T-2 PF-1 $500 Confederate Paper Money 1861 - PCGS AU 50 - POC-CC!! Montgomery! - $33,900 - (San Antonio, TX)
T-2 PF-1. 1861 $500.00 CSA Currency. Montgomery. Ceres at left. “The Crossing”, by James Smillie at center. Issued from April 8, 1861 through July 23, 1861. Serial number 487. Plen A. PCGS About Uncirculated 50! Punch out cancels and cut-cancelled. Outstanding color and rare in this grade! Genuine. One of only two Confederate Treasury Note issues of the $500 denomination, the T-2 is another of the most famous and easily recognized Confederate notes. It was engraved and printed by the National Bank Note Company in New York City. A vignette of a train crossing a bridge with cattle drinking in the creek below is featured at the center of this note. Ceres, the Goddess of Agriculture, is represented at the left. Nearly all of these notes were signed by the actual Register (Clitherall), and the actual Treasurer (Elmore). The last 24 or so of these notes (serial numbers 584 to 607) were signed by “C. T. Jones” as register and are extremely rare and highly desired, signature items. It is certain that numbers 585 through 607 were signed by Jones, and that the highest Clitherall signature seen is number 583. Six Jones signed T-2s are currently known in collections. A note about 3rd party grading. PCGS and PMG do a good job putting a floor on quality within a grade range and have become proficient in detecting repairs (though occasionally they miss something, or see something that is not there, as we all can). Notes housed in Net or Apparent holders have a wide range of quality from very nice (in rare cases may be nearly choice) to dogs with major problems, so each needs to be evaluated on their own. However, PMG and PCGS focus on technical grading due to circulation and damage and do not have a mechanism for evaluating condition or eye appeal - whether a note is average, better than average, choice or gem for the grade based on its color, trim and margins. The exception to this are slabbed notes of New or Uncirculated grades to some degree. This is important as Ver…
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