T-19 PF-1 $20.00 CSA Currency. Minerva to the left. Navigation seated by a globe and charts in the center. Blacksmith to the right. Issued from January 8, 1862 through May 15, 1862. Serial number 4120. Plen A.
PMG Choice Fine 15. Cut-canceled. Cancels closed. Good color for the grade.
Genuine.
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 adopted by
the New Orleans branch of the American Bank Note Company headquartered in New
York. Navigation is seated in the center beside her charts and a globe. She
also holds a winged staff of Mercury in her right hand. A blacksmith with a
hammer and anvil grace the lower right corner. Minerva, the Goddess of War,
stands in the left corner. Receivable in payment of dues and fundable in 8%
stock or bonds.
There is only one variety of this note printed on thick red fiber paper. It was printed with an “A” plate $50, “C” plate $10, and a “C” plate $5 note on the same sheet.
There is potentially one known in Uncirculated, not cut-cancelled. Several are known in VF to XF, both cut and uncut. This type is very rare in uncut traditional VF, and extremely rare in XF and higher uncut. This type is harder to find than T-15 in grades traditional VF and higher. Since this type is printed on thick paper, a good number of examples survive in Fine, with some body remaining. However, many are cut- or cut-out cancelled and/or have problems. Further, repairs are somewhat common as these notes command well into four or even five figures. Given the price spread between VG, F and VF, there is great temptation to push the grade up by one half to one full grade. A good number of the T-19s claimed to be VF are more like Fine on the traditional grading scale described elsewhere in this book. Carefully examine all notes offered to you, and see if the seller’s grade designation is the same as yours.
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 $20 CSA note trimmed into the margin is worth between $150 and $300. The same grade, AU 58 (PPQ or not), with a full frame and good color/inking is worth something like $500 to $1000 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. 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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