T8 $50 1861 PF-4 Cr. 18 PMG Choice Uncirculated 63 EPQ. ...
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T8 $50 1861 PF-4 Cr. 18 PMG Choice Uncirculated 63 EPQ. Hoyer & Ludwig was pressed into service by Secretary Memminger to provide large quantities of Treasury notes in the wake of the failure of the New Orleans branch of ABNCo (under the guise of the Southern Bank Note Company) to provide the needed quantities. The lithographed notes were much more crude and therefore susceptible to counterfeiting, but filled the immediate need. Although printed on thick bond paper that did not wear well, this note has clearly seen virtually no time in circulation, perhaps held as a bank's cash reserves. Fricke estimates 35,704 of this variety were issued. HID08101242017 www.HA.com/TexasAuctioneerLicenseNotice
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