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Rare Confederate Note Military Issue

Military Issued T-3 Confederate $100 Note

By Brad Ciociola, Currency Specialist

Author: Brad Ciociola / Thursday, January 09, 2020 / Categories: Paper Money of the Week

A modestly circulated Type-3 $100 “Montgomery” note with an interesting military endorsement will be offered in Stack’s Bowers Galleries March Baltimore Official Currency Auction of the Whitman Coin & Collectibles Spring Expo.

The first four Confederate type notes were issued in denominations of $1000, $500, $100 and $50 and are known as “Montgomery” notes, as they were issued in Montgomery, at time the capital of the Confederacy. Later in 1861 the capital would be moved to Richmond, Virginia.

There were 1,606 examples of the $100 note issued and today roughly 190 are known to survive. The notes bore interest at a rate of 3.65% per annum (one cent per day). Many Montgomery notes did not circulate in the typical channels of commerce but were held as an interest-bearing asset which is why most examples display only modest circulation. PMG has assigned a grade of Extremely Fine 40 to this note.

This particular example was issued in the field at Lynchburg, Virginia on May 20, 1861, by Captain Erasmus P. Williams. His manuscript endorsement on the verso reads "Office of Com(missary). of Sub(sistence). Lynchburg, Va. May 20, 1861. This day paid out by E.P. Williams Capt. & C.S."

While most Montgomery notes did not heavily circulate, problem-free uncancelled notes such as this are difficult to locate and are always well received by collectors. With bold color, wholesome paper and a fascinating military issuing endorsement this note has much to offer. 

The note carries a pre-auction estimate of $20,000-$30,000. The Stack’s Bowers Galleries Official Currency Auction of the Whitman Coin & Collectibles Sprint Expo will be held March 18-20, 2020, in Baltimore, Maryland. For more information about the auction or to consign to a future sale contact Director of Currency Peter Treglia at [email protected] or Currency Specialist  Brad Ciociola at [email protected].