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    Elusive T27 1861 $10

    T27 $10 1861 Cr. 225.
    The September 2, 1861-dated "Eagle and Shield" T27 $10 note is another illustrious Confederate type note, though not as famous as the related "Indian Princess" T35 $5 note. Both of these rare types have been desired and studied by collectors for over a century. Numerically, the T27 $10 note is the rarest Confederate type, based on a recorded census of 118 examples at this time. That advanced census was created by Dr. Douglas B. Ball and Philip Chase and continues forward. Though many more T27 and T35 notes were printed than Montgomerys, they circulated heavily in day-to-day transactions and were printed on frail, limp paper, explaining their greater rarity. The high-denomination Montgomery series notes paid interest, and they were often redeemed at treasury offices and more were saved. Lithographed at Hoyer & Ludwig in Richmond, the notes were produced late in the year and the quality control for T27 and T35 was deficient. The T27 notes were printed from two different plates. The first 7160 "Ab" plate T27 notes were printed alongside the "Ab" T35 $5 Indian Princess notes on an eight-subject plate. An additional 1,460 T27 notes were issued and printed from a new plate using positions "A9" to "A16," and this A12 position example was printed from that plate. The T27 plate numeral set is one of the greatest challenges in Confederate note collecting and has only been achieved a few times in over a century. The design is a handsome one with vignettes adapted from those used on pre-war Obsolete Currency. Liberty, seated at upper left, holds a capped pole and leans on a blank shield. She points out the obligation in a shield-shaped cartouche to the eagle beside her. A train with cargo and passengers is in the center at the far right. Three corners show identical "10" counters.
    This note was part of the estate of Arnold Cowan, the noted California variety collector. It became available when Cowan's estate was sold in 1998 at R.M. Smythe & Co.'s Memphis sale where it realized $8250 after being purchased by our Consignor.
    This type, like the Indian Princess $5, is notorious for only being available in lower or impaired condition. PCGS grades this rarity Apparent Very Fine 20 due to a restoration in the lower left corner.
    Selections From The J. Wayne Hilton Confederate Currency Collection

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    Auction Info

    Auction Dates
    January, 2016
    6th-12th Wednesday-Tuesday
    Bids + Registered Phone Bidders: 3
    Lot Tracking Activity: N/A
    Page Views: 572

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