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State of Georgia Treasury Department. $10,000.00
From Stack's January 2005 Auction, Session 1 on Jan 18, 2005
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 State of Georgia Treasury Department. $10,000.00. Milledgeville. Sept. 2, '186'4. '6% Interest' note redeemable in bonds. Howell, S.C. Red protector '$10,000' across the bottom center. Textual obligations across the center and under the protector. At the top is the title and to the right is the city and date. At the left is a panel with 'TREASURY CERTIFICATE', the serial number above and at the bottom '10,000'. Criswell 30F; unpriced and designated as Extremely Rare. Fully signed and issued. Serial No.5. This is from one of the most significant and rare Southern States series. They are rarely offered at auction and the few examples we know of have been closely held. The examples in the Ford Collection have been off the market for decades. We think the census for this denomination is most certainly less than ten known examples for both interest rate types. An important note that will magnify the significance of the next Confederate era or obsolete note collection it enters. Some very light folds (more like 'bends') and a small ink stain on the bottom edge under the signature. Nearly Extremely Fine.
These late and high denomination Treasury Certificates came about due to the the Georgia State government's requirement to comply with a soon to be passed legislative act by the Confederacy. That act was to compel the states to redeem their redundant Treasury notes into bonds. However, Georgia had provided that its notes could not be funded until six months after peace, and only if the State had failed to pay off the notes. The State was in a quandary since it did not want to violate its pledges regarding its large note issues and did not wish to incur heavy interest costs if compelled to convert the notes into bonds.
The circulating notes in question were the Act of December 5, 1861 Georgia ('January 15, 1862') notes that were fundable in 8% bonds ($2.5 million authorized) and the Act of 1862 Georgia ('February 1, 1863') notes fundable in 6% bonds ($5 million authorized). To alleviate the redemption situation, the State authorized high denomination certificates of $5,000.00, $10,000.00, and $10,000.00 to redeem large sums of these lower denomination note issues. A total of $1,395,000.00 of certificates was funded with $975,000.00 in 8% certificates and $420,000.00 in 6% certificates. There are six different certificates in this series, three denominations for each interest rate redemption type.
The certificate amounts issued, from Dr. Douglas B. Ball's research, are for the 8% type: 30 examples of the $20,000.00, 30 examples of the $10,000.00, and 30 examples of the $5,000.00. The 6% type would appear to have had 12 examples printed for each of the three denominations (adding up to $420,000.00). They were probably printed on sheets of three with one of each denomination to a sheet. Dr. Ball's census of this series, published in the 1989 Memphis Catalogue by NASCA/Smythe, cited eleven examples of all types and denominations. He recalled a small hoard of six pieces including three $20,000.00 and three $10,000.00 certificates. The two different notes here are from that 'hoard'. Charles Affleck later found a $10,000.00 and a $5,000.00 and $10,000.00 were sold in 1979. Lot 3298 in the Memphis 1989 sale was a $5,000.000 6% (serial no.149) that was discovered by John Rowe. The last examples from this series sold at auction to our knowledge were the John L. Sanderson Collection examples auctioned by Smythe at the 2001 Memphis Sale. The $5,000.00 6% (lot 3481) realized $3737.50 (with a small edge chip) and his $20,000.00 8% (serial no.26) realized $5,750.00.
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