T-25 PF-2 $10 1861 Confederate Paper Money - PCGS-C Extremely Fine 40 - Bright!

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T-25 PF-2 $10.00 CSA Currency.<br>R. M. T. Hunter, left. Hope with anchor in the center. C. G. Memminger, right.<br>Issued from May 12, 1862 through August 9, 1862.<br>Printed on paper watermarked CSA in block letters.<br>Serial number 42650. Plen X.<br>PCGS Currency Extremely Fine 40!<br>Bright color and cleaner presentation than usual found on this type. Hard to find grade in a hard to find eye appeal and color!<br>Genuine.<br>This high quality $10 note printed in 1862 is another Keatinge & Ball product. Before long there were many highly deceptive counterfeits produced. Keatinge & Ball completed their work in Richmond even as McClellan threatened the city. At right is a 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. 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.<br>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, but few reams made it through the blockade. The Whatman and Wookey Hole Mill varieties are very to extremely rare. There is an error or variation, if you will, where a flourish was omitted above the word “bearer”.<br>This type is rare in Uncirculated. There are more in XF to AU, and some of these are nicer and worth more than strict Uncirculated notes that are not as well cut. It is not easily found in XF or even nice VF. However, occasionally one will appear at auction.<br>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).<br>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.<br>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.<br>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!<br>Pierre Fricke.  Immediate Past President of the Society of Paper Money Collectors;  Professional Numismatists Guild (PNG); Professional Currency Dealers Association (PCDA); ANA, EAC, etc...<br>BuyVintageMoney.<br>Author of the standard guide book to Confederate money - Collecting Confederate Money Field Edition 2014.<br>Free shipping and insurance.<br>eBay has announced that it will start to collect sales tax on behalf of sellers for items shipped to customers in Alabama (Jul 1), Connecticut (Apr 1), Iowa (Feb 1), Minnesota (Jan 1), New Jersey (May 1), Oklahoma (Jul 1), Pennsylvania (Jul 1), and Washington (Jan 1). Additional states are being added like Idaho and more than 20 others. This is the new internet tax out of the US Supreme Court Wayfair decisio