T-3. Confederate Currency. 1861 $100. PMG Extremely Fine 40. No. 1020, Plate A. The National Bank Note Company produced these high quality $100s using patented steel plates and 1,606 were issued. Ceres, Goddess of Agriculture, is seen at left. A wonderful scene of a steam locomotive with passenger cars waiting at a depot is seen at center. Vibrant green border and protector inks are seen along with bright uncancelled paper. Well penned signatures of Clitherall and Elmore are also found. There are roughly 190 known survivors for the $100 denomination and this is one of the few that is fully problem free for the assigned grade. These notes were printed in a $50-$100 sheet configuration by the National Bank Note Company in New York. These "Montgomery" notes, issued before the Confederate capital was relocated to Richmond, 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. That is why most examples display only modest circulation. 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 knowledgeable collectors. With bold color, wholesome paper and a fascinating military issuing endorsement this note has much to offer.
