T-65 Punch Out Cancelled

[TucsonReb]

I recently picked up this note for about 40 bucks. I have never seen another 1864 note punch cancelled, and I wondered what the rarity and value would be.


Thanks!

 

[Bur Oak]

Cancelled 1864 notes are uncommon. I've only seen one or two that I can remember in over twenty years of collecting. In spite of "rarity," I believe they would be priced as "impaired" notes. There would be no premium, since that would provide the unscrupulous with incentive to alter (mutilate) other notes for profit.

 

[TucsonReb]

I could see how that would lead to many mutilated notes.
Thanks!