This bond was authorized by an Act of Congress on January 29, 1863. Bond is numbered 2236 of Series D. Bond has the watermarked date 1863 appearing in its center.

Features a lithograph of Liberty holding the First National Confederate flag while leaning on bales of cotton gazing at the sea. Signed by Baron Emil Erlanger (loan manager in Paris and Frankfurt), J. Henry Schroeder (loan agent in London), Colin J. McCrae (CSA European agent), and John Slidell (CSA commissioner to Paris). 36 redemption coupons are present. Each coupon is dated for when it is redeemable. The 40^th coupon of each bond is hand-signed by Charles Walsh, Jr. Solid consistent printing and signatures throughout. 4 coupons have been redeemed. Hand signed last coupon dated 1st March, 1883.

Embossed Confederate Treasury stamp is present near bottom center of bond, and a "Two Shilling Six Pence" embossed stamp in top left corner of bond.  Reverse has 2 additional stamps.

The South was the world's major cotton producer. To damage the Confederate economy, President Lincoln, proclaimed a blockade of the southern coast of the southern coast after the outbreak of fighting on April 12, 1861. A key attraction of the Confederate bonds was that they were "cotton backed", and were exchangeable into New Orleans middling cotton at a rate of 6 pence sterling per pound (at a time when the going rate in England was better than 20 pence per pound). The catch was that the Confederate government undertook to deliver this cotton to one of its ports only after the peace had been made. While the war endured, delivery had to be taken inland with the would-be recipient also having to run the Union blockade to get the cotton out.

Edges are lightly wrinkled with some small chips present. A few pinholes are scattered throughout. Yellowing has occurred with age, but overall bond is in very good condition. Two vertical creases are alongside coupons. Measures 17 ¾” high x 23” wide, except for top right corner where coupons were cut out. [sm]

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