1864 Trans-Mississippi Currency Exchange Certificate – James Sorley

Description

1864 Trans-Mississippi Currency Exchange Certificate – James Sorley
Offered for your consideration is a certificate issued in 1864 to help reduce the large amount of currency circulating within the Confederacy, though this may have been less of a problem in the Trans-Mississippi Department than ion other locations. Headlined “
EXCHANGE CERTIFICATE
” and issued from the “
C. S. Depositary’s Office
” in “
Houston
” on “
21 Dec
1864
”. The body of the document states that “
THIS CERTIFIES that
J B Hawkins
has deposited in this office,
One
thousand
Dollars of “Old Issue” Treasury Notes, to be exchanged, on his order, for Two-Thirds of that sum in “New Issue” Notes, under Act of Congress of 17
th
Feb’y, 1864, when this office shall be supplied with funds for the purpose, and on surrender of this Certificate.
”. It is signed at the conclusion by “
James Sorley
” in his capacity as “
C. S. Depositary
”, with the notation at the left that this exchange would net the recipient “
Value $
666.66
‘New Issue’
”. The top and bottom of the certificate bear a double frame-line, while the left end features geometric designs between two single lines. This certificate is “
No.
955
”, as noted at the upper left. The back, as with many documents of the era, was left blank (in many cases, printing on the back was just a waste of precious ink). The certificate was printed by “
E. H.
CUSHING & CO., HOUSTON
”, as evidenced by their imprint at the lower left. According to the latest reference work on these documents, the exact number of these certificates issued is unknown, however it is listed as a Rarity-10, indicating that only 21-50 pieces are believed to exist (it is interesting to note that the presently offered specimen is separated from the catalogued example by only 9 certificates and was issued to the same individual). This piece would make an excellent addition to any Confederate currency collection, or an interesting display item with a portrait of Sorley and a note from the old and new issues of currency.
By the time this certificate was issued, the Confederate financial system was in disarray. The dollar was only worth a fraction of its 1861 value, inflation was rampant throughout the remaining southern controlled territory, and what specie had originally been present had long since disappeared from circulation. The Currency Reform Act of 1864 was intended to reduce the Confederacy’s money supply by removing pre-1864 treasury notes and replacing them with a new issue at 2/3 of their original face value. This was very difficult to accomplish in the Trans-Mississippi Department, since by this time the Union forces controlled the length of the Mississippi River, making it almost impossible to send the new issues to the department. This forced the issuance of these certificates in numerous locations throughout the department, though it appears that the majority were redeemed or destroyed. While this reform temporarily slowed the rampant inflation, the Confederacy was doomed to fail within the following year.
The presently offered specimen exhibits signs of period use, though it retains very nice eye-appeal and great historical interest. Very light toning is noted across the entire surface, imparting to the paper an off-white to beige appearance. Several slightly darker spots can be seen scattered throughout the piece, though none of these is particularly large or detrimental to the overall desirability of the document. One central fold is readily apparent, with a few paper bends and wrinkles noted for accuracy (the central fold, while harsh, does not seem to have seriously compromised the integrity of the paper). Due to the type of paper employed and the acidity of the period ink, minor corrosion is present on the manuscript additions, though at this time, no paper has been lost to this condition. The left and bottom edges appear to have been torn when removed for issue, while the top and right edges remain straight. The contrast is average for the issue, with all printing and manuscript additions being fully legible. Close examination reveals the remnants of a pencil notation at the upper left, though this has been erased and is very light. This interesting and historic piece measures approximately 3⅜ x 6 inches and would make a wonderful adjunct to any Confederate currency collection.
A .95 charge will be added to the winning bid for postage and insurance.
A .00 charge will be added to any item picked up in person at our physical location.
If you have any questions regarding this item, please ask before purchasing.
Buy or Bid with Confidence – American Coins & Collectibles President Richie Self has worked 6 years as a paper money grader/authenticator. He has contributed to numerous reference books within the industry, as well as being a co-author of “The Comprehensive Catalog and History of Confederate Bonds, 2
nd
Edition” with Douglas B. Ball, Ph.D., Henry F. Simmons, M.D., Ph.D. and James R. Desabaye. Mr. Self is a life member of the American Numismatic Association, the Society of Paper Money Collectors, as well as numerous regional numismatic associations. He is an authorized submitter to NGC, PCGS, and PMG, a diamond founding member of Coin Dealers Helping Coin Dealers and a supporter of the Industry Council for Tangible Assets. American Coins and Collectibles can be found at many of the state and local coin shows.
American Coins and Collectibles
Shreveport, LA