T-37 PF-1 1861 Confederate Paper Money - PCGS-B Very Fine 20 - great color!

Description

T-37 PF-1. 1861 .00 CSA Currency.
C. G. Memminger to the left. Sailor seated by bales of cotton, center. Justice and Ceres to the right. Issued from April 7, 1862 through September 13, 1862.
Serial number 67541. Plen E.
PCGS Banknote Grading Very Fine 20. Some pin holes not mentioned on the holder and typical for this type. Great color and most of the frame lines present!
Genuine.
This was an average quality, high volume, note printed by Blanton Duncan in 1862. The center hosts a vignette of a sailor leaning on a bale of cotton. At right are two females, the one standing representing Justice; the other seated is Ceres, the Goddess of Agriculture and Harvests. To the lower left is a bust of Christopher Gustavus Memminger, the Secretary of the Treasury. This note is receivable in payment for all dues except export dues and fundable in Confederate States stock bearing 8% interest six months after the ratification of a treaty of peace between the Confederate States and the United States.
This type comes on average quality plain paper. There are only two varieties and no rarities. This type is common in lower to mid-circulated grades. However, it is rare in Extremely Fine and AU and very rare in Unc. It is even more rare fully framed in higher grade.
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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