An interesting note from our inaugural currency iAuction is a T-41 $100 Confederate note which was hand issued by Confederate officer John W. Young, a Captain and Assistant Quarter Master when this note was issued in May of 1863.
The T-41 type belongs to a series of three different Confederate $100 types issued between 1862 and 1863. These notes (types T-39, T-40, and T-41), which paid a 7.3% annual interest rate, are known as Train and Hoer notes. The T-39 and T-40 each feature a central vignette of a steam powered passenger train. The first type features the engine spewing straight steam while the second type is differentiated by the engine spewing diffused steam. The T-41 is a wholly different design featuring a central vignette of slaves hoeing in a field.
The Train and Hoer series is highly collected and individual works have been dedicated to these notes. Much research has been done on who issued these notes and where. Many notes from the series were hand issued by Confederate military officers or agents of the government, and these issuing manuscripts can be found on the backs of the notes. They were also issued at various locations throughout the Confederacy and since these notes bore 7.3% interest, most feature interest paid stamps from various locations.
The note being offered this week was issued May 4, 1863 by Capt. John W. Young, AQM. It features a handwritten manuscript by Young on the back as well as interest paid stamps from Jackson, MS. According to the “List of staff officers of the Confederate States army 1861-1865”, Young served under Lieut. General Stephen Dill Lee and achieved the rank of Major and Chief Quarter Master. It is safe to say that this note was issued in Mississippi, as in addition to the Jackson, MS interest paid stamps, Lee’s forces fought in the Battle of Champion Hill in Hinds County, MS on May 16, 1863, just 12 days after this note was issued.
This bright and crisp note has nearly full margins and has been graded and encapsulated by PCGS as Choice About New 58PPQ. In addition to the bold manuscript and interest paid stamps, a clear script CSA watermark can be seen on this handsome Hoer note.