1862 0.00 Confederate States Note – PMG Choice About Unc. 58 NET

Description

1862 0.00 Confederate States Note –
PMG Choice About Unc. 58 NET
Offered for your consideration is a 0.00 Civil War era note issued by the Confederate States of America, cataloged by the late Grover Criswell as a T-41. The central vignette features a scene depicting three field hands at work, two hoeing/weeding and the third carrying a large basket filled to overflowing with the results of their labor. The plants have been identified by various researchers as cotton, peanuts, and sweet potatoes, though the exact type is probably not too important. The location,
“Richmond”
, and the date,
“
Dec 11
186
2
”
, appear near top, to the left and right, respectively, with the serial number repeated on both sides. Also flanking the vignette, and completed below, is a lengthy financial obligation which states that
“Six Months after the Ratification of a Treaty of Peace between The Confederate States & The United States of America THE Confederate States of America Will pay to the bearer on demand ONE HUNDRED DOLLARS WITH INTEREST AT TWO CENTS PER DAY”
. This is followed by the signatures of
“W T Snead”
and
“A Watts”
(A. S. Watts), who signed
“FOR REGISTER”
and
“FOR TREASURER”
, respectively. The denomination appears in the upper corners, while additional vignettes dominate the lower left and right. These vignettes feature a portrait of John C. Calhoun, an ardent Secessionist, in an oval frame at the left, and a standing female figure representing the Confederacy at the right. Below this figure is a statement which indicates that this note was
“Receivable in Payment of All Dues Except Export Duties”
. An orange
“HUNDRED”
protectorate appears atop the lower portion of the financial obligation, added to make it more difficult to counterfeit the issue. The back of this note, in common with many notes of this era, was originally blank, though most of the time they bear either stamps or manuscript endorsements. These manuscript endorsements (or stamps) were applied yearly whenever the interest was paid or when the note was originally issued (this issuance date would indicate the beginning of the interest accumulation). The presently offered specimen features three large stamp stating “
INTEREST PAID TO / 1
st
JANUARY 1863 / AT AUGUSTA.
”, with each stamp being a different color and year. The note was printed by
“Keatinge & Ball. Columbia, S.C.”
, as evidenced by their imprint at the lower left, on apparently plain paper (there do not seem to be any vestiges of any watermark). It was hoped by the Confederate financial officials that by paying interest on these notes, the recipients would be hesitant to use them as currency, as the interest was paid to the bearer of the note. This meant that if you transferred the note as part of a transaction, you gave away the interest as well. It was thought that the public would receive these notes and store them away, thereby reducing the amount of actual circulating currency. The number of heavily circulated notes of this type seems to indicate that this idea was not entirely successful. Later in the war, the Confederate government actually converted these notes into bonds (since they accrued interest), thereby making them collectible as both currency and bonds. A great piece of Confederate financial history, worthy of inclusion in any currency or bond collection.
This note has been professionally graded and encapsulated by Paper Money Guaranty as
“Choice About Unc 58 NET”
, with an additional notation on the holder which reads “
Thinning
” (hence the “NET” designation). This thinning can be seen at the center, and was undoubtedly the result of a foreign substance coming in contact with the note (tape? acetone? etc.). The note exhibits irregular edges, with reasonable amounts of selvage (for this issue) in some areas and almost none in others (the lower edge is almost cut into the frame-line). Toning is noted across the entire surface, imparting to the paper an off-white to beige hue, with a few darker stains scattered throughout the design. Minor ink corrosion can be seen at the signatures and the date, due to the acidic nature of the ink and the quality of the paper used. Corrosion from the applied interest stamps is noted at the right. The contrast is average for the issue, with the protectorate being somewhat lighter than typically encountered (possibly a result of the original mixing or application of the ink). A nice addition to any Confederate currency or bond collection (remember, this note did accrue interest).
A .95 charge will be added to the winning bid for postage and insurance.
A .00 charge will be added to any item picked up in person at our physical location.
If you have any questions regarding this item, please ask before bidding.
Buy or Bid with Confidence – American Coins & Collectibles President Richie Self has worked 6 years as a paper money grader/authenticator. He has contributed to numerous reference books within the industry, as well as being a co-author of “The Comprehensive Catalog and History of Confederate Bonds, 2
nd
Edition” with Douglas B. Ball, Ph.D., Henry F. Simmons, M.D., Ph.D. and James R. Desabaye. Mr. Self is a life member of the American Numismatic Association, the Society of Paper Money Collectors, as well as numerous regional numismatic associations. He is an authorized submitter to NGC, PCGS, and PMG, a diamond founding member of Coin Dealers Helping Coin Dealers and a supporter of the Industry Council for Tangible Assets. American Coins and Collectibles can be found at many of the state and local coin shows.
American Coins and Collectibles
Shreveport, LA