T-18 PF-1 1861 Confederate Paper Money - PMG Uncirculated 61!

Description

T-18 PF-1 .00 CSA Currency.
Sailor by capstan to the left. Large sailing vessel in the center. Issued from October 24, 1861 through August 16, 1862.
Serial number 46197. Plen A
.
PMG Uncirculated 61! A 1/3 inch tear and tiny edge nick top margin. Some aging around the signatures.
Genuine.
This was the highest volume note issued by the Confederacy in 1861 or 1862. It also was counterfeited widely, and some counterfeit examples look very similar to the real notes. The center of the note features a large sailing vessel. To the lower left is a sailor leaning on a capstan. 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 are found aged a bit, and more than the usual number have the ink from the signatures burned through the note. Choice white examples are harder to find.
There are many varieties. Some of the Bradbeer/Criswell numbers need to be combined, as they represent plate letters of the same variety. This type has one of the great plate letter rarity collections previously known as CR-115 and CR-118 through CR-126. This categorization is inconsistent with other Bradbeer/Criswell and Fricke variety listings as these ten notes were all on the same rare plate. They now have a technically correct designation of T-18 PF-19. There are ten plate letters matched with “A” to collect – C, M, N, O, P, Q, R, S, T, and U. Additionally, two of the great rarities, the upside down “XX”, T-18 PF-5; and the “for TEASr” variety, T-18 PF-26; are present in this type. There are other rarities as well. This type makes for a fascinating study in early Confederate notes.
This type is common in Uncirculated and occasionally available in Choice Extremely Fine to Choice Uncirculated. Additionally, this type is notorious for ink bleed and burn through at the signatures. Choice high grade white notes are fairly hard to find, and are tightly held. Patience is required if seeking one of these.
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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