LOT #21401 |
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T1 $1,000 1861 PF-1 Cr. 1 PMG Very Fine 30.. ...
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Sold on Jan 13, 2023 for:
$31,200.00
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Description
Iconic Confederate $1,000 Montgomery Issue
T1 $1,000 1861 PF-1 Cr. 1 PMG Very Fine 30.The iconic $1,000 Montgomery issue is unquestionably one of the keys to the Confederate note series. One of Confederate Secretary of the Treasury Memminger's first actions was to have Treasury Notes and other fiscal instruments printed. After weighing his options, Memminger quickly settled on using Gazaway Bugg Lamar, a Savannah banker living and working in New York City, as an agent to have notes printed by ABNCo. Things moved rapidly due to the impending beginning of hostilities, with ABNCo subcontracting out the treasury notes to rival National Bank Note Company (NBNCo) in order to expedite deliveries of the entire order that also included bonds and other fiscal documents. For its part, NBNCo used only pre-war vignettes, portraits, and stock design elements in order to drastically reduce the order's lead time. The $1,000 note, for example, used pre-war portraits of John C. Calhoun and President Andrew Jackson. Given their generally opposing views on states' rights, this was an interesting combination to use, but pragmatic considerations outweighed political harmony. In short order, 607 four subject sheets of $50, $100, $500, and $1,000 notes were designed, printed, and shipped in only a few weeks, with the first notes from the shipment actually being issued on April 5, 1861, a week before the war started. A second shipment of 1,000 two subject sheets of $50 and $100 notes barely escaped capture by northern authorities, who then put a permanent end to ABNCo and NBNCo supplying any further notes to the Confederacy on April 25, 1861 when both companies' facilities in New York City were raided. The $1,000 note was never envisioned as serving a real need in day-to-day commerce, but rather was viewed as a 3.65% bearer instrument that would be held as an investment. The $1,000s were issued sparingly, with this low serial number (266) not being issued until May 28, 1861. Today, we are aware of around 137 surviving examples of the $1,000. This example has obviously seen only limited circulation before being hammer canceled. PMG notes that these cancels, which are very subtle, have been neatly restored. This example, which has a lengthy public auction appearance history stretching back to a Thomas Lindsay Elder May 12, 1939 sale, has some attributes of an even higher grade and will be a highlight of the next collection which it joins. This example crossed the auction block for $48,000 a year ago in our 2022 FUN Currency Signature Auction and this good looking note should again test that general price level.
From the Bullmaximus Collection
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Auction Info
2023 January 11 - 13 FUN Currency Signature® Auction #3591 (go to Auction Home page)
Auction Dates
January, 2023
11th-13th
Wednesday-Friday
Bids + Registered Phone Bidders: 6
Lot Tracking Activity: N/A
Page Views: 787
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20% of the successful bid per lot.
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