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    Evenly Circulated T2

    Manuscript Endorsement "A.J. Guirot" T2 $500 1861 Cr. 2 PCGS Extremely Fine 40.
    This $500 note was part of the very first emission of Treasury Notes by the Confederacy. A total of 607 $500 notes were issued between April 8, 1861 (four days before hostilities actually began) and July 23, 1861. The notes were part of a deal brokered by Gazaway Bugg Lamar and ABNCo, with the Treasury Note part of a larger order being subcontracted to National Bank Note Company by ABNCo due to the press of time. This order was placed shortly after the March 9th authorization by the Confederate Congress for the issuance of Treasury Notes, with the first order of 607 sheets of $1000-$500-$100-$50 notes being received in Montgomery on April 2, 1861, ten days before the commencement of hostilities. While another 1000 sheets of $100-$50 were printed and barely escaped confiscation by Federal authorities in late April, 1861, no additional $1000s or $500s were printed. The $500 necessarily used pre-war vignettes of Ceres and a train crossing a bridge with cattle being driven in the foreground entitled The Crossing engraved by James Smillie. The note exhibits excellent color and paper quality with many of the attributes of an even higher graded note. The back has a manuscript issue endorsement of A. J. Guirot, Assistant Treasurer of the Confederate States of America.

    This note traces its ownership to Lewis C. Gehring of Brooklyn, a prominent banker and treasurer of Prudential Savings Bank of Brooklyn. Gehring consigned the note to the famous Thomas Elder's August 26, 1921 auction in New York, where it was graded "uncirculated" and sold for a whopping $56, a record for any $500 Montgomery from 1865 to 1941. Elder sold the note again May 12, 1939, where it was described as "uncirculated, perfection, clean note, a gem." The note likely was purchased by dealer Charles Wormser of New York, son of the founder of New Netherlands Coin Co., who in turn sold it to his protégé John J. Ford in 1957. Ford held onto this note until he began the massive liquidation of his entire numismatic collection in 2003.

    This superlative mid-grade example without any condition distractions will be a key part of any Confederate collection fortunate enough to add it. Originally auctioned in 1921 by Thomas Elder as part of the Lewis C. Gehring collection, this note went on to spend time in the John J. Ford Collection and is one of the best condition examples known.
    Selections From the J. Wayne Hilton Confederate Currency Collection

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    Auction Info

    Auction Dates
    April, 2020
    22nd-27th Wednesday-Monday
    Bids + Registered Phone Bidders: 5
    Lot Tracking Activity: N/A
    Page Views: 1,368

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