The artwork associated with certain of the documents makes them collector favorites. The call certificate illustrated here features a female representation of Commerce holding a cornucopia. It could be held for semi-annual interest payments, or could be redeemed for Treasury notes. The $5,000 certificate depicts a rustic scene, with a man at a style. Both the principal and interest associated with this paper were exempt from federal taxation. The two pieces pictured also fall into the extremely rare category. Prices on both are up about 50%, in the past three to four years.

There was also nice art on a series of 1863 bonds intended for European investors. These were priced on the basis of government pledges to deliver set amounts of cotton. The bonds were actually prepared in London, where skilled engravers and printers took advantage of the latest hardware to generate a female representation of the Confederacy, leaning on bales of cotton and holding a flag. The example shown promises delivery of 20,000 pounds of cotton and features the price in both British pounds and French francs. Although it is a relatively common piece, price points for this particular bond have increased from $400 to $750, in the past five years.

Altogether, collectors recognize nearly 400 varieties of CSA debt paper. Common types are readily available from numerous obsolete currency dealers, but rare specimens are only seen at the periodic sales conducted by major auction houses. Prices for investment grade examples run from about $75 to well over $10,000. There is usually a decent assortment available on the major Internet auction sites, but one should become familiar with average bidding levels before committing any significant sums. Don't be fooled by what appear to be bargain basement prices. Asking prices under about $15 usually involve individual coupons, being advertised as "bonds."

Larry Schutts has invested in high grade collectibles for over twenty years and recently opened an online Collectible Investment Store.