T-5 PF-1 0 Confederate Paper Money 1861 - PMG Very Fine 30 - New Orleans!

Description

T-5 PF-1. 1861 0.00 CSA Currency.
Justice at left. Hudson River Railroad scene at center. Minerva at right. Issued August 25, 1861 through September 23, 1861.
Serial number 747. Plen B.
"New Orleans Janry 20/62". Written 0.45 Interest paid statement too!
Historic and very rare as such!
PMG Very Fine 30! Previously mounted, hard to see with the eye. Nice color and trim.
Genuine.
The Richmond issues of the Act of March 9, 1861 amended by the Act of August 3, 1861 are also high quality. This 0 note was engraved and printed by the Southern Bank Note Company in New Orleans, which was a branch of the Northern American Bank Note Company. A 19
th
century wood-burning locomotive is pictured pulling a train of baggage and passenger cars toward the left. Minerva, the Goddess of War, is pictured wearing a helmet, and holding a spear. In the lower left corner is a figure representing Justice with an old fashioned scale. Most of these notes were signed by the actual Register (Tyler) and Treasurer (Elmore). However, at least one, possibly more, were signed by C. T. Jones as Register.
These notes were printed in conjunction with the T-6 note. All have plate letter “B” and written dates.
A note about 3rd party grading. PCGS and PMG do a good job putting a floor on quality within a grade range and have become proficient in detecting repairs (though occasionally they miss something, or see something that is not there, as we all can).
Notes housed in Net or Apparent holders have a wide range of quality from very nice (in rare cases may be nearly choice) to dogs with major problems, so each needs to be evaluated on their own.
However, PMG and PCGS focus on technical grading due to circulation and damage and do not have a mechanism for evaluating condition or eye appeal - whether a note is average, better than average, choice or gem for the grade based on its color, trim and margins. The exception to this are slabbed notes of New or Uncirculated grades to some degree. This is important as Very Fine, Extremely Fine or AU notes can have a wide range of values depending on these factors not reflected in the slab grade. A fully framed Confederate or obsolete note is worth considerably to a lot more than one that is trimmed into the margin for the same grade. Likewise, color is important. These factors can affect the value of a note by 50%, 2-1 or even 3-1, e.g., an AU 58 (PPQ or not) T-20 1861 CSA note trimmed into the margin is worth between 0 and 0. The same grade, AU 58 (PPQ or not), with a full frame and good color/inking is worth something like 0 to 00 depending on eye appeal. I will continue to use the terms plus for above average, choice and gem to mean varying degrees of superiority of condition and eye appeal of a note within a grade as documented in my book which is based on what collectors seek out and pay premiums for.
In coins, we’ve seen the third party graders add things like full bell lines, full head, full bands which reflected the market. I’d expect either the grading services or another party to do the same for paper money. If you are just buying the number on the holder for the best price, you may well be buying low end notes for the grade!
Pierre Fricke.  Immediate Past President of the Society of Paper Money Collectors;  Professional Numismatists Guild (PNG); Professional Currency Dealers Association (PCDA); ANA, EAC, etc...
BuyVintageMoney.
Author of the standard guide book to Confederate money - Collecting Confederate Money Field Edition 2014.
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