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 petert@stacksbowers.com
or Currency Specialist Brad Ciociola at bciociola@stacksbowers.com.
