One of the key events which made blockade running a viable business in the latter half of the war was the Erlanger Loan (or "Cotton Loan"), an issue of bonds made by Emile Erlanger and Company of Paris. Because Confederate currency was worthless in Europe, Erlanger cotton bonds became the de facto currency used by the South when purchasing ships, supplies and other war materiel abroad.

The bonds sold at 90% of face value, and were redeemable for Confederate government-owned cotton in the Confederacy itself. This last clause was a critical catalyst in stimulating blockade-running, because the holders of Erlanger bonds had to risk the Federal blockade to convert them into a tangible commodity.

This rare Erlanger cotton note for 100 pounds of sterling is Series D, number 247, issued in Europe by J. Henry Schroder & Co. and Emilie Erlanger & Co. Tri-valued at: 100 Pounds Sterling-2,500 French Francs-4,000 pounds of cotton. The center image is of Liberty holding a First National Confederate flag gazing out to a ship at sea. Next to her is a stack of cotton bales and a tobacco plant. Confederate States of America seal is present at the lower center. Reverse is stamped by London County Bank, No. 26.

On the sides are 36 coupons remaining out of the original 40. The first was redeemable September 1, 1865 and the last on March 1, 1883.  Measures 23 ¾” x 18”, on a 24 ½” x 19 ¼” mount.  Note is in very good condition with faint creases. Chipping is present on edges. Yellowing has occurred from age. All ink inscriptions are readable. [sl]

Extra shipping charge required - $35.00 insured UPS ground east of the Mississippi, $50.00 west of the Mississippi.

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