Thank you for contacting Mearto with your appraisal inquiry. Based on the photographs examined, the subject of this appraisal is an ungraded T-18 Richmond $20 Confederate bill dated September 2nd, 1861. This particular note was the highest volume $20 bill produced in 1861 or 1862, and was widely counterfeited. The note's inscription 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 Twenty Dollars to bearer. Fundable in Confederate States stock bearing eight per cent interest. Receivable in payment of all dues except export dues. Hoyer & Ludwig, Richmond, Va." From the photographs, the condition of the piece is estimated between Fine and Very Fine under traditional grading guidelines with some edge chipping, minor stains and numerous folds. Fair Market Value of the piece based on prices realized recently for similar ungraded pieces at online auction sites such as eBay as well as auction houses fall within the $40 to $60 range.