Genuine.
This note is Leggett, Keatinge & Ball’s high quality $5 printed in late 1861. The note is very similar to the $5 note issued by the Mechanics Savings Bank of Savannah, Ga. in 1855. At right is a blacksmith with anvil, tools and sledge hammer. In the lower left corner is a portrait of a young boy. This exact vignette can be found on other bills issued before the War as well. This note was “Receivable in payment for all dues except export dues and fundable in Confederate States stock bearing 8% interest six months after the ratification of a treaty of peace between the Confederate States and the United States.”
This type comes on high quality bank note paper of two types – plain and red fiber paper. It was also printed using 2 plates of 2 notes – T-23 A and T-32 A plate letters; and T-23 A1 and T-32 Aa plate letters.
The so-called T-32-1/2 in Criswell’s 1996 book was reportedly an oxidized T-32, where the underprint turned black. There are a couple of people who say it was a real black underprint. It turns out it has a post-war black underprint added that is virtually in mint condition on a heavily repaired and worn note in good to very good condition. I verified this by comparing it to the Kelly XF T-32 side by side – the XF T-32 orange underprint showed more wear than the G-VG T-32’s black overprint (the black was printed OVER the signature!). Even if this were a true printer error, it would be a new variety not a new type.
At least two Uncirculated examples exist. An AU and an XF-AU are also noted; there are a few more around that have not seen the light of day in a long time. This type is difficult to find in conservative VF and better, most offered are VG to Fine. The orange underprint is faded on many examples due to circulation as well as to the elements. Further, the underprint was subject to oxidation which appears as a darkening of the color. Bright orange, full “5 FIVE” underprint examples are worth a significant premium.
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 $20 CSA note trimmed into the margin is worth between $150 and $300. The same grade, AU 58 (PPQ or not), with a full frame and good color/inking is worth something like $500 to $1000 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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