LOT #22006 |
Current Bid: $50,000
T1 $1,000 1861 PF-1 Cr. 1 PMG Choice About Unc 58 EPQ.. ...
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Description
Remarkable T1 $1,000 Confederate Treasury Note - Choice Example with EPQ Accolade
Among The Finest Known for the Type
T1 $1,000 1861 PF-1 Cr. 1 PMG Choice About Unc 58 EPQ.The only $1,000 to be emitted by the Confederate Treasury, the T1 was part of the iconic four-type Montgomery series issued from Montgomery, AL, the temporary capital of the then newly established Confederate States of America. After hostilities between the states commenced, Confederate Secretary of the Treasury C.G. Memminger, the driving force behind the fledgling nation's monetary system, turned to printers in the North to create notes and other fiscal paper documents, such as bonds, simply because Southern printers did not possess the same capabilities as the more well-established Northern companies. With the assistance of Gazaway Bugg Lamar, a well-known Georgia banker with both Northern and Southern ties who resided in New York at the time, the Confederacy secured a contract with the NBNCo - a company founded in November 1859 after several employees of the larger ABNCo split from the company. A total of $1 million in Confederate Treasury Notes were to be produced as part of the March 9, 1861, Act, composed of 607 notes each of both the $1,000 and $500 denominations and 1,606 notes each of both the $100 and $50 denominations.
Sheets of Montgomery notes were shipped beginning in late March and arrived in a timely manner. Representatives of the T1 commenced issuance on April 5, 1861. The elaborate green ornamentation on the face is courtesy of Cyrus Durand's invention of the geometric lathe in the early 1820s. This beautiful piece showcases portraits of two familiar Americans, John Caldwell Calhoun at lower left and Andrew Jackson at lower right. Calhoun, a senator from South Carolina, cemented himself in history as an ardent supporter of states' rights and a proponent of the nullification theory, which gave states the right to veto those federal laws with which they did not agree. Calhoun served as the seventh Vice President of the United States. Andrew Jackson, the seventh President of the United States, rose to fame through his work as a general during the War of 1812, specifically during the Battle of New Orleans. His presidential term was marked especially by his opposition to the Bank of the United States, expressed through such actions as the stoppage of federal funds to the institution and the vetoing of its recharter.
Our current offering was signed by the actual register, Alex(ander) B(aron) Clitherall, and the actual treasurer, E(dward) C(arrington) Elmore. Clitherall was elected the first Register of the Treasury and served in this capacity until shortly after the capital of the Confederacy moved to Richmond. Loyal to his state, he returned to Montgomery, but remained involved with the Confederacy and served as a Private in Co. H of the 11th Alabama Infantry. In contrast to Clitherall's short term as register, Elmore worked as Treasurer of the Confederacy for most of the country's existence. After the editor of The Richmond Examiner, John Moncure Daniel, accused him of gambling away the Confederate Treasury's money, Elmore challenged Daniel to a duel. Though he technically triumphed, Elmore was forced to resign because duels were illegal at the time. Thus, his term lasted from March 6, 1861, until July 18, 1864.
Undoubtedly, the most important feature of this incredible piece is its choice condition. Besides its nearly full frame and breathtaking green lathework color, the note displays virtually no evidence of circulation and was likely stored in a safety deposit box for the entirety of the war. In addition, it has achieved PMG's coveted Exceptional Paper Quality designation for its completely original paper surfaces, a truly impressive feat for a note of this type. According to the PMG Population Report, this representative is the sole finest that the company has encapsulated, and it is certainly among the finest known for the type. Several Uncirculated and Choice Uncirculated representatives purportedly exist, but these must be observed to verify their exact grades.
Only three T1 $1,000 examples which were graded at the AU or higher level have crossed our desk previously, but all three pieces displayed problems of varying degrees. A T1 which has remained in this state of preservation is exceptionally elusive indeed. One neatly executed hammer cut cancellation is present on this note which has little bearing when considering this piece's exemplary attributes. We have estimated quite conservatively for this spectacular note, and with the market for Confederate rarities flourishing in recent years, we would not be surprised to see our evaluation far outperformed tonight. Opportunities to acquire a type note of this caliber almost never manifest, and this fact should be reflected in the final price for this landmark offering.
Estimate: $100,000 - up.
View Certification Details from PMG
Auction Info
2026 April 28 - May 1 CSNS U.S. Currency Signature® Auction #3601 (go to Auction Home page)
Proxy Bidding Ends
May
1st
Friday
5:50 pm CT
Auction Dates
Apr-May
28th-1st
Tuesday-Friday
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