Is This A Confederate Bond? Receipt For A Bond?

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Author	Replies: 6 / Views: 1,186
ClusterCoin Valued Member Australia 136 Posts	Posted 08/06/2023 08:54 am I recently acquired this interesting note dated November 2, 1864. It looks like a Confederate 4% Bond for $2000, but I'm not sure if it's actually a bond or a receipt for a bond. Can anyone tell me what it is? I've been looking on Google and Numista but can't find it. It's really fragile and printed on slightly pink coloured paper. Ink is faded and looks old. Thank you Report this Post to the Staff

jbuck Moderator United States 187446 Posts	Posted 08/07/2023 11:41 am Very interesting! I hope someone will have additional insight. Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
lettow Pillar of the Community United States 742 Posts	Posted 08/16/2023 11:12 am It reads more like a promissory note. The amount due has been secured by bonds but it does not appear to be a bond itself. Interesting that there is no holder named on it despite the fact that the back indicates it was issued. Report this Post to the Staff
ClusterCoin Valued Member Australia 136 Posts	Posted 08/21/2023 8:24 pm Thank you for your comments lettow. It is an interesting item, and as you say, more like a short term loan rather than a bond. How would someone know where to repay the $2000 if the paper didn't list who the money was borrowed from? The interest rate is pretty outrageous, seeing as hyperinflation was ravaging the Confederate States by then. Edited by ClusterCoin 08/21/2023 8:26 pm Report this Post to the Staff
GregAlex Pillar of the Community United States 822 Posts	Posted 09/05/2023 3:23 pm Quote: It reads more like a promissory note. The amount due has been secured by bonds but it does not appear to be a bond itself. That's what I was thinking, too. But the fact that it was printed in a specific denomination makes me wonder if this was something like a proto-bond that would be replaced by something more substantial when it was approved by legislation. I'd like to run this past someone on another forum to see if I can get some clarity. Quote: The interest rate is pretty outrageous, seeing as hyperinflation was ravaging the Confederate States by then. Did you mean 4% was outrageously low? Because, yes, I think the rates on CSA loans got up to 10% or higher towards the end of the war. Edited by GregAlex 09/05/2023 3:28 pm Report this Post to the Staff
GregAlex Pillar of the Community United States 822 Posts	Posted 09/09/2023 3:00 pm I did find this listed in "Confederate and Southern State Bonds" by Grover Criswell. He called it an "On Demand" note. He gave it a rarity rating of 6 (10 being the rarest). Based on the outdated prices listed in this catalog, it would probably be currently valued in $120-150 range. Report this Post to the Staff
ClusterCoin Valued Member Australia 136 Posts	Posted 09/10/2023 8:08 pm Thank you for that GregAlex. Your information was most helpful. Report this Post to the Staff
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