LOT #22016 |
Starting Bid: $10,000
T27 $10 1861 PF-2 Cr. 228 PMG Very Fine 25.. ...
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Description
Striking T27 $10 Confederate Treasury Note with A15 Plate - Extremely Rare at the VF Grade Level
T27 $10 1861 PF-2 Cr. 228 PMG Very Fine 25.A truly breathtaking example of the ever popular T27 $10 Confederate Treasury Note is offered here. This type remains the rarest by current surviving population of all 72 Confederate types. Confederate type note collectors are well acquainted with this piece's history. Emitted during a very short period from November 26 to December 5, 1861, the T27 shared a sheet with the T35 $5, otherwise known as the "Indian Princess" note. This type was lithographed by Hoyer & Ludwig who mysteriously halted production due to presently uncertain reasons after printing just 8,576 examples. The most accepted and likely theory based on the high level of involvement for the lithography process lies in the assumption that some irreparable damage was done to the master plate and the costs of producing a new one far outweighed the benefits. Whatever the case, this note, as well as its T35 counterpart, are both immensely popular today due to their great rarity. At upper left on this piece is a depiction of Liberty reclining on a shield with an eagle nearby. She holds her pole and cap, also recognized as a Phrygian. This symbol, often associated with personal and political liberties, was featured on myriad United States coins. It also appeared on a variety of Obsoletes, both Northern and Southern, before and during the war. Several representatives include the Valley Bank of Maryland $5, the Commercial Bank of Wilmington $5, and the Fairmont Bank $1. At right, an early steam locomotive chugs along its tracks.
The type is certainly quite scarce in itself, but our current offering is even more elusive due to two other diagnostics, the first being its impressive condition. A true VF example is nigh impossible to obtain for the T27 design, and this example has certainly earned its grade. Though evidence of circulation as well as minor restoration are both present, the folds and other grade-appropriate wear are evenly spread across the note, and they are not overly distracting on the face. The signatures of R(obert) J(ames) Delony, (Jr.) for register and J(ohn) W. Jones for treasurer remain incredibly bold. A bright pink serial number 42 is observed above the register's signature. Fantastic eye appeal is also noticed.
Another characteristic which separates this representative from the others of its type is the A15 plate featured on the face. In his 2014 reference Collecting Confederate Paper Money, Pierre Fricke granted each of the plates A9 through A16 an R13 to R14 rarity, approximately 2-5 examples known of each. He recorded that just six notes of the A15 plate known, with the note in this lot being the third lowest serial number of that grouping of half a dozen. While more have probably been discovered since that point, examples of this variety are still many times scarcer than the notes of the Ab plate.
We have auctioned a very limited number of T27s certified at or near this grade level in previous years. The most recent to cross our auction block, a comparable PMG VF 20 encapsulated piece also of the A15 plate and bearing a serial number 48 (just six numbers away from that of our current offering), brought $21,600. Prior to that appearance, an A11 plate PMG VF 25 representative with ink burn also garnered $21,600 in April 2021. We would not be surprised to see our conservative evaluation, as well as the aforementioned figures, tested or outperformed tonight for this magnificent piece.
Estimate: $20,000 - up.
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
Proxy Bidding Time Remaining
8 Days
17h 37m 44s
Bids + Registered Phone Bidders: 0
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This lot is in: 5 -
Heritage Signature® Auctions Floor Session - Platinum Session (Live Floor, Live Phone, Mail, Fax, Internet, and Heritage Live):
(Lots 22001-22204) - 6:00 PM Central Time, Friday, May 1, 2026.
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