Can investing and collecting go hand-in-hand? Yes -- especially if you are collecting coins, stock certificates, bank notes, or other rare items of value. Larry Schutts, an expert in investment-related collectibles, will review items of interest from his collection and answer your questions here each week.

Notes and warrants associated with the various governments of Texas are among the most popular of all 19th century North American currency collectibles. Between the initial break with Mexico (1835) and the end of the Civil War (1865), the Provisional Government, the Government, the Republic, the State and the Confederate State of Texas each issued a variety of financial instruments and examples are highly prized by an active collector community. Among the more widely sought pieces are the Treasury Warrants of the Confederate years. These were issued pursuant to eleven "Military Service" and ten "Civil Service" post-secession acts of the state legislature. Prices commanded by well preserved specimens are on the rise and that's attracting investor interest.

The first two warrants pictured are colorful, uncirculated notes. The orange dollar bill was a military issue. The yellow note represented a payment on the civil side. The dollar is commonly available in lower grades, but hard to get in uncirculated condition. Ten years ago the piece shown cost about $50. Last year, it went for about $200. The yellow note was one that allowed the state comptroller to issue odd denominations, in this case $79.96. A year ago, I paid $95 for this example. Last month, it sold for $210.