T-51 PF-4 1862 Confederate Paper Money - PMG Very Fine 25 - nice color!

Description

T-51 PF-4 .00 CSA Currency.
State capitol in Nashville, Tennessee. Alexander Stephens to the right. 1st Series. Face of tower shaded. Serial number 49816. Plen C.  Tough 1862 type, especially with the bright color.
PMG Very Fine 25! Nice color for this type!
Genuine.
The T-51 has a blue back. It is found on plain paper. Since it was not as important to reduce the probability of counterfeiting of notes, the Confederacy used its scarce watermarked paper on the higher denomination s and 0s. No known T-51 contemporary counterfeits exist.
The center of the note features the state capitol of Tennessee in Nashville. Alexander Stephens, the Vice President of the Confederacy, is shown at the lower right. The ornate blue back bears the denomination. This note was payable six months after the ratification of a Treaty of Peace between the Confederate States and United States. It also was receivable for all dues except exports dues and fundable in 8% stock.
This type comes on plain, high quality bank note paper. There are a few rare printer name errors, as well as a great rarity. This is the T-51 PF-13, the double engraver plate transfer error, where the doubling was created in building the printing plate from a master.
This type is common in all grades except Choice Very Fine to Choice Uncirculated which are rare.
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 Very Fine, Extremely Fine or AU notes can have a wide range of values depending on these factors not reflected in the slab grade. A fully framed Confederate or obsolete note is worth considerably to a lot more than one that is trimmed into the margin for the same grade. Likewise, color is important. These factors can affect the value of a note by 50%, 2-1 or even 3-1, e.g., an AU 58 (PPQ or not) T-20 1861 CSA note trimmed into the margin is worth between 0 and 0. The same grade, AU 58 (PPQ or not), with a full frame and good color/inking is worth something like 0 to 00 depending on eye appeal. I will continue to use the terms plus for above average, choice and gem to mean varying degrees of superiority of condition and eye appeal of a note within a grade as documented in my book which is based on what collectors seek out and pay premiums for.
In coins, we’ve seen the third party graders add things like full bell lines, full head, full bands which reflected the market. I’d expect either the grading services or another party to do the same for paper money. If you are just buying the number on the holder for the best price, you may well be buying low end notes for the grade!
Pierre Fricke.  Immediate Past President of the Society of Paper Money Collectors;  Professional Numismatists Guild (PNG); Professional Currency Dealers Association (PCDA); ANA, EAC, etc...
BuyVintageMoney.
Author of the standard guide book to Confederate money - Collecting Confederate Money Field Edition 2014.
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