Confederate States of America -T4 1861 $50 Montgomery Issue PF-2, Cr. 4. PCGS Choice About New 55. The Confederate States Montgomery-issued notes are iconic rarities in the American paper money canon. Most were redeemed or cancelled and few exist today. Soon after the Civil War, collectors recognized the rarity of these Montgomery notes, and they have been avidly pursued since. This appealing T4 $50 is from the second printing of 999 notes. It boasts an illustrious pedigree to Colonel Green's set of Montgomery notes and is the fourth member of that regally pedigreed quartet we have cataloged -- the first three were sold in Newman Part VII in October 2015. The Montgomery issues have a fascinating background woven with intrigue. They were ordered by the Confederate Treasury and printed in New York at the National Bank Note Company. Georgian Gazaway Bugg Lamar used his connections as a New York City bank president to facilitate the engraving, printing, and shipping from that location. The 607 four-subject sheets printed (with $1000, $500, $100, and $50 notes) were sent to Montgomery prior to the attack on Fort Sumter. Confederate Treasury Secretary Christopher Memminger requested a second printing of 1,000 sheets of the two lowest denominations just prior to the Southern blockade ordered by Lincoln. Although period documents indicate Confederate notes that may have been printed concurrently by the American Bank Note Company were seized in New York, these 999 two-subject sheets arrived in Montgomery on May 2, 1861, to commence issuance. This very distinctive type reveals state-of-the-art engraving intricacies using the patents created by Cyrus Durand, brother of Hudson River School painter Asher B. Durand. The central vignette of slaves working in a field is untitled. Unlike most National Bank Note Company scenes, this vignette does not appear on any Northern notes (though it does on the Bank of Savannah $2 note). Black dies at upper left and right partially overlap green color dies below and have an outlined \"50\" surrounded by sixteen scalloped elements showing denominational micro-numerals and micro-letters. The engraved black printing details are amplified by the green tinted cycloidal guilloche configurations. The note is framed around in color with micro-numeral 50s along three edges and imprints at the bottom left and right. In between the bottom imprints is part of the obligation, notably the exception for payment of \"Export Duties.\" A repeating lathe work pattern of micro-numeral denominations is across bottom center. On each end are green dies consisting of an outlined \"L\" and framed within scalloped numerical and textual elements identical to the black dies above. The signatures of Alexander B. Clitherall as register and E.C. Elmore as treasurer are very sharp. Plate letter A, and machine serial numeral 924. The plain back has the endorsement \"Issued/July 5, 1861/Mark Jackson/Cap't CSA.\" This military endorsement has been observed on other T4 $50 notes. This is a vibrant note with some light handling seen from the back. Fully margined on all sides, though close at the left and top. The color is sharp and the note is just short of being a \"PPQ\" with only some faint hints of paper toning. Its originality is evident and there are few fully Uncirculated notes known. There are currently about 180 $50 Montgomery notes recorded by Pierre Fricke on a census that likely commenced in the 1960s by Grover Criswell and continues to this day. This is one of the finer T4 $50 notes known and has an exemplary pedigree. A superb opportunity to acquire a Montgomery note possessing rich history artistic beauty, and lovely condition. Ex: \"Colonel\" E.H.R. Green; Green Estate; Partnership of Eric P. Newman / B.G. Johnson d.b.a. St. Louis Stamp & Coin Co.; Eric P. Newman; Eric P. Newman Numismatic Education Society.\n\n
From Newman VIII (Heritage Auctions, 11/2017), lot 28230, realized $26400. Image and description courtesy of Heritage Auctions, https://ha.com.
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