100 Dollar Confederate

Both Federal and Confederate currency of the civil war era were printed in sheets of 4 notes. The 'Z' on your note is a plate position. While the Federal issues always used A for the top note, and D for the bottom note on the sheet, Confederate issues used various sets of letters to identify the note's position on the sheet. Some were A, B, C, D just like Federal issues, but some were E, F, G, H.

I think that I told you before that your note is not really a $100 bill in general terms as it was not intended to be circulated for general commerce. Yours is what was referred to as an interest bearing note. That is why the back is not printed with a design as most circulating notes were. Your back is blank for the purpose of annual stamp certification that you received the interest payment from the government that you were entitled to for buying this note in the first place. Think of it as more of a government savings bond or a coupon or an IOU than a banknote. You buy the note for $100 to aid the Confederacy in the war effort, then every year you are paid a certain amount of interest for your 'loan' to the government. Yes, the Federal Government also used Interest bearing notes, but employed different ways of proving interest had been paid other than stamps on the note.

Confederate $100 interest bearing notes used the plate positions of W, X, Y, Z.

The reason that Bower's and Merena told you that it is a counterfeit is also just one of the reasons that I also 'think' that something is fishy about this note.

Serial # 1 is going to have plate position W. Serial # 2 will have position X (not Z). Serial # 4 will have the Z position.

One the next sheet, serial #5=W, #6=X, #7=Y, #8=Z.

I think I also told you before that this note has the deepest and most prominent inkings of signatures, serial number, and stamps on the back that I have seen, even on notes of far better condition. I said that to raise a flag to you, because I am not an expert in Confederate notes. I am not saying it is a fake, but I do have strong doubts about everything about it being authentic.

You said you were sending the note to PCGS. That will clear up all doubt either way.

I believe that almost anything is possible. This is the first sheet of a run though (and maybe the only run), so I would think that the possibilities of error are rather limited. The plate letters were not arranged individually for each sheet. They were printed on the sheets by turning an inked cylinder, (rather like newspapers were printed on hundred years ago) and the serial #s and signatures were hand written later.

Possibly PCGS has already made an assessment. You could always contact them without waiting for it's return.