Obsolete Currency..............Columbia, SC- Keatinge & Ball $2 Mar. 15,1864 Sheheen 934 PMG Choice Fine 15. Recent research by Charles Derby has uncovered the likely reason why the firm issued these notes, payable in Confederate currency. The notes were paid out to employees at the time the the exchange process for converting "old" Confederate treasury notes into February 17, 1864 series "new" treasury notes was underway. If paid in "old" notes, the employees would suffer a major loss due the 33% devaluation rate applied to the conversion. Instead, the employees were paid in company scrip that could later be converted to the new 1864 notes when available on a dollar for dollar basis. After the war, the notes were redeemed by Keatinge & Ball for 60¢ on the dollar for sixty days beginning September 28, 1865. The $2 is the largest of three denominations issued and has small stains on the upper right and the lower left corner tips. A great addition to any Confederate or obsoletes collection.