This high quality $10 note is another Keatinge & Ball product printed in 1862. It is the same note as T-25, but with 2 red “X”s added to denote the denomination. This was done to make the note more difficult to counterfeit. Nevertheless, this note was also counterfeited. At right is the portrait of Christopher Gustavus Memminger, the Secretary of the Confederate Treasury. To the left, is R. M. T. Hunter, Secretary of State. In the center is a female representing Hope leaning on an anchor. 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.”

Some would argue that T-26 and T-25 are one type since the base note is the same, and that the red X X variation is a difference at the “variety level”. On the other hand, it can be argued that the red Xs make this a different type. Since the types have been collected too long as two, I’m not going to change them.

This type comes on high quality bank note paper. It may be found on plain paper as well as several different kinds of watermarked paper including “CSA” in block and script letters, the underrated “J Whatman”, and the extremely rare “Wookey Hole Mill”. This later watermark is an English paper that Mr. Keatinge helped procure, and few reams made it through the blockade. The Whatman and Wookey Hole Mill varieties are very to extremely rare. Some of the “CSA” block letter and script watermarked paper comes in minor paper thickness variations.

The red “X” comes in three varieties: solid, coarse, and fine lace. The order in which Bradbeer/Criswell denoted these is not in chronological (nor any other logical) order. The solid red “X”s were caused by overheating of the fine lace plates or perhaps it was due to plate wear. These file lace underprint plates were soon retired; replaced by the coarse lace plates which did not exhibit this problem. I retain the variety numbers for the solid lace notes, as they have been collected that way since Thian’s time. There are two errors or variations, if you will: one where a flourish was omitted above the word “bearer”; the second is where the word “of” was omitted before “the” in the clause going down the right margin.

This type is available Uncirculated, but hard to find in Choice Uncirculated as many were not cut well. Choice Extremely Fine to AU are also very difficult.

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!