1863 State of North Carolina 1 Dollar Obsolete Note - PCGS Graded Choice New 63 - 1863 Raleigh NC One Dollar Obsolete Treasury Note - Cr.132

This listing is for the photographed 1863 State of North Carolina 1 Dollar Obsolete Banknote. Dated January 1st, 1863, issued in Raleigh, NC. PCGS graded and authenticated, Choice New (Uncirculated) 63 grade/condition. Issued and signed. Center vignette of two women holding an anchor and cornucopia in front of a port and factory scene, representing the states strengths in naval and manufacturing power. Confederate issued currency, great piece of history. Cr. 132 (CR-NC-132).

Note was "issued under act ratified 20th Dec. 1862." This act authorized the issuance of paper currency by state governments within the Confederate States. Notes issued under this law could be redeemed on or before January 1st, 1866. 

During the Civil War the Confederate States of America attempted to establish an independent currency system in order to fund their war efforts, resulting in an array of Confederate currency from each of its states. Many of these banknotes were made out of necessity during the war, which causes them to be varied in condition and design throughout the states. One design many of these notes had in common was detailed vignettes, often of prominent Confederate leaders or imagery supporting their war efforts.

Obsolete bank notes are also called "broken bank notes." In the days prior to the Federal Reserve, any bank could produce currency for use by the clients and members of the community. Unfortunately, not many safeguards were taken to ensure that banks stood behind the currency they were producing and circulating. Banks, more often than not, failed and their currency was rendered worthless. As a result, most bank notes of the period did not trade at their full retail value. Oftentimes notes were worth 50 cents on the dollar because the public expected the banks to fail.

This piece offers a great deal of insight into the Civil War era political and economic aspects of the United States, making it an excellent addition to any collection!

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1863 State of North Carolina 1 Dollar Obsolete Note - PCGS Graded Choice New 63 - 1863 Raleigh NC One Dollar Obsolete Treasury Note - Cr.132