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    High Grade and Well Margined T1 Montgomery

    T1 $1,000 1861 PF-1 Cr. 1 PMG Extremely Fine 40.
    The $1,000 Montgomery issue note is one of the iconic designs of the Confederate series. 607 four subject sheets, each having a $50, $100, $500, and $1,000 note, were ordered by C.G. Memminger via Gazaway Bugg Lamar, a Georgia and New York banker, in early March, 1861. The order was placed with ABNCo who then sub contracted the business to National Bank Note Co. because the order, which also included coupon bonds and transferable certificates of stock, was too big to execute in a timely manner. National Bank Note Company, in turn, was under the gun to get these notes printed and delivered quickly due to the impending commencement of hostilities and used stock pre-war vignettes as a means of compressing the production schedule. The portraits of John C. Calhoun and Andrew Jackson are found on numerous antebellum issues both North and South. The two in life were often at odds, with Jackson being a fervent anti-secessionist while Calhoun was an equally ardent supporter of states' rights.

    Period documents indicate that the 607 sheet order was shipped from National Bank Note Co. and received in Montgomery around April 2, 1861, ten days before the start of the war. This note was signed and released for use on May 28, 1861. Most of the $500 and $1,000 notes, which paid 3.65% interest, saw very limited circulation and were often held by banks and wealthy individuals as investments. This was in keeping with the reasoning for issuing such large denominations which had minimal utility in conducting day-to-day commerce.

    Today, this note is one of approximately 137 known surviving examples based on the census of serial numbers kept by several collectors and dealers. This example is on sparkling white paper with darkly inked design elements and strong autographed signatures of Clitherall and Elmore who were still personally signing these notes at the time. PMG notes that there is a sealed hammer cancel at bottom center in the signatures. Notwithstanding that issue, this note faces up extremely well and will be a centerpiece that requires no apologies in any Confederate collection. Acquired from Grover Criswell 11/1975.
    From the Brigadier General Donald D. McClanahan Collection of Confederate & Confederate States Notes

    View all of [The Brigadier General Donald D. McClanahan Collection of Confederate & Confederate States Notes ]

    Auction Info

    Auction Dates
    September, 2019
    4th-9th Wednesday-Monday
    Bids + Registered Phone Bidders: 10
    Lot Tracking Activity: N/A
    Page Views: 1,445

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