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The $100 1862 Confederate Bank Note, cataloged as T-40 in Criswell’s reference system, is a notable and widely collected issue from the American Civil War, printed and circulated by the Confederate States of America (CSA). Dated September 2, 1862, this note was part of the fourth major emission of Confederate paper money and bears the hallmark design characteristics and historical significance that define CSA currency. Though many Confederate notes were heavily circulated during the war, Uncirculated (UNC) examples of the T-40 $100 are scarce and highly prized by collectors due to their exceptional preservation and sharp detail.
The T-40 $100 note features a central vignette depicting a steam-powered train traveling from right to left, with the engine’s smokestack emitting thick puffs of smoke. This image, often referred to as the “Train with Palmetto Tree” type, captures the spirit of Southern industry and infrastructure during the early war years. The Palmetto tree on the left side of the vignette is a nod to South Carolina, the first state to secede from the Union. The depiction of the train symbolizes Confederate transportation and military logistics, while also evoking themes of progress and regional pride.
The upper left corner of the note shows a large “100” inside an ornamental cartouche, with a smaller “C” for cents directly below. On the opposite corner, a bold red overprint “100” was added diagonally to help deter counterfeiting and to create visual emphasis. The red overprint is one of the distinguishing features of many 1862 issues and was used to make the denomination stand out against the rest of the black intaglio printing. A portrait of classical-style goddess Ceres, symbolizing agriculture, appears at lower right, underscoring the South’s dependence on agrarian economies.
The text across the face reads: “Six months after the ratification of a treaty of peace between the Confederate States and the United States, The Confederate States of America will pay ONE HUNDRED DOLLARS to bearer.” This phrase reflects the CSA’s expectation that peace and recognition would eventually come—a hope that was never realized. The note is signed by hand in brown or black ink by Confederate treasury officials, and includes a serial number and date written in the same style. All text and vignettes are printed on thin, quality rice paper or similar rag-based paper, often watermarked and showing fibers when held to light.
The reverse of the T-40 $100 note is blank, as was typical for many Confederate notes of this era. However, many of these notes bear interest payment notations or stamps, often placed by depositories or treasury agents in various Confederate states, recording periodic interest payments at rates of 7.3% per annum. These interest endorsements can help identify where a note circulated, adding historical intrigue and geographic context. Though many circulated notes feature interest stamps and folds, UNC examples remain free from such markings, making them visually cleaner and more desirable to collectors focused on pristine condition.
The note was printed by Keatinge & Ball, one of the main Confederate currency printers based in Columbia, South Carolina, following the relocation of the treasury’s printing operations from Richmond. The craftsmanship of Keatinge & Ball is evident in the finely engraved vignettes, delicate bordering, and careful letterforms, even on mass-issued notes like the T-40. Each plate used for these notes was hand-engraved, resulting in minor variations between printings and creating a rich field for study and die identification among advanced collectors.
The total issuance of T-40 notes was extensive—hundreds of thousands were printed between late 1862 and early 1863, making this one of the most common Confederate interest-bearing notes. However, despite the high number printed, the survival rate in Uncirculated condition is low. Most were folded, endorsed, and carried in the field by soldiers or civilians using them in place of scarce coinage. UNC examples, with sharp corners, no folds, full margins, crisp paper, and bold ink, are relatively rare and often command significant premiums over circulated counterparts, particularly when paired with strong eye appeal and full original embossing.
Collectors of Confederate currency highly value the T-40 $100 for its detailed train vignette, red overprint, and rich historical narrative. As a note that circulated broadly across the South, it represents a key chapter in Confederate financial history, highlighting both the ambitious scope of the wartime economy and the looming challenges that led to rampant inflation and eventual currency collapse. In UNC condition, it stands out as a well-preserved artifact from a turbulent and pivotal era in American history, offering collectors a visually engaging and contextually meaningful piece.
Condition is paramount for Confederate notes, and UNC examples of the T-40 exhibit flawless preservation: no folds, pinholes, tears, or edge fraying. The paper remains firm and bright, with sharp impressions and full ink density on both vignettes and handwritten entries. Some UNC specimens are slabbed by third-party grading services such as PMG or PCGS Currency, where they may grade as UNC 60 to UNC 65 or higher, depending on centering and ink quality. Such graded notes typically feature premium pricing due to their condition rarity and the security of certification.
In conclusion, the $100 1862 Confederate Bank Note T-40 in Uncirculated condition is a highly collectible and historically significant example of wartime Southern currency. With its iconic train vignette, bold red overprint, interest-bearing clause, and association with Confederate efforts to sustain a war economy, it embodies the financial and symbolic aspirations of a short-lived nation. Preserved in crisp, original state, it offers collectors both aesthetic beauty and a direct connection to the Civil War era—an enduring artifact of the Confederate struggle and its legacy in American numismatics.