T-20 PF-1 $20 Confederate Paper Money 1861

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T-20 PF-1 $20 Confederate Paper Money 1861 :
$66.00

T-20 PF-1 $20.00 CSA Currency.Alexander Stephens to the left. Industry seatedbetween Commerce with a caduceus and beehive. Issued from June 21, 1862 throughDecember 8, 1862. First Series. Serial number 16188. Plen 7.

Very Fine to Extremely Fine. Small hole repaired upper right. Otherwise, fully framed and would be choice for the grade. Net Fine to Very Fine. Probably a PMG or PCGS Extremely Fine 40 Net or Apparent.

Genuine.

Thiswas the highest volume $20 note issued by the Confederacy in 1861 or 1862. Italso was counterfeited widely, and some counterfeit examples look very similarto the real notes. The center of the note features a large sailing vessel. To thelower left is a sailor leaning on a capstan. Receivable in payment for all duesexcept export dues and fundable in Confederate States stock bearing 8% interestsix months after the ratification of a treaty of peace between the ConfederateStates and the United States.

Thistype 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 throughthe note. Choice white examples are harder to find.

Thereare 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 thegreat plate letter rarity collections previously known as CR-115 and CR-118through CR-126. This categorization is inconsistent with otherBradbeer/Criswell and Fricke variety listings as these ten notes were all onthe same rare plate. They now have a technically correct designation of T-18PF-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 thistype. There are other rarities as well. This type makes for a fascinating studyin early Confederate notes.

This type is common in Uncirculated and occasionallyavailable in Choice Extremely Fine to Choice Uncirculated. Additionally, thistype is notorious for ink bleed and burn through at the signatures. Choice highgrade white notes are fairly hard to find, and are tightly held. Patience isrequired if seeking one of these.

A note about 3rd party grading. PCGSand PMG do a good job putting a floor on quality within a grade range and havebecome proficient in detecting repairs (though occasionally they misssomething, or see something that is not there, as we all can).

Notes housed in Net or Apparentholders have a wide range of quality from very nice (in rare cases may benearly choice) to dogs with major problems, so each needs to be evaluated ontheir own.

However, PMG and PCGS focus ontechnical grading due to circulation and damage and do not have a mechanism forevaluating condition or eye appeal - whether a note is average, better thanaverage, choice or gem for the grade based on its color, trim and margins. Theexception to this are slabbed notes of New or Uncirculated grades to somedegree. This is important as Very Fine, Extremely Fine or AU notes can have awide range of values depending on these factors not reflected in the slabgrade. A fully framed Confederate or obsolete note is worth considerably to alot 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 oreven 3-1, e.g., an AU 58 (PPQ or not)T-20 1861 $20 CSA note trimmed intothe margin is worth between $150 and $300. The same grade, AU 58 (PPQ ornot),with a full frame and good color/inking is worth something like $500to $1000 depending on eye appeal. I will continue to use the terms plus forabove average, choice and gem to mean varying degrees of superiority ofcondition and eye appeal of a note within a grade as documented in my bookwhich is based on what collectors seek out and pay premiums for.

In coins, we’ve seen the third partygraders add things like full bell lines, full head, full bands which reflectedthe market. I’d expect either the grading services or another party to do thesame for paper money. If you are just buying the number on the holder for thebest 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.

Combined shipping, but with increasing rates for extra weight and insurance. 2 to 5 notes or coins - $2.98 for under $50 total. $3.98 for $50 to $200. $4.98 for $200 to $500. $5.98 for more than $500. More than 5 notes/coins combined add $1.00 to the above.