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T11 $5 1861 Cr. 44.. ...
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Description
Condition Census 1861 $5 Type 11
T11 $5 1861 Cr. 44.On the 17th of April, 1861, Virginia seceded from the Union and, shortly thereafter, offered Richmond as the national capital for the Confederacy. The Confederate Congress took up Virginia on the offer by the end of May, an easy choice considering Richmond was nearly four times larger in population than Montgomery, which had a modest population of only 9,000. Richmond's population afforded it the luxury of multiple printers that could produce currency, including Hoyer & Ludwig, which engraved and printed the Type 11 1861 $5s. The Union's Peninsula Campaign in the spring of 1862 brought the enemy to the doorsteps of Richmond. Though Robert E. Lee and his forces were able to push back the Union advances, orders were still made for printers and other business to vacate the city. Hoyer & Ludwig refused, and their printing contracts were awarded to J.T. Paterson & Co., a new firm that had political connections to Vice President Alexander Stephens. Hoyer & Ludwig were not deterred, submitting to Secretary of the Treasury C.G. Memminger a proposal so cheap, he was inclined to accept. The only caveat - Hoyer & Ludwig was no longer able to include their name on the printed notes as a way for Memminger to hide the fact he was continuing to do business with a firm that disregarded government orders to move.
There is special historical significance for this Type 11 in particular. It was the first ever to be photographed, being featured in William Lee's 1875 book titled The Currency of the Confederate States of America, only ten years after the end of the Civil War. The note, from Lee's own collection, ultimately was consigned to a R. M. Smythe auction in July 2004, when Hilton purchased it. Four margins are noted on this piece, albeit very thin ones. The design remains strong, a key aspect of this Type that is very rarely seen in grades above Very Fine. Heritage has yet to offer an example that would qualify for an Extremly Fine grade from either PMG or PCGS. As such, there is a huge price disparity between third party graded Very Fine 20s and Very Fine 30s, doubling in price or more at auction. The last comparable note was a PCGS Apparent Very Fine 30 that realized $7,638 in January of 2013. This PCGS Very Fine 30, shows some minor restorations, but overall, boasts the best eye appeal ardent collectors will find for perhaps a few years.
Selections From The J. Wayne Hilton Confederate Currency Collection
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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: 4
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