LOT #20001 |
Sold on Aug 3, 2017 for: Sign-in
or Join (free & quick)
T1 $1,000 1861 Cr. 1.. ...
Click the image to load the highest resolution version.
Sold on Aug 3, 2017 for:
$36,425.00
Bid Source: HA.com/Live bidder
Get one of these:
Explore Available Items
Description
Fully Framed 1861 Montgomery $1,000
T1 $1,000 1861 Cr. 1.Few historians will deny the Civil War started on April 12, 1861 when General Pierre Beauregard opened fire on Fort Sumter in Charleston, South Carolina. However, one of the opening salvos did not come from a gun, rather a printing press behind Union lines. Between December 1860 and February 1861, seven states seceded from the Union and joined together as the Confederate States of America on February 9, 1861. Within weeks, the Act of March 9, 1861 established the first currency of the fledgling nation. In total, $1 Million in $50, $100, $500, and $1,000 notes was to be printed, each bearing interest at the rate of 3.65 per annum. Currency keeps the channels of commerce going today with little thought to its beginnings. However, prior to the Civil War, paper currency was generally relied upon only to finance wars, where hard specie was unavailable and fighters were paid on a promise - one that relied on winning. This was nothing short of a call to arms.
These first notes printed for the Confederacy were issued in Montgomery, with the CSA's first capital city name prominently featured below the denomination in the center of the design. As such, these first four notes are affectionately nicknamed "Montgomerys." The engraving and printing was done by the National Bank Note Company in New York City. The Union made certain that no more printing operations benefiting the South would occur on their soil.
Most Montgomery notes were redeemed, with many surviving examples today showing slit or cut cancellations that occurred upon redemption. Wayne Hilton's collection focused on quality and boasts the best survival stories for these rare and highly prized notes. A well known group of New Orleans collectors assembled multiple sets of Montgomeries and this note was the best of the $1000 Montgomery notes, consigned by Hardie Maloney for sale in the mid 1990s. Hilton bought it from Maloney at the R.M. Smythe sale at Strasburg, PA in September 1998.
This example was never cancelled, showing bright and attractive paper. The design is deeply printed and unaffected by the few folds seen in the body of the paper. It features margins that fully frame the design, a rarity for notes that had a mere couple of millimeters between the notes on the sheet along which a clerk would need to very carefully cut without impacting the design. A simply lovely example that easily bests a cross-cut cancelled example in the same grade that realized $32,900 from Hilton's collection one year ago. PCGS Very Fine 35, with minor restorations at bottom left of center.
Selections From The J. Wayne Hilton Confederate Currency Collection
View all of [The J. Wayne Hilton Confederate Currency Collection ]
Auction Info
2017 August 3 ANA Currency Signature Auction - Denver #3556 (go to Auction Home page)
Auction Dates
August, 2017
3rd
Thursday
Bids + Registered Phone Bidders: 9
Lot Tracking Activity: N/A
Page Views: 3,336
Buyer's Premium per Lot:
17.5% of the successful bid per lot.
Shipping, Taxes, Terms and Bidding
Terms and Conditions | Bidding Guidelines and Bid Increments | Glossary of Terms | Currency Grading Tutorial
Important information concerning Sales Tax and Resale Certificates. Learn More
Terms and Conditions | Bidding Guidelines and Bid Increments | Glossary of Terms | Currency Grading Tutorial