T-16 PF-8 1861 Confederate Paper Money - PCGS-C Very Fine 25!

Description

T-16 PF-8 .00 CSA Currency.
Jefferson Davis. Issued from April 17, 1862 through December 10, 1862.
2nd
Series.
Keatinge & Ball Richmond VA above "Fundable" clause at left. Printed on paper watermarked CSA in script letters.
Serial number 11355. Plen YA.
PCGS Currency Very Fine 25!
Genuine.
This is the first note of the four types that honor Jefferson Davis, who had a long history of government service culminating in his presidency of the Confederacy. The note has a green overprint. It was receivable in payment of all dues and fundable in 8% stock.
The T-16 was printed in two series, and on various types of paper. Some of the rarest Confederate note varieties are T-16s. These include the T-16 PF-2, PF-4, PF-5, PF-6, PF-13 and PF-16. The PF-6 with numbered plate notes (1A, 2A, 3A and 4A) (instead of letters, e.g., WA) was long thought to be the rarest Confederate note. However, further research has proven this not to be the case, with four varieties of T-16 of even greater rarity. It still remains an elusive and highly sought after variety and plen set.
The old Bradbeer/Criswell-86 has been delisted as it has never been identified in any collection. When found, it is always the contemporary counterfeit CT16-86.
T-16 is rarely encountered in Choice Extremely Fine to Choice Uncirculated. There are a number of Uncirculated examples around, and it is readily available in high circulated grades. However, one would be extremely lucky to find some of the rare varieties in any grade, even Fair or Poor.
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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