T-14 PF-2 1861 Confederate Paper Money - PMG About Uncirculated 55 - PLUS!

Description

T-14 PF-2 .00 CSA Currency.
Sailors to the left. Moneta seated by treasure chests in the center. Sailors to the left. Issued from October 22, 1861 through April 16, 1862.
Serial number 1514. Plen B.
PMG About Uncirculated 55! Faint mounting remnants on the back and a tiny tear on lower margin at right, neither mentioned on the holder. Fully framed and great color and would be choice for the grade save for minor points made. Comes with a silver PLUS sticker indicating an above average T14 PMG 55 note!
Genuine.
This was the first note issued by the Confederacy in large quantities. It was widely counterfeited, and some counterfeit examples look very similar to the real thing. The center of the note features a female figure representing Moneta, the Goddess of Money, raising the lid of a money chest. This vignette appears on the bill of the Bank of Cape Fear, N.C., issued Jan 1, 1848. To the lower left is a second vignette of two sailors. 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 paper. Many of the notes found are aged a bit, and more than the usual number have the ink from the signatures burned through the note. Choice white examples are more difficult to find.
There are many varieties. In particular, it appears that at least two plates had a box around “Fifty Dollars” that quickly wore away, making for a rare plate state. Some of the Bradbeer/Criswell numbers need to be combined, because they represent plate letters of the same variety. This type has one of the great plate letter rarity collections previously known as CR-66 through CR-73. This is an erroneous categorization, as these eight notes were all on the same rare plate. They now have a technically correct designation of T-14 PF-5. There are eight plate letters to collect – D, E, F, G, H, I, K. Old Bradbeer/CR-72 (J) does not exist.
These notes are quite scarce in Choice condition with a full frame line. They are much harder to find choice and white. This type is common in Uncirculated.
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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