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    An Exemplary "Indian Princess" Note

    Confederate States of America - T35 1861 $5 PF-1, Cr. 271. PCGS Very Fine 25.
    Over the many decades that Eric P. Newman has actively collected and studied paper money, countless numismatic events and shows have been held. At those gatherings, perhaps the two most memorable paper money words uttered were "Indian Princess." This classic American currency note has maintained its lofty stature for well over a century. In 1883, John Haseltine declared in the sale featuring Harold's Newlin's Montgomery (or "first issue") notes that the "Indian Princess" was the rarest in the Confederate series. Like the "Grand Watermelon" in the Federal series, its deserving nickname and rarity make it a natural subject for all numismatists to discuss. A newly discovered note, or the auction appearance of one long held in a collection, has always attracted attention. Like its brother the T27 $10 "Eagle and Shield" type, the T35 $5 "Indian Princess" was printed in tandem on the same plate by Hoyer & Ludwig on weak, poor-wearing paper. However, unlike the T27 notes, there was no additional second printing. Only 7,160 notes were issued, all plate letter Ab, with approximately 140 known today in all grades. The majority of those are low grade, cancelled, damaged and often restored. Many are in institutional collections and not available for sale. The Newman Collection T35 $5 "Indian Princess" is an exemplary note that boldly proclaims its numismatic majesty as one of the finest known. The layout and plate were developed from the Bank of Charleston $5 plate originally engraved by Draper, Toppan, Longacre & Co. that was sent to Hoyer & Ludwig. They used the "Princess" at the right, and counters, but developed the rest of the plate using other elements. At the lower left, young men, one with a wary expression, transport bales of cotton. They are overseen by a smoking man with arms crossed wearing a wide-brimmed hat (George Tremmel published a study of plate diagnostics, including the hat). A Native American princess on a high point looks off into the distance. The titles and obligations are crowded into the right center with multiple arced flourishes over the block with white outlined FIVE DOLLARS and under the title. Below the princess and above the wharf scene are "5" dies. An additional obligation die with shield upon it is left of the titles. Plate Ab., serial number 3359. In the mentioned 140 or so notes that still exist, few might equal or exceed this note for technical grade or eye appeal. In our April 2015 CSNS Signature sale we were honored to sell a beautiful PCGS Fine 15 T35 from the J. Wayne Hilton Confederate Currency Collection for $39,950. It is logical for the value of T35 $5 notes to be exponentially more valuable in higher grades than Fine, with so few confirmed in this condition. This note is remarkably handsome from all perspectives. Well printed with excellent vignette clarity. The margins are broad on three sides. Only the right end is trimmed in just slightly into the black frame printing. Marvelous paper integrity is observed from both sides. Treasured for decades for its grace, history and rarity, this famous note is worthy of being the centerpiece of an exceptional Confederate type set or any cabinet of iconic numismatic Americana.
    Ex: Eric P. Newman Numismatic Education Society

    Auction Info

    Auction Dates
    October, 2015
    21st-24th Wednesday-Saturday
    Bids + Registered Phone Bidders: 14
    Lot Tracking Activity: N/A
    Page Views: 2,357

    Buyer's Premium per Lot:
    17.5% of the successful bid (minimum $14) per lot.

    Truth Seeker: The Life of Eric P. Newman (softcover)
    A powerful and intimidating dealer of the 1960s, backed by important colleagues, was accused of selling fraudulent gold coins and ingots to unsuspecting numismatists. Who would go up against a man like that and, over the course of decades, prove the fraud? Who would expose a widely respected scholar as a thief, then doggedly pursue recovery of coins that the scholar had stolen from an embarrassed numismatic organization, all over the objections of influential collectors who had bought coins with clouded titles? Eric P. Newman would - and did. Reserve your copy today.
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