Description
CONFEDERATE CURRENCY……T31 $5 1861 PF-1 Cr. 244 PMG Choice Fine 15……..
An uncancelled example of this scarce Confederate type that shows just honest wear.
T-31 1861 $5.00 CSA Currency. Navigation with capstan to the left. Commerce, Agriculture, Justice, Liberty and Industry in the center. George Washington statue in Boston to the right. Issued from November 13, 1861 through May 15, 1862.
PMG Choice Fine 15. Nice color for the grade!
This is another of the beautiful red Confederate Treasury notes. It was printed by the Southern Bank Note Company in New Orleans, which was the name of the branch of the American Bank Note Company headquartered in New York. The center features a group of five females representing Commerce (with a ship behind her), Agriculture (Ceres with a Horn of Plenty), Justice (with scales), Liberty (with an old fashioned Liberty pole and cap), and Industry (with distaff and a cotton mill in the background). Due to an article in a June 1903 Charlotte (NC) Observer, the statue at right was thought to be John Marshall, the Chief Justice of the U.S. Supreme Court from 1801 through 1835. In reality, it is a reproduction of the statue of George Washington which stands in the main hall of the State House in Boston, Mass. At left is a figure representing Minerva, the Goddess of War. This note was “Receivable in payment of dues and fundable in 8% stock or bonds.”
There are two varieties of this note printed on thick red fiber paper. The “C” plate was printed with an “A” plate $50, “A” plate $20, and a “C” plate $10 note on the same sheet.
The “A” and “B” plate T-31s were printed on a sheet of four with a corresponding “A” and “B” plate T-22s. For some unknown reason, a small number of the T-31s were issued with red ink serial numbers, an interesting rarity, and quite difficult to find.
This is one of the most underrated types in VF and above. As it was a low denomination, it circulated heavily, and is hard to find at a show in better than F-VF, as the few higher grade examples are tightly held. Occasionally, a VF or VF+ appears. The T-31 was made on thick paper and retains body even on a well circulated note, which a VF is not. It is important to remember the eight cross-fold guideline when evaluating “VF” T-31s for purchase.
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.
