DescriptionT46 $10 1862 PF-1 Cr. 344.
The printing of this design was awarded to Hoyer & Ludwig even though their other contracts had been pulled earlier in 1862 when they refused to move to Columbia, SC. So that Secretary Memminger would not lose face, they were not allowed to put their imprint on any notes that they printed going forward. If you look closely just above the lowest horizontal lines below the bale, however, you will see the telltale LUDWIG that the company hid in the design. There is no evidence that this was ever caught by the Treasury. Fine-Very Fine, with two hammer cancels.
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