CONFEDERATE BANKNOTE RARITIES

 

One of the most noticeable legacies of the American Civil War can be found in the multitude of notes issued by both the Confederate States and the Union in order to finance the war. While coinage was scarce in circulation in the North, coinage was practically unheard of in the South where vast quantities of paper money and promissory notes facilitating daily commerce.

Issued during the earliest days of the conflict when accounts of the Battle of Fort Sumter still filled newspapers, two of the featured notes represent rarities issued out of the provisional capital of the Confederate States in Montgomery, Alabama. Representing the $100 and $500 denominations, these notes were produced by the National Bank Note Company of New York and delivered mere days before hostilities commenced in April 1861.

The $500 is the rarer of the two notes with roughly 100 examples known to survive out of 607 that were produced and issued. Featuring a vignette entitled The Crossing, this particular note is brand new to the census of surviving pieces and features a serial number of 54 placing it among a small number of surviving pairs known for the $500 and $1000 denominations which were printed together on two-subject sheets.

The $100 is more available compared to the $500 but is still rare as fewer than 1,700 were printed. Some roughness can be observed along the margins, but in this case the historical significance and rarity distinguish it from unremarkable peers that were issued later in the conflict. The back of this note features a series of contemporary annotations that look at first to be nothing more than scribblings, but these scribblings demonstrate how these notes functioned in commerce.

Attributed to Julius Hessee, an Agent of the Quartermaster Department who was tasked with securing war supplies for the war effort. This note was used in a transaction with Ferrer & Co., a cotton merchant out of Mobile for a total of $100.20 reflecting the interest accrued over the past 20 days.

Hessee's efforts in that position were checkered and he attracted the displeasure of his superiors including General Braxton Bragg who charged Hessee with 24 counts accusing him of buying shoddy equipment for the war effort.

The last of these notes represents perhaps one of the rarest designs issued under the authority of the Confederacy. The T-35 $5, better known to collectors as the "Indian Princess," is rare regardless of condition and even rarer when encountered without restorations or impairments.

This particular example is new to the census and discovered by the consigner who allegedly found it inside an antique copy of John S.C. Abbott's The History of the Civil War in America that had been handed down through generations.

The note itself is an exception to the norm in both technical and aesthetic terms. Assigned a grade of Very Fine 25 by PMG, this example is by far one of the finest known and the finest to be offered in recent years. It has no signs of repairs or restorations and impairments. The paper is toned with age but is plainly original and showcases the crude nature of the process which produced this item and the engraved elements of the design.

To read the complete article, see:
A Remarkable Trio of Confederate Rarities to be Offered in November Showcase Auction (https://stacksbowers.com/a-remarkable-trio-of-confederate-rarities-to-be-offered-in-november-showcase-auction/)

	NBS (coinbooks.org) Web