193 Serial # 87290.  Coarse "XX". "CSA" in script letters w/m. As crisp as a CU note. Clean, bright and fresh. The watermark is perfectly centered on this very appealing example. Very Fine+                         $475  

Reverse

 1861  $ 10  T-26   CR-193 Serial # 113073. "CSA" in script letters w/m. Coarse lace "XX". Clean with plenty of pop. Bright signatures and a very pleasing note. Fine / Very Fine                           $255  

Reverse

 1861  $10  T-26  CR-UNL

 

  RV PF-4

Serial # 23246. To date, the fifth finest known example of this rare variety. Ex-New Netherlands Coin, NYC 1953/54. Fine lace with no dash over bearer. Printed upon paper with a vivid "CSA" vertical block letter watermark. The "of" preceding "The Confederate States of America" is present at the right margin. The note looks more like it has been mishandled though the years than actual circulation, as original embossing is as plain as day at  "Confederate States" when viewing the note from the back. Extremely rare and the 5th known in a census of 9 known notes. Over 5 years ago, an AU example of this variety sold for $2,000+. A true rarity. Fine / Very Fine                              $595  

Reverse

 1861  $ 10  T-26   CR-213

 

 

 

    Amazing

   Embossing

Serial # 15423. Printed date of September 2, 1861. Portrait of R.M.T. Hunter to lower left and Christopher G. Memminger, CSA Secretary of the Treasury to lower right. Fine, Red Lace overprint. Plain back. "CSA" in block letters watermark. The type of note that one actually needs to see in order to fully appreciate. The original embossing appearing upon the back behind both portraits and "The Confederate States" is truly amazing. A gorgeous note that many would have no problem grading AU+ or better. Careful examination reveals a light bend or two coupled with a fold at the upper right back. A grade of Extremely Fine is more appropriate. Cut a tick close at the far lower left front; although a beautiful example of the issue. As crisp as any CU note. Bright, fresh and no problems.

Extremely

 Fine

 $595  

Reverse

 1861  $ 10  T-26  CR-213 Serial # 8988. Fine Lace "XX". A most presentable example of the issue. Bold signatures and serial numbers. Cut tight at the upper right; otherwise totally problem free. A wavy shadow appears behind Hunter to the left and Memminger to the right on all of these T-26 scans. In person, the notes are solid, dark in color and do not appear as they do in the scans. "CSA" in block letters watermark. Again, original embossing which cannot be seen in the scan. Fine / Very Fine                                  $400  

Reverse

 1861  $ 10  T-28   CR-231

 

 

 

 

 PMG ALMOST

 UNCIRCULATED

         55            

Serial # 43652. Printed date of September 2, 1861. Ceres and Commerce with urn to upper left. Plen A 15. Save for the vignette above referenced, the exact plate layout as the most rare CSA note there is; the T-27. Many collectors; justifiably so, fall prey to the belief that fairly large numbers of notes printed translates in to large numbers available in high grade. Nothing could be further from the truth. This anomaly presents itself among several Confederate Treasury notes. T-37, T-43, T-51 and a few others quickly come to mind. This $10 denomination note was utilized very heavily in commerce in the early years of the Civil War and no "hoards" or high grade groupings have come to light. Even though this note does not possess a single pinhole; most do, as the paper used upon this issue was of lower quality. A Hoyer & Ludwig creation and simply next to impossible to locate this well preserved. Clean as a pin, bright and fresh. Slight ink feathering is noted in one "C" of C.C. Thayer's signature for Register to the left. No ink bleed or burn. If such were the case, one can count on the fact that PMG would have so noted. Somewhat unusual for T-28; the engraver's name of "Bagnell" is fully visible at the far, upper left front. Two extremely faint corner folds are seen with effort at the lower right back. A lovely T-28. I have seen two Choice CU T-28's in over 40 years. A Choice CU T-28 in this day and time would easily fetch several thousand dollars. I have been fortunate enough to assist many collectors assemble complete type sets of Confederate Treasury notes throughout the years. In nearly each case, a choice T-28 or T-37 was the toughest and last note needed to complete the type set. A superb T-28.  PMG AMOST

UNCIRCULATED

          55

 $795  

Reverse

 1861  $ 10  T-28    CR-232A       

 

 

 

 

PCGS EXTREMELY

      FINE 45

Serial # 41849. Printed date of September 2, 1861. Ceres and Commerce with urn to upper left. Plen A 11. Period after "11". Even though trimmed somewhat tight at the right front (as trim is most always an issue with higher grade T-28's); a choice example. Bold signatures and serial number. Clean and bright bearing superb eye appeal. No folds may be seen with the naked eye; however, by using proper lighting and the correct angle, three extremely faint "bends" are present. These "bends" do not break the paper and are not folds as we normally think of. An extremely tough issue to locate in grades above fine to very fine.

PCGS Extremely 

      Fine 45           

 $375  

Reverse

 1861  $ 10  T-29    CR-237

 

 

 

 

 

 

 

 

 

         PMG               

CHOICE VERY            FINE 35               

 

 

 

 

 

 

   Fully Framed

 

 

 

  Incredible Note

Serial # 21859. Printed date of September 2, 1861. Central vignette of Slave picking cotton. Plain back. Never have I seen a note this close to a $12-$15,000 piece and not quite make it by just a hair. It is a breath away. Fully framed; a true miracle in and of itself. T-29 is very well known for it poor trim. The example here offered is fully framed and bears trim that exists upon only a tiny fraction of surviving T-29's. Simply breathtaking eye appeal; resulting from the trim, the clean, bright, well inked front, the bold vivid signatures and serial numbers along with the overall appearance of the note itself. I have handled perhaps two slightly nicer examples in over 40 years. There exists a small, unobtrusive, non-distracting age spot at the upper left corner from the back. Rest assured, this does not affect the desirability or value of the note. In person, it is barely noticeable due to the incredible nature of the note itself. If the age spot were considered a problem, you can count on the fact the PMG would have so noted it and "NET" graded the note or made negative connotations upon the holder. Further, PMG would not have assigned "Choice" to the note had this been an issue. A breathtaking T-29 if there ever was one. Just as set out in the description of the T-25 PMG Choice VF-35 note above; this note is collector oriented graded. For some reason, my old scanner will on occasion produce a back scan of a larger area (grading service size holder) darker than it really is. Such is the case here. The note is bright white; although the scan of the entire back, including the grading service holder produces a dull, "flat" looking image. When scanned only at the size of the note itself, it produces a natural color, identically matching the note. No attempts have been made to change any scanner settings (I wouldn't know how anyway) and the image you see in "Pic 2" accurately depicts the true brightness and color of the note. I have no idea why this occurs from time to time; although it does. Perhaps there is not a problem with the front scan due to the fact that there are design elements upon the note itself as compared to the blank white paper upon the back. All one has to do is compare the green color of the grading service label in the front scan and that of "Pic 2". Irregardless, one of the finest T-29's one could ever hope to own....or have an opportunity to own. A breath, and I do mean a breath away from a $13,000 note. Extremely rare this well trimmed and bearing this type of eye appeal. Remember, the grading services do not take into account factors such as eye appeal and trim at this grade level. One cannot simply go look in some book and look up "Choice VF-35 to assess an accurate value or rarity of a note such as this one. A T-29 such as this note is many times more scarce than any Montgomery issue or Indian Princess. I could write pages about this note. If you want the finest T-29 that you will likely ever have the opportunity to own, here it is. An incredible note that I am extremely proud to offer.

PMG CHOICE

VERY FINE 35

 $3900

 

 

Reverse
Pic 2

 1861  $  10  T-29    CR-237         

 

 

 

 

 

 

PCGS VERY FINE   

         30                

Serial # 21940. Plate "E". Printed date of September 2, 1861. Central vignette of Slave harvesting cotton. "TEN" "X" and "10" at the left side and right corners. Plain back. A stunning T-29 which bears only the slightest of tiny areas of mottling. Bright, exceptionally clean with magnificent eye appeal. The T-29 is extremely difficult to locate this nice. Extremely well inked with great clarity and contrast. One could look for a long, long time and fail to locate this issue bearing the eye appeal and grade this piece possesses. Rarely is the T-29 ever seen with four black frame lines; this bright and amazingly clean. You may rest assured if the tiny areas of mottling or foxing were a problem, PCGS would have so noted. When looking at the note in person, these small areas are quite difficult to see. There are many occasions wherein a high resolution scan makes a note look worse than it does in person. Such is definitely the case here. A choice note; especially for the grade.

PCGS VERY         

 FINE 30

 $1100  

Reverse
Pic 2

 1861  $ 10  T-29    CR-237

 

 

 

 

 

 Superb Trim

Serial # 9784. Printed date of September 2, 1861. Central vignette of Slave picking cotton. Plain back. Cut cancelled and darned hard to see. The T-29 is one of the most difficult notes in the entire series of CSA Treasury notes to locate with anywhere near decent trim. Most are terrible. The example offered here; while circulated, is as well trimmed as one could hope for. The note was folded during the Civil War in a manner which illustrates that the note was carried in a wallet as is evidenced by small leather residue seen upon the back. Not a contemporary counterfeit. This the the "B. Duncan" version vs the counterfeit "R. Duncan" note. Had the counterfeiters not made this simple mistake; the Counterfeit 29 would have been deadly. In fact, it would remain that way today. Overall, a very clean, problem free and affordable example of this tough 1861 issue.

Choice Fine

 

Cut Cancelled

 $375  

Reverse

 1861  $10  T-29   CR-237

       HOC

  TRANS-MISS

Serial # 31244. Central vignette of Slave harvesting cotton. "TEN" "X" and "10" at the left side and right corners. A much tougher Trans-Mississippi re-issue. While the note is COC and has two old mounting remnants at each side (one still there and one has come off), one can ill afford to be extremely particular when it comes to acquiring many of the tougher Trans-Ms notes. This is especially true of notes such as T-29. The signatures and serial numbers are unaffected by the HOC. The Trans-Ms stamp was placed upon the note after the note was cancelled. A clean, bright and very legible stamp found upon a most difficult Trans-Ms issue.  FINE

HOC

mounting

 $625  

Reverse
Pic 2

 1861  $  10  T-30    CR-238             

 

 

 

 

 

 

 

 

 

 

       PCGS

Choice About New

          55                   

 

 

  SUPERB TRIM              

 

Serial # 52410. Printed date of September 1, 1861. First Series. Engravers name present. Central vignette of the "Sweet Potato Dinner". R.'M.T. Hunter to lower left and Minerva to right. Plain back. A most attractive example of the issue and readily evident why PCGS added the word "Choice" to the grade. Simply superb trim and eye appeal. A few drops of ink which are contemporaneous to the issuance of the note, which likely occurred during the signing process and affect nothing. In reality, I am surprised we do not encounter more of this when viewing Confederate Treasury notes. With quill pens and ink bottles in abundance, it would seem a very likely occurrence in the signing room. The other very tiny "flecks" are actually paper imperfections and some are actually embedded in the paper itself. While many may not agree; such "imperfections" comprise one of the reasons I fell in love with Confederate Treasury notes well over 4 decades ago. These insignificant items mean the note is not perfect. The printing process was not perfect. 156 years ago, D. Lyon and J. T. Dickson actually stood in front of this note and hand signed it. After signing and numbering, the notes were then hand trimmed from uncut sheets; which process was not perfect. One can't help but contemplate what was going through the minds of Mr. Lyon and Mr. Dickson 156 years ago as they were affixing their signatures to this note. Were they talking of the War? The latest major battle? A very nice T-30 which looks much better in person than in the scan.

PCGS Choice

About New 55

 $695  

Reverse

 1861  $ 10  T-30   CR-239

 

 

 

 

 

 

 

 

 

       PCGS

Choice About New

         58 PPQ              

 

 

   CHOICE NOTE

Serial # 94653. Printed date of September 2, 1861. Second series, no engravers name. Central vignette of the "Sweet Potato Dinner". In reality, General Francis Marion offering a dinner of sweet potatoes to Sir Banistree Tarleton during the Revolutionary War. R.'M.T. Hunter to lower left and Minerva to right. Plain back. An immaculate example of the issue, being a corner fold away from a much higher grade. Many are the occasions wherein an AU note is preferable to an uncirculated note which does not bear four frame lines. This note is such an example. Although cut a smidgen tight at the lower left front, it is not distracting and all four frame lines are present. The note bears superb eye appeal; is clean, bright and fresh. Confederate type notes of this caliber will not remain available "forever". I have learned the "hard way" through the years when I assumed CU examples of many of these type notes would always be available. This is simply not the case. I well recall the days when I had no less than 5 to 15 choice uncirculated examples of T-7, 8, 9, 13, 14, 16, 18, 20, 24, 25, 26, 30, 34, 36, etc. on hand at all times. Such is no longer the case and the same will hold true with notes such as this one. I have observed it far too many times. A splendid example of the issue. PCGS

Choice About

New 58

PPQ

 

 

Premium

Paper

Quality

 $750  

Reverse

 1861  $  5  T-31   CR-243 Serial # 10295. Plate "A".  A very pleasing example of this "Southern" Bank Note CO. issue. No pinholes, chinks or problems. Cut a hair tight at the top margin; very good color. Not cut cancelled. Tough to find bearing color such as this for less than $2,500. Fine / Very Fine                           $1295

  

 

Reverse

 1861  $  5  T-31  CR-243 Serial # 6829. Jumbo margins most of the way around. A hair tight at the lower left. Far above average for the grade and a nice example with no problems. An old Bradbeer number on the back; which is classic. Long ago, collectors just marked the number of the 1915 issued work of Bradbeer upon the note itself. I have seen this upon Montgomery's and every other CSA note there is. It does not diminish a notes value in any respect. Again, a tough note to locate without soiling, stains and the like.  FINE  $695  

Reverse

 1861  $  5  T-31  CR-243

 

 

 

PMG Very Fine 25

 

 

   Excellent Color

Serial # 14091. Another note of color engraved and printed by the "Southern Bank Note Company". Ever more difficult to acquire uncut and problem free; this example bears color and eye appeal far beyond what would be expected at this grade level. Quality bank note paper was used in the printing of T-31 and in this case; it also bore red fiber. PMG notes "Annotation" on the back of the grading service holder. I have seen old Bradbeer (1915) numbers upon thousands of Confederate notes and they do the note no harm. PMG should understand that for decade upon decade, collectors wrote the price, the type number and other such things on the note itself, as the note may have been worth a quarter or the like up until 1960. Comparing Confederate Treasury notes to Federal notes (where the grading services started in paper money and what they do when grading) is akin to comparing apples to oranges. A very pleasing T-31 and becoming excessively difficult to locate in a state of preservation worthy of most collectors wants. There simply does not exist an adequate supply of problem free, uncut notes such as this one to meet the ever growing demand.  PMG

Very Fine 25

 $1950  

Reverse

 1861  $  5

 T-31 CR-243

 

 

RED INK SERIAL

   NUMBERS

Serial # 17377. Plate "A". Red ink serial numbers. Although an old time variety; the red ink numbered T-31 has been of late been declassified as a separate variety. Although this is true; it does not affect the fact that a mere 2,600 red ink numbered T-31's were printed. With a survival rate of perhaps 15%; the numbers speak for themselves. The example here offered saw circulation; being a small denomination issue of 1861. Nonetheless, the red overprint is quite vivid for the grade and the note is problem free. Relatively well trimmed with no pinholes, chinks or other problems one might expect at this grade. Further, the note is free of soling. Not cut cancelled. An aspect I like about some CSA notes is the notation of an old Bradbeer number on the back. Bradbeer was published in 1915 and was the foundation Grover Criswell utilized in his subsequent works on Confederate Treasury Notes. To advanced collectors, these old Bradbeer numbers do no harm to any CSA note. Next to the Bradbeer number is the princely price of $4.00. Old time collectors simply wrote the type number and price on the note itself. This notation was added long ago. The note appears to be in Fricke's top 10 or very close thereto; wherein he describes the note as "Rare". With a printing of 2,600; I can certainly agree with that. While this note will not grade F/VF it remains a desirable note and very nice for the assigned grade.    FINE  $750  

Reverse
Pic 2

 1861  $  5  T-31    CR-244         

 

 

 

 

  PMG VERY FINE

          25

 

 

 

    Fully Framed

   Excellent Color       

 

 

 CHOICE NOTE

Serial # 1085. Plate Letter "B". Printed date of September 2, 1861. Central vignette of "Five Females" - to wit; Commerce, Agriculture, Justice, Liberty and Industry. Statue of George Washington to far right and Navigation to far left. Plain back. Printed upon red fiber paper, another gorgeous product of the Southern Bank Note Company of New Orleans. In reality, the Southern Bank Note Company was actually a branch of the American Bank Note Company located in New York. A choice note and extremely scarce bearing full margins and free of any problems whatsoever. Superb eye appeal and wonderful color. I think the note closer to Choice Fine+; however it's other quality attributes more than make up for the difference in my opinion and PMG's. Keep in mind that choice, fully framed notes always command a premium when it comes time to sell. An exceptional T-31 for the price; as I have seen several VF-25 T-31's of much lesser quality sell for hundreds of dollars more than I am asking for this piece of late. Simply a beautiful T-31 bearing incredible eye appeal. Near impossible to locate problem free.

PMG VERY FINE

         25                                        

 

 

 My Grade:

 

Choice Fine+

 $1575  

Reverse
Pic 2

 1861  $  5  T-31   CR-245 Serial # 8865. An example of the very elusive "C" plate. The "C" plate T-31 is much, much tougher than either the "A" or "B" plate note. A solid note with no problems. The piece is toned somewhat from age, although bears no pinholes, chinks or the like. One must understand that most every T-31 encountered has a problem of some sort or is cut cancelled. None listed here are in that category and are a result of my having looked through hundreds of T-31's in an attempt to offer the best available.   FINE  $675  

Reverse

 1861  $  5  T-32   CR-246

 

 

PCGS Very Fine 20

Serial # 7360. Plate "A"; plain paper. Vignette of Blacksmith with hammer and anvil to lower right. Portrait of young boy to lower left. Plain back. Red "FIVE" overprint. A very pleasing, problem free example of this very elusive 1861 issue. I find that decent T-32's are becoming extremely difficult to locate; especially those without problems. Very well trimmed, as most T-32's are. Amazingly nice and free of the normal stains, chinks, pinholes and myriad of problems most often found upon the issue at this grade level. As I have said many times before; the very first of the T-32 overprint to go was the right "V". It took very, very little circulation for this to wear off. This note is no exception to that rule. Nonetheless; the remaining overprint is quite vivid for this grade level. A totally problem free example of the issue with not one single problem. Such problem free notes will soon become totally unavailable. A super piece for a mid grade type set with quite pleasing eye appeal. PCGS  Very Fine  20        $2650  

Reverse
Pic 2

 1861  $  5  T-32 CR-249              PF-2          

 

 

 

 

 

 

 

 PCGS VERY FINE

       30 PPQ   

 

            

 

 FULLY FRAMED

 

 

 

 

 

   Magnificent Note

 

 

 

 

 

 

 

      CHOICE

Serial # 5290. Plate Letter AA. Printed upon red fiber paper. Engraved date of September 2, 1861. Vignette of Blacksmith with hammer and anvil to right. Young boy in oval to lower left. Plain back. Truly a magnificent example of the T-32. As fully framed as this issue comes, with plenty of selvage all the way around. As clean and bright as I have ever encountered the issue, bearing a wonderful, full, vivid orange overprint. The overprint is every bit as strong as the day the note was printed. Some T-32's were inked more in this area, resulting in a somewhat deeper red/orange overprint. To ascertain the overprint is all there; simply look at the detail and clarity of the blacksmith and other vignettes. Such would not be the case had the overprint worn from circulation or sunlight. This note is so bright, one might tend to think it had been washed. Such is not the case. T. Ellett's signature for Register and H. H. Goodloe's (Harrel H.) signature for Treasurer are far too strong as are the red ink serial numbers. PCGS would also have detected any tampering with this note. It is simply this bright and clean. The scan has not been brightened and is a true depiction of exactly what this note looks like in person. It actually looks better in person. As we used to say in the old days; "a monster". Not surprisingly, this incredible note earned PCGS PPQ (Premium Paper Quality) designation. Even though this note grades VF 30, it actually circulated very little. The right orange "V" wore away after very, very little use. It remains vividly and distinctly present; with each tiny orange line within the "V" clearly bold and visible. Eye appeal beyond description. Totally and completely flawless. Extremely rare in this state of preservation with the added bonus of bearing four full margins plus selvage around those frame lines. Notes such as this are deemed ("Choice"). One might want to consider looking at some limited discussion I have of that term under "Recent Additions & News", which has a link at the top of the page. Worthy of a significant premium due it's desirability and rarity in this state of preservation. I certainly know I paid one; however, and was more than happy to do so; fully understanding what a rare opportunity acquiring a T-32 such as this was; coupled with the amazing lack of quality CSA type notes available today. It is not difficult to envision this note selling for 10K or more 5 to 6 years from now. The note can speak for itself. If you want a T-32 which can be the centerpiece of your collection, you need look no further. A note which will literally take your breath away when you hold it and look at it in person. Simply an incredible, totally original T-32 and an opportunity that is unlikely to present itself again for many, many years.

PCGS VERY   FINE  30 PPQ   

 

 

Premium

Paper

Quality

 $5375  

Reverse
Pic 2

 1861  $ 5  T-32   CR-249 Serial # 5835. Plate AA, red fiber paper. Engraved date of September 2, 1861. Vignette of Blacksmith with hammer and anvil to right. Young boy in oval to lower left. Plain back. A very solid T-32 and as well trimmed as any I have seen. Four complete, even margins all the way around. While we would love to have a blast red, totally complete overprint, one may rest assured that less than a dozen such notes exist. The example here offered bears an overprint that is far and away better than most. The right "V" disappeared within days of use and is very seldom seen upon T-32. No problems, such as pinholes, stains, margin chinks or the like. Again, another note which looks much better in person than in the scan. I have had countless people tell me this after receiving a note purchased from this web site. Perhaps the scans are too detailed, providing an unnatural appearance. Nonetheless, I believe the more you can see, the better.

CHOICE

FINE++

 

MKT

GRADE:

VF-30

 $4200  

Reverse

 1861

 

 

 

 

 $  5  T-32   CR-249

 

Serial # 9198. Strong vignettes, vivid signatures and a  bright red serial number grace this PLATE "AA" T-32. The overprint has worn off this note and at some point in time, has been quite crudely; though somewhat skillfully re-tinted. It was done by a steady hand, with obviously no intent to deceive.  Not cut cancelled. A small bundle hole at the upper left front and a small thin on the back; along with some paper discoloration. A great note for the collector who seeks a T-32 but does not wish to pay several thousand dollars for one.   FINE  $875  

Reverse

 1861  $  5  T-32  CR-249

 

 

 

 

 

PCGS Very Fine 30

 "Apparent"          

Serial # missing or faded. Plate AA; red fiber paper. Well above average Orange/Red "FIVE" /  "V" overprint. Graded "Apparent" Very Fine 30 by PCGS "Small stains" I don't quite understand this qualifier. Granted, there are some small flicks of oxidation at the top front and right back of the note; however, these are not stains. PCGS makes no mention of the missing serial number. Had anyone attempted to bleach or otherwise enhance this note; they would have seen the overprint disappear before their very eyes. The overprint is strong and as stated; the only "problem' mentioned are the small oxidation flicks which are for some unknown reason are deemed "stains". This is beyond me. Bright with four full margins. Nice, bold signatures of Elliot and Goodloe. The overprint is so strong, even the horizontal lines contained within the overprint itself are readily visible. A very nice T-32 bearing a far above average overprint. Excellent eye appeal as well.

PCGS   VF 30     

"Apparent"                   

 $2575  

Reverse
Pic 2

 1861  $  5  T-32   CR-249

 

 

 

 

 PMG Very Fine 25

Serial # 8324. Plate AA, red fiber paper. Classic vignette of Blacksmith with hammer and anvil to lower right. Young boy in oval to lower left. Plain back. Very strong, orange/red "5", "V", "FIVE" overprint. Very far above average. Since 1915, when William West Bradbeer's work relative to typology of CSA notes was published; collectors thought nothing of writing the type number and or price on the note itself. One can look through the limited number of notes I have had time to place on this web site and determine how common that practice was. In the early days of collecting, these notes cost only a few cents; a far different cry from today. My point being this: PMG has placed a notation upon the back of the holder "erasure". If you look to the far right; an old Bradbeer number has halfheartedly been erased. You can still see it. The primary issue with this note or any other Confederate Treasury note is that it doesn't matter! For over 100 years, this was the way it was done. I have handled hundreds upon hundreds of CSA notes with so called "notations" on them and never given it a second thought. They do not affect the value of a note and further provide wonderful insight into what this area of collecting was like 75-100 years ago and how it developed. I would venture to say that in 1935 or 40, this note cost around a quarter. Had I been concerned about the "erasure"; I could have easily cut the note out of this holder and seen to it that the "erasure" was in fact erased! I have had discussions with the owner of PCGS and they no longer intend to place such "descriptors" on their holders which contain CSA notes bearing an old price or old type number. In this case, PMG did not give an "apparent" grade to the note; however, felt it necessary that they place the word "erasure" upon the holder. This firm does the same thing with old type numbers or prices. It is wrong and out of place in this arena of collecting. It was not until 1957 that the first Montgomery brought face value. Federal notes have always been worth at least face value and care was taken not to write on them. Some of the best Confederate Treasury notes I have ever seen or which reside in the best type sets in the world bear old type numbers or an old price on them. I haven't room here to adequately discuss this; although, suffice it to say these old notations do not harm a 155 year old Confederate Treasury note. Some ink or dark substance rubbed against the lower right corner of the note which does not show through to the front. The note here offered is fully framed, has no pinholes and superb eye appeal. As stated, the overprint is far and away above average; a trait that is becoming near impossible to locate. A solid T-32 if there ever was one.

PMG

Very Fine 25      

"Erasure"

 $4875  

Reverse
Pic 2

 1861  $  5

        CT-33                   

          250                       

 

     Lithograph               

  Emerald Green

Black ink serial number 4168. Plate "J". Printed signatures. An amazingly well preserved example of this "newspaper" thin Upham creation. Superb color and eye appeal. Flawless and emanating from the famous John J. Ford collection. Ford's collection was put together in the 1950's and 1960's, when such high quality was somewhat available. No folds bends, pinholes or problems of any kind. A truly choice contemporary counterfeit.       CHOICE             UNCIRCULATED  $325  

Reverse

 1861  $  5

       CT-33

        250A

 

 

       Woodcut         

 

 

 

 

 

 

 

 

 

 

 

   Incredible Quality  

 

 

 

 

 

 

   X John J. Ford                 

Printed serial number 8644. Same vignettes as above; although Memminger appears to have partaken in some sour "moonshine". Plain back and plain paper. Printers name of Leggett, Keatinge & Ball missing from left side. Plate letter "J" missing from left side. No "Or" below "Fundable in Eight Per Cent Stock" at lower left. "For Treas" missing at the printed signature of A. W. Gray for Treasurer to lower right. Both signatures are printed. Without reservation, one of the highest quality woodcut contemporary counterfeits I have ever seen. Razor sharp corners, no pinholes, folds, corner bumps, bends or problems of any kind. Simply amazing. There exist four very tiny tan/brown flecks or spots on the left back; although it is very difficult to determine if these are contemporary ink spots or something embedded in the paper itself. Believe me, they do this pristine piece no harm. Just above those tiny tan spots appear an extremely tiny dark spot which looks exactly like a pinhole. It isn't. With high magnification; this is some sort of greyish fiber embedded into the paper. I go to this much detail due to the fact that this is likely the finest woodcut of any type I have ever seen. Compared to the CT-33 250 offered above, one might think "How could such a note ever pass"? In this day and time it is extremely difficult to imagine just what it was like in 1861 to 1862. The average Southerner did not know what their circulating currency was supposed to look like. Most never handled sums of money higher than $5 to $10. There was no radio, television, telephone, internet or other means of communicating to the citizenry exactly what to look for in order to determine if a Confederate Treasury note was counterfeit. Were I attempting to pass this note in 1861 or 1862, I would attempt to pass it in a more rural setting. One's odds of getting caught likely would be much greater attempting to pass this note in Charleston or Savannah. Notes such as this one simply did not survive the last 155 to 156 years in this state of preservation. Likely one of the reasons Ford acquired the piece in the 1950's. While collectors may be able to acquire a 250A; the odds of locating an example of this caliber are extremely remote. One of, if not the best woodcuts I have ever seen...anywhere.

Gem Choice             Uncirculated            

 $350

 

 

Reverse

 1861  $  5  T-33  CR-250Ba Serial # 5566. Leggett, Keatinge & Ball, Richmond, VA from top to bottom, facing out. At an angle however; "VA" is located in the Green overprint. Plain paper. Not cut cancelled as so many T-33's are. A near problem free note, with the only matter due mention is a very tiny chink or bite at the left margin from the front. T-33 was a workhorse note and this note shows some signs of it. No ink bleed, ink burn or any pinholes. Traces of original embossing are present behind Memminger's oval portrait on the back. Just a darned nice, uncut T-33 and very reasonably priced. Many labor under the impression that they will locate an XF or AU T-33. Good luck with that. I would hate to venture a guess as to what a CU T-33 would bring today. I know $15K wouldn't buy one. For those looking for an original, unmolested note at more than a fair price, here it is.

FINE

 

 

 

MKT

GRADE

    VF

 $695  

Reverse

 1861  $  5  T-33 CR-250Ba

   

   Rare Variety

  NO VA  PF-1

       R-12

Serial # 1875. Cut-cancelled. Leggett, Keatinge & Ball, Richmond reads from top left towards the bottom-facing out. Not a trace of "VA" is present. A very pleasing T-33. Extremely rare at R-14 with a VG example bring $650 in 2005. This note is far better than VG. Cut very evenly, thus difficult to tell it is C/C. A very scarce Confederate note.

FINE+

   c/c

 $775  

Reverse
Pic 2

 1861  $  5  T-33  CR-250Ba Serial # 11806. A gorgeous, uncut T-33. Far above average and extremely difficult to locate. For every uncut T-33 there seems to exist at least 15-20 cut cancelled notes. There exists some ink feathering at the beginning of T.L. Crouch's signature for Register. No burn or bleed through. If you see many Confederate Treasury notes; you will quickly learn that ink spots on a note are not uncommon. With quill pens and ink bottles everywhere during the signing process; I'm surprised we don't see more of it. Some very faint, contemporary "ciphering" on the back. A strong T-33, not cut cancelled with exceptional trim.

Choice

Fine +

 

 

MKT

Grade:

 VF

 $1075  

Reverse

 1861  $  5  T-33    CR-250Ba

 

 

 

 

 

 

 Gorgeous Note

Serial # 5305. Leggett, Keatinge & Ball facing out. Plain paper. A much more attractive example of this tough 1861 issue than the scan indicates. As noted in "Pic 2", Legget, Keatinge & Ball are nearly buried within the green ink. In addition, the "L" in Leggett is almost completely invisible; likely due to a worn plate. This note has the body and crispness of an AU or better note. Not cut cancelled. Not one pinhole or any other problems. In looking at "Pic 2", you will note a small raised line at the middle of the scan, at the edge just off the "0" in "DOLLARS". While this cannot be seen with the human eye; at a scan of this high resolution, many "odd" things appear. This is merely a small sheet crimp which was present when the note was printed. It is raised and is not a tear or split. Exceptionally well trimmed with choice eye appeal. No soiling, stains or problems of any kind. A beautiful T-33 and a note that is much, much tougher to locate problem free and uncut than one might think. The days of XF or AU T-33's are long gone. A high quality T-33 which one cannot go wrong with.  F+/VF  $1275  

Reverse
Pic 2

 1861  $    5  T-33    CR-257b 

         PF-19                   

 

 

 

 PMG VERY FINE 30 

 

    

  CHOICE NOTE

 

 

 

Watermarked "FIVE"

 

 

 

 

 

 Fully framed-superb

Serial # 18099. Printed date of September 2, 1861. Keatinge & Ball, Richmond, VA facing in. Lighter yellow green. "FIVE" watermark. Simply a breathtaking T-33 which provides the appearance of a much higher grade. Incredible color and trim. Very, very rarely do we ever see any extra white paper outside the outer portion of the design of a T-33. At best, a T-33 will be trimmed into the design at perhaps one small location. Not so here; as this immaculate note bears selvage all the way around. The note is most definitely graded utilizing the collector oriented method, not the market oriented approach. Further, it is what is known as a "Choice" note". A note does not have to grade Gem New 66 to be deemed "choice". The term merely means that the note is choice for the grade. The finest VF-30 T-33 I have ever laid eyes upon and a note which one would never tire of looking upon. Very conservatively graded. The "FIVE" watermark is bold and vivid, the note clean and bright; leaving little more to ask for. The note must be well candled to determine that it is very fine. With the naked eye, this note appears gem. This is indicative of just how light the few folds are. An incredible opportunity to add a splendid Confederate Treasury note to your collection. If one were fortunate enough to locate the same type, although in a higher grade; the cost would increase astronomically. One can count on the fact that very few T-33's of any type exist which are as pleasing as this one. This is a note I just can't say enough about. Eye appeal beyond words. Incredible.

PMG VERY FINE   

         30                   

 

 

 Conservative

     Grade         

 

 

 

        "FIVE"            

  WATERMARK

 $1575  

Reverse

 1861  $   5  T-33   CR-257Bb

     PF 11

 

"FIVE" Watermark

Serial # 16983. Keatinge & Ball, Richmond, VA facing out. Light green. "FIVE" watermark. Cut cancelled. Superb color, clean and far above average for the grade. Lightly cancelled by a single blade bank hammer as opposed to the double blade we see later on. The cancellations are not easy to see and must be looked for when viewing the note. The "FIVE" watermark is much more apparent in person as opposed to the scan. The "line" you see running across a portion of the middle bottom of the back is actually the top of the "FIVE" watermark. Clean, bright and a gorgeous T-33. Scarce.

FINE+

c/c

MKT

Grade:

VF-20

 $1050  

Reverse

 1861  $  5  T-34   CR-263/A

  

"REOEIVABLE"

      Error

Serial # 18432. Unlike the note listed below, this example bears a "CSA" vertical block letters watermark. Very well trimmed. Cut cancelled. Although bearing different watermarks, I do not ever recall offering two of these desirable errors at the same time. A few top edge dings, nonetheless a very solid note for the grade.

Fine

c/c

 $195  

Reverse
Pic 2

 1861  $  5  T-34   CR-264/A

"REOEIVABLE"

      Error

Serial # 17488. Central portrait of Christopher G. Memminger, CSA Secretary of the Treasury. Minerva standing to right. Plain back. Excellent trim and "CSA" in script letters watermark grace this highly sought after note. Many would "press" this piece; although I prefer it completely original. As solid as they come for a mid grade piece. As noted, the bottom clause should read "Receivable in payment of all dues, etc.. This particular example is the much sought after error wherein "Receivable" is incorrectly spelled "Recoeivable" (see pic 2). A very pleasing example that doesn't cost an arm and a leg to own!

CHOICE

  FINE

MKT

Grade

VF-25

  SOLD

 

Reverse
Pic 2

 1861  $ 5  T-34    CR-268

 

 

 

 

 

 

 

 

       CHOICE

 UNCIRCULATED

 

 

 

 

 

 

 

  Incredible Note

Serial # 10646. No engravers name at middle top. Central portrait of Christopher G. Memminger, Confederate Secretary of the Treasury. Minerva standing to right. Plain back. Bold, vivid "CSA" in script letters watermark. Simply an incredible example of this 1861 issue that is very rarely found above the grade of extremely fine. Perfect trim and superb eye appeal. Not one single pinhole and the very slightest small area of light foxing is noted at the upper left back. Believe me, it is not distracting and in no way affects the desirability or value of this amazing note. Much more visible in the scan than when viewing the actual note. Were it significant foxing, it would penetrate the entire note and be visible upon the front as well. Notes such as this one were very, very seldom seen 40 years ago; much less today. The five dollar T-34 was the perfect denomination for use in day to day commerce. Further, it was 1861 and the people of the South were quite optimistic with regard to the outcome of the Civil War and business was brisk. Consequently; these $5 notes were used and used a great deal. Given the fairly large number printed, one could easily assume that Choice Uncirculated T-34's would not be extremely difficult to locate. Nothing could be further from the truth. This issue (along with it's brother - the T-33) is perhaps the most underrated note in the entire Confederate Treasury note series when located in this lofty state of preservation. I have encountered a few over the years; although the majority of those were cut cancelled. One might ask the question: "Why would a Choice Uncirculated note be cut cancelled"? Time nor space permits an answer here. Extremely difficult to locate in Extremely Fine; much less this well preserved. Suffice it to say that the majority of the very limited number of Uncirculated T-34's known today are cut. I haven't seen an uncirculated, uncut T-34 offered for sale in years. As stated above; in 1861, these notes were heavily used and the survival of a non cut cancelled T-34 in this immaculate condition is nothing other than a minor miracle. Many are the times I have referred to the word "opportunity". Here is an opportunity which may or may not present itself in the next 10 years, or longer.

     CHOICE

UNCIRCULATED

 $3950  

Reverse

 1861  $  5  T-36    CR-274

 

 

 

 

 

 

 

 PCGS Choice

 About New 58

 

 

 

 Super Eye Appeal

    

Serial # 64822. No Series. Engraved date of September 2, 1861. Number 13 before plate letter "A". J. T. Patterson, Columbia, S.C." (no "& Co.") below Register's signature. Central vignette of Commerce seated upon a bale of cotton. Sailor standing at capstan to lower left. Plain back. Snow white, extremely well inked with superb clarity and contrast. As most collectors of Confederate Treasury notes well know; the primary problem in locating a nice T-36 is the trim. Locating a well trimmed T-36 in any grade is no easy feat; much less an example this well preserved. Amazingly clean with bold, vivid signatures and serial numbers. Not a single pinhole. Razor sharp corners and a tick of foxing may be seen at the upper right front. It is not distracting in the least and had it been a problem; one may rest assured that PCGS would have assigned the note an "apparent" grade. A classic scenario wherein an AU 58 note presents with incredible eye appeal and is much more desirable than a new 63 which is trimmed into the margin. Reasoning is well hidden from my eyes to merit the AU 58 grade; although there appears to be a near invisible, very light fold at the lower right back. With the assistance of a very good magnifying glass, it remains extremely hard to see. A gorgeous note and one that is many, many times harder to locate this attractive than many think.

PCGS Choice

 About New

      58

 $325  

Reverse

 1861  $  5  T-36    CR-274         

 

 

 

 

 

 

 

 

   PMG Choice

 About New 58

 

 

 

 

 

 

  SNOW WHITE

Serial # 127058. Dated September 2, 1861. Plate letter "10 A". Central vignette of Commerce seated upon a bale of cotton. Sailor standing at capstan to lower left. Plain back. Another amazing example of this extremely difficult issue when located in high grade and well trimmed. Not at all rare in circulated condition. Snow white and completely blemish free. I have had the privilege of owning a good many uncut sheets of the T-36 and can without reservation relate just how incredibly difficult this note is to locate well trimmed. The notes were printed so close together upon the uncut sheet that is is difficult to get a knife blade between the uncut notes. One can only imagine the task facing those trimming the uncut sheets, over 150 years ago, several sheets at a time utilizing large sheers. Likely in some hot building and given more sheets to trim that day than the person had time to trim. For that matter, it would be next to impossible to do so one sheet at a time in this day and time. An example which easily passed my "Choice" AU-58 test. Bright white, fully framed, no stains and exceptionally well inked. I will continue to offer Choice AU-58 notes upon the rare occasion I can locate them. I strongly believe that Choice AU-58 notes are more desirable than Uncirculated 63 or 64 notes. I know they are worth more from a value perspective. If there were notes which graded 65 out there; where are they? A most desirable T-36 bearing superb eye appeal and a note which would be near impossible to improve upon. Well suited for any type set, no matter how high quality a set might be.

PMG CHOICE

    ABOUT UNCIRCULATED           58

 $375  

Reverse

 1861  $  5

 T-36   CR-278

 

 

 

 

 

    MARCH

TRANS-MISS

  

 

 

 

 

Bright, crisp note.

Amazing eye appeal

 

 

Serial # 231860.  Second Series. Number "12" before plate letter "A". A most pleasing example of T-36...bearing the highly sought after Trans-Mississippi Stamp. The T-36 was printed so close upon the uncut sheet that one could not get a knife blade between the uncut notes. Consequently, this is why T-36 is extremely difficult to locate with decent trim. This note is exceptionally well trimmed, bright, possesses a bold, legible March 1864 Trans-MS stamp, bold signatures and serial numbers. Plenty of body with superb eye appeal. The note is not cut cancelled and is an outstanding T-36 without the stamp. Far and away from any Trans-Mississippi issue usually seen. These notes were re-issued for use in the Trans-Mississippi Department (TX, Western LA, AR, Missouri and the Indian Territory). Geographically, it was the largest department of the Confederacy and where an ample supply of goods were available to supply CSA troops east of the Mississippi River. Due to it's great distance from Richmond, VA and Columbia, SC there was a very large shortage of Confederate Treasury notes to pay troops and acquire supplies in this department. Pleas to Richmond for more treasury notes went ignored. In March of 1863, General Kirby Smith was appointed commander of the T/M Department. Utilizing an Act of the Confederate Congress dated January 27, 1864; Smith ordered the re-issue of older notes that had been legislated into retirement to be used in the vast Trans/MS Department. Something had to be done to identify these notes as valid; consequently, the red Trans-Mississippi stamp which appears on the note here offered was placed upon the note. This note bears a red "March" re-issue stamp. The stamp reads "March, 1864. Accepted as a Note Issued under Act of Congress of March 23, 1863". Any note bearing proof that it was utilized West of the Mississippi River during the Civil War is a most desirable item and very, very eagerly sought after by collectors. The March stamp is much more scarce than the February. No pinholes or other problems. Simply a superb piece of Americana History and a most desirable piece of Civil War memorabilia. If you want the degree of quality that will always be in demand, this is the note for you. Absolutely, positively guaranteed genuine for life. Trans-Mississippi issued notes of this caliber are simply not to be found in this day and time.

 CHOICE

Very Fine

 

MKT:

XF 40

   SOLD

  

 

 

Reverse
Pic 2

 1861  $   5  T-36   CR-278

 

 

 

Blue GICo Stamp

Georgia Ins. Co.

Serial # 25479. Second series. J. T. Patterson. Cut Cancelled. Believe it or not, above average trim for T-36! The "Fundable" clause at the bottom and the "Receivable" clause at the top remain present; which is more than can be said of most T-36's. A nice, bright white note. Upon the note is a very seldom seen "GICo" validation stamp. The blue stamp is short for the Georgia Insurance Company located in Savannah, GA. This would seem to correlate with the late Dr. Douglas Ball's theory on these stamps. He was of the opinion that the red date stamp was also placed upon various CSA issues (mostly lower denomination) in Savannah. An intriguing note to say the least. We also notice that this piece was signed by J.G. Williams sometime during the Civil War. Further research tells us that Mr. Williams is the forlorn, rejected brother of noted Texas paper money dealer, W. Crutchfield Williams III. It is indeed hard to believe that the fabled Texas dealer is that old; however, facts are facts and he wears his age well. A neat piece and seldom seen. After this listing; I had best hope that Mr. Williams is "seldom seen"!

Very Fine

c/c

 $165  

Reverse
Pic 2

 1861  $   5   T-36   CR-278

 

 

 

   TRANS-MISS

Serial # 168277. A totally problem free example of this Trans-MS issued. Extremely well inked with great clarity and contrast. Bold signatures and serial numbers. The note possesses great body, is very crisp and clean as a pin. If one looks at the top front, it becomes readily apparent why the T-36 is so difficult to locate well trimmed. The "Fundable" clause which is upon the bottom of the note above this one is quite visible. I have had the pleasure of owning a good number of uncut sheets of T-36 and you may rest assured; this note is an accurate depiction of just how closely the notes were printed together on the uncut sheet. A bright white example and a very collectible piece of Confederate fiscal history emanating from West of the Mississippi River. Totally problem free and as with most CSA Treasury notes; quickly becoming a tougher item to locate. Remember, there is not an unlimited supply of Trans-Ms issues. Once one gets past the T-36 and a couple of others, the price gets into 4 figures in a hurry....no matter what the grade. A solid piece.

Very Fine+

 

MKT

Grade

VF-35/

XF-40

 $550  

Reverse
Pic 2

 1861  $  5  T-36    CR-282           

  

 

 

 

 

 

  TOP CONDITION

   CENSUS THIRD

      SERIES

 

 

 

 

 

 

 PMG VERY FINE

         30

 

 

 

 

 

 

 

 

 

 

 Great Old Time

      Rarity

 

 

 

 

 

 

 

 

 

 

 

 

   Lowest Serial

  Number Known &

   New To Census.

Serial # 23. THIRD SERIES. Plate letter 16A. Central vignette of Commerce seated upon a bale of cotton. Sailor standing at capstan to lower left. Plain back. An excessively rare note in this grade and one of the great old time rarities, highly sought after as early as the late 1870's. The "Third Series" T-36 was so rare, that "Second Series" T-36's were altered during the late 19th and early 20th centuries to create a "Third Series" note in order to fool collectors of the day. Thankfully, we know in this day and time how to distinguish the genuine 3ird series from the altered; although if one does not know what to look for, the old time alterations can be most difficult to determine. To put the actual rarity of the Third Series T-36 into proper perspective, one must first look at the number of T-36's printed. There were 208,000 Hoyer & Ludwig examples printed; 880,000 J. T Patterson, Columbia, SC notes printed; 256,800 J. T. Patterson & Co. Columbia, SC, notes issued and an incredible 2,332,000 J. T. Patterson & Co. Columbia, S. C. Second Series notes produced. A mere 18,312 Third Series notes were printed. As we know, the T-36 was the most heavily printed and issued 1861 note produced by the Confederacy with a grand total of a staggering 3,694,890 examples. These numbers provide some insight into just how much the $5 note was needed in commerce at the time; as relatively low numbers of high grade examples exist today; especially when compared to the number of T-36's actually emitted. Far, far fewer surviving better grade examples bear decent trim. By looking back at the number of "Third Series" notes printed; 18,312 out of 3,694,890 (.005%), we can begin to ascertain why the note was considered a great rarity in the late 1870s and remains such so very much today. One must further factor in the horrific wear rate of the T-36 which utilized low quality paper and the "Third Series" T-36 actual rarity becomes even more clear. The note which ranks highest in the known census is an XF cut cancelled s/n 152 (no reference to trim). The second note in the current census is a VF- s/n 473. Many of the condition census notes are housed in Thian albums at Duke University. Most are VG or less, cut cancelled and 90% or more of all census notes would likely bear an "Apparent" or "Net" comment on any grading service holder today. This note is new to the census and in my opinion, tops an XF cut cancelled note which remains upon a list and unseen. Irregardless, a pristine T-36 in it's own right. The vast majority of the issue is found tattered, stained, soiled, torn and bears a host of other serious problems. To locate a great rarity such as the "Third Series" T-36 you see here, this clean and well trimmed is indeed amazing. The note is signed by J. P. Swords for Register to the lower left and J. S. Lewis for Treasurer to the lower right, just as the "Third Series" serial number 23, T-36 should be, according to Thian (page 34). In addition, see  "Pic 2". A genuine "Third Series" T-36 had "Second Series" erased while "Third Series" was engraved upon the stone so as to appear at the upper right front of the note. However; the remnants of the parenthesis remain which originally surrounded "Second Series" at the lower left. Absolutely, positively guaranteed to be a genuine "Third Series" T-36 for life. I must stop; however, could go on and on relative to such an incredible Confederate Treasury note. Any price in a book or the like is dated and is further totally and completely irrelevant when it comes to a historic rarity such as the note here offered. In reality, no adequate monetary value can be placed upon such a quality piece reflecting the history of collecting Confederate Treasury notes....from the very beginning of collecting CSA notes in the late 1870's until today. Again, the fact that the note remains in this lofty state of preservation, bearing no negative comments on the grading service holder and immaculate eye appeal is indeed incredible. The fact that it is so well trimmed... even more so. Worthy of the finest of collections or museums anywhere. Simply incredible.

PMG VERY FINE

         30

 SOLD  

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Pic 2

 1861  $  5  CT-37  CR-284         

    Tremmel 284

 

 

 

 

 

 

 

     Contemporary

      Counterfeit

 

 

 

 

 

 

 

 

 

 

 

Stamped Counterfeit

   Bogus Signers

Red ink serial # 63091. Completely bogus signers utilizing brown ink. No Series. Central vignette of Sailor seated upon cotton bales. Justice holding numerical "5" to right and portrait of Christopher G. Memminger, Treasurer of the Confederate States to lower left. Plain back. Simply a superb example of this 1861 contemporary counterfeit from the John J. Ford collection. Not an Upham creation and printed upon thicker paper. A very well executed counterfeit and one which would be most difficult to spot in it's day, save for one characteristic mentioned below. Seldom seen in this day and time, two red "Counterfeit" stamps appear upon the face of the note. Obviously, some sharp eyed depositary agent or a specialist hired by one of the larger banks, insurance companies or cotton brokers spotted this note and determined it was not genuine. In this instance, we have another quite rare scenario wherein the signers of the note are totally fake. Most all counterfeiters copied the name they saw on a genuine note in order to provide more credibility to the counterfeit. Any contemporary counterfeit bearing bogus signers is most desirable and rare. "Walker" and "Hall" were not authorized signers of any genuine CSA notes. A truly appealing trait. For those of you who seek a quicker way to determine if a T-37 is a contemporary counterfeit, simply look at the left "5". The genuine T-37 has a small "dot" or "circle" at the very tail of the "5". The counterfeit 37 does not. Notice the very tail of the "5" of this note is solid, with no circle or dot. This note, as do many contemporary counterfeits, bear a good amount of "artificial circulation". Look closely at the back and one can quickly ascertain that the "crumpling" and random folds seen are not the result of normal circulation. It is understandable why the counterfeiters desired to do this, as it gave the appearance the note had circulated. This makes grading the note problematic at best. This example is as crisp as a CU note and it likely passed once, if at all before being spotted. No pinholes, stains or other problems. A wonderful example of this very well preserved CT-37 with the added bonus of two red counterfeit stamps and two bogus signers.  VF+++

 

In reality:

XF++

Artificial Circulation

  

  SOLD

 

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 1861

 

 $   2  T-38   CR-286

  RARE NOTE

Serial # 5423. Erroneously dated September 1, 1861. Just about as nice as this note comes. Bold signatures and serial number. Far above average trim for the issue. Free of the soiling, dirt, staining and margin chinks regularly encountered upon T-38 and T-42. Amazingly, no pinholes, texture flicks or other problems. An exceptional T-38 with excellent eye appeal.  FINE  $1995  

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