Ways to Collect Confederate Currency
Collecting CSA notes can be a very rewarding endeavor, meeting new friends, providing great learning opportunities as well as potential financial gains. Perhaps the greatest benefits come from meeting the interesting people who pursue the hobby. There are numerous ways to approach collecting these pieces of history. We will explore Collecting by Type, Variety Collecting, Collecting unusual Interest Paid Stamps and Issue Signatures, and Collecting Errors. But these are not definitive categories, every collector is different, so don’t be afraid to define your own way of collecting.
Collecting by Type
Type collecting is the most common way that CSA paper money is collected. A Type collection consists of one example of each of the seventy officially issued major Types released during the four years from 1861 into 1865. Grover Criswell created a numbering system in which the major types are indicated by a capital “T”, a dash, and a number ranging from 1 through 72 (e.g., T-1 and T-52).1 All of the seventy types2 are obtainable, though the scarcest types are very rare in higher grades. Within any given year, at least one or more opportunities occur to enable a collector to acquire any of these seventy types, even the most difficult: the Montgomery issues (T-1, T-2, T-3, and T-4), the Indian Princess (T-35) and the Eagle and Shield (T-27). The number of type sets is limited by the availability of the rarest type, the Eagle and Shield (T-27, of which the population currently stands at 74 with a likely 30-40 more to identify). Because some of these are locked away in institutions, I estimate that about 75 to 80 type sets could exist in the hands of the general collecting public. Perhaps a hundred people have completed a CSA currency type set in the past thirty to forty years, and probably well over two hundred have since 1865. It is always a challenging task, but also a rewarding one.
Variety Collecting
Some people who have completed a Type set advance to variety collecting. Others begin with variety collecting. Varieties occurred for many different reasons. Most Types were printed from one or more plates, and many on one or more types of paper. Given that these plates were at least partially constructed or engraved by hand, there can be readily identifiable differences between the plates used to produce each type. Furthermore, some types were printed on plain or red fiber paper, or thick or thin paper. Others were printed on paper watermarked with "CSA","J Whatman" or other names in an attempt to make those notes more difficult to counterfeit.
Further varieties stemmed from inadvertent errors made by those who prepared the plates, or by the pressmen who printed notes using the plates. Notes with the backs printed upside-down are referred to as inverted back varieties. Another famous type of error is the "Double ratification clause" variety which occurred on the $20 notes of 1864. The framed section on the upper left side of that note reads "SIX MONTHS AFTER THE RATIFICATION OF A TREATY OF PEACE", and the framed section on the right reads "TWO MONTHS AFTER THE RATIFICATION OF A TREATY OF PEACE". It is these differences, and their combinations, that make up the varieties of a particular type.
Collecting by variety may seem daunting, but one can focus in on a certain area of interest. A good example is to collect all of the varieties of a particular Type or Series. For example, collecting all of the varieties in the 1861 2nd Series, which spans from T-7 through T-12, is a challenging, but achievable task, exposing one to numerous nuances in early CSA paper production. A collection of T-10 varieties has a wealth of interesting different papers and signing formats. T-26 is another fascinating Type with numerous errors and watermarks to study.
Other ways of Collecting
Other interesting ways of collecting involve specialty issues such as the 7.3% interest-bearing notes of 1862 (T-39, 40 and 41) which offer a range of issue places, interest payment stamps, and military officer’s signatures on the backs. There is even a group of collectors who formed their own organization, known as the "Trainmen" (after the Train on T-39 and T-40), and who study these issues. Another area of interest involves the Trans-Mississippi notes which General Kirby Smith re-issued in Arkansas, Louisiana, and Texas after those regions were cut off from the eastern Confederacy in 1863.
Summary
Collecting CSA currency clearly presents many opportunities and has many benefits. The large collector base allows for interaction with a wide range of people, making it easy to learn from others; it also makes it relatively easy to buy and sell. There is a rich history behind CSA notes, and there are many interesting and beautiful examples of art visible on CSA currency. A great deal of information has been written on the subject, and is readily available to the new, and advanced collectors as well.
In the final analysis, the most important thing to consider when deciding to collect CSA paper money is what is most appealing to you. What are your goals? Do you want to collect a basic Type set? Are you interested in building a "unique" collection, e.g., being the first, or one of the very few, to complete a variety set of a certain type? Do you want to put together a set of the "great rarities"? Do you think the J. Whatman or Hodgkinson & Co. Wookey Hole Mill watermarks are especially interesting and challenging? Do you want to make new discoveries? Do you want to collect notes with a famous "provenance", e.g., notes that have been owned by famous collectors in the past and are "pedigreed"? Are you interested in the Trans-Mississippi region and its history, and the special CSA notes that circulated there? Would you like to collect all of the signature combinations on CSA notes? These are just some of the things to consider while deciding what to collect. For more suggestions about what to collect, or for a more information about collecting CSA paper money, see COLLECTING CONFEDERATE PAPER MONEY TODAY – A CLOSER LOOK.
Important considerations that apply to all numismatic areas are: condition, technical grade, rarity, desirability, and beauty. In general, collectors have been financially rewarded when they did not follow the crowd and collect the latest "fad" of highly promoted common material. The collections that post the greatest financial gains are those that have a unique element about them and focus on a combination of rarity and quality. Furthermore, a focus on rarities, particularly those that may be undervalued, can be especially rewarding, historically3, emotionally and financially. These items may not be available at any given show, or appear on dealer’s price lists, except on rare occasions. They will periodically appear at auctions, or in a dealer’s inventory, and one must be vigilant and quick to buy when something of unusual rarity and/or quality does appear.
The other critical element of building a great collection is knowledge. Knowledge of rarity, prices, and especially grading, is critical.
Footnotes
1 Two types – T-47 and T-48 – were once thought to be regular issues. They are now considered contemporary fantasy issues and are catalogued with contemporary counterfeits in George Tremmel’s work, "Counterfeit Currency of the Confederate States of America". The actual origin of these notes remains uncertain. Some people still add these two to their regular type set collection.
2 The seventy regular issue types are pictured in the color section near the front of this book and are described in more detail in the catalog.
3 You may become one of the "great" collectors of the 21st century, remembered by subsequent generations.