Confederate States Dollar - Wikipedia

Currency of the Confederate States of America Confederate States dollar

$1,000 depicting John C. Calhoun and Andrew Jackson$50 depicting Jefferson Davis
Unit
Symbol	$ or C$ or (mostly used) ¢‎
Denominations
Subunit
1⁄100	cent
Symbol
cent	¢
Banknotes	50¢, $1, $2, $5, $10, $20, $50, $100, $500, $1,000
Coins	50¢, 1¢
Demographics
Date of introduction	April 1861
Date of withdrawal	1865
User(s)	Confederate States
This infobox shows the latest status before this currency was rendered obsolete.

The Confederate States dollar was first issued just before the outbreak of the American Civil War by the newly formed Confederacy. It was not backed by hard assets, but simply by a promise to pay the bearer after the war, on the prospect of Southern victory and independence. As the Civil War progressed and victory for the South seemed less and less likely, its value declined. After the Confederacy's defeat, its money had no value, and individuals and banks lost large sums.

The first series of Confederate paper money, issued in March 1861, bore interest and had a total circulation of $1,000,000.[1] As the war began to turn against the Confederates, confidence in the currency diminished, and the government inflated the currency by continuing to print unbacked banknotes. By the end of 1863, the Confederate dollar (or "Grayback", to distinguish it from the then-new "Greenback" paper U.S. dollar, which was likewise put into circulation during the war) was quoted at just six cents in gold, and fell further still.

The Grayback is now a prized collector's item, in its many versions, including those issued by individual states and local banks. The various engravings of leading Confederates, gods and goddesses, trains, ships, and slaves on these hastily printed banknotes, sometimes cut with scissors and signed by clerks, continue to stimulate debate among antique dealers, with even some of the counterfeit notes commanding high prices.

Background

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The Confederate dollar, often called a "Grayback", was first issued into circulation in April 1861, when the Confederacy was only two months old, and on the eve of the outbreak of the Civil War.

At first, Confederate currency was accepted throughout the South as a medium of exchange with high purchasing power. As the war progressed, confidence in the ultimate success waned, the amount of paper money increased, and their dates of redemption were extended further into the future.[2] Most Confederate currency carried the phrase across the top of the bill: "SIX MONTHS AFTER THE RATIFICATION OF A TREATY OF PEACE BETWEEN THE CONFEDERATE STATES AND THE UNITED STATES" then across the middle, the "CONFEDERATE STATES OF AMERICA WILL PAY [amount of bill] TO BEARER" (or "...WILL PAY TO BEARER [amount of bill]" or "...WILL PAY TO BEARER ON DEMAND [amount of bill]").

As the war progressed, the currency underwent the depreciation and soaring prices characteristic of inflation. For example, when news of the Confederate defeat at Gettysburg reached the public, the Confederate currency depreciated 20%.[3] Confederate President Jefferson Davis asked private citizens to restore the value of the Confederate dollar by mutually agreeing to sell and buy items only at reduced prices.[4] In October 1863, Confederate States Senator Louis Wigfall of Texas said that a Confederate soldier received $11 per month in pay, which was worth the same as $1 had been worth at the beginning of the war.[4] In September 1864, one Confederate dollar was worth the same as three cents in gold currency.[5] People tried to retain their wealth by buying gold to such an extent that, in Richmond, it was impossible to find someone who would sell their gold.[5] On Christmas Day, 1864, the Confederate dollar's worth had decreased to such an extent that a turkey sold for $155 and a ham for $300.[6] By the war's end, a cake of soap could sell for as much as $50, and an ordinary suit of clothes was $2,700.[7]

Near the end of the war, the currency became practically worthless as a medium of exchange. This was because, for the most part, Confederate currency was bills of credit, as in the Revolutionary War, not secured or backed by any assets. The only two exceptions were in Mississippi, where in 1862 a series of notes were issued with the backing of cotton stored by the state's planters and in Florida, where notes were backed, in theory, by public lands.[8] Just as the currency issued by the Continental Congress was deemed worthless (witness the phrase "not worth a Continental;" and see The Federalist Papers, which also addressed this issue in the run-up to the ratification of the U.S. Constitution) because they were not backed by any hard assets, this too became the case with Confederate currency.[citation needed] Even though gold and silver may have been scarce, some economic historians [who?] have suggested that the currency would have retained a relatively material degree of value, and for a longer period of time, had it been backed by hard goods the Confederacy did have, such as cotton or tobacco. When the Confederacy ceased to exist as a political entity at the end of the war, the money lost all value as fiat currency.

Designs

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The Confederacy, being limited in skilled engravers and printers as well as secure printing facilities, often had to make do with unrelated designs in early banknote issues. Some such were abstract depictions of mythological gods and goddesses, such as the Goddess of Liberty. Typical Confederate themes included naval ships and historical figures, including George Washington. Of the 72 notes issued by the Confederate States of America, five designs depicted slaves.

Since most engravers and bank plates were in the Northern states, Confederate printers used offset or lithographic process to copy scenes that had been used on whatever notes they had access to. Many variations in plates, printing and papers also appear in most of the issues, due in large part to the limits on commerce resulting from the Union blockade and the inadequate Confederate railroads in the American Civil War.

People featured on banknotes include Andrew Jackson, John C. Calhoun, Christopher Memminger, Robert M. T. Hunter, Alexander H. Stephens, Jefferson Davis, Judah P. Benjamin, Clement Clay, George W. Randolph, and Lucy Holcombe Pickens, the wife of the Governor of South Carolina.[9][10][11][12][13] There was also a bill featuring George Washington.[14]

Signatures

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Confederate Treasury Notes were hand signed by various clerks, with exception of the 50 cent issues that had the printed signatures of Robert Tyler and Edward C. Elmore. The first six notes issued were hand signed by the Register and Treasurer themselves. While hand signatures were considered an anti-counterfeiting tool, the sheer number of bills being produced could not reasonably be signed individually by two men each. Women were often hired as clerks to sign "for Register" and "for Treasurer". Up to 200 clerks were eventually hired for each.[15]

Coinage

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As the Civil War continued, the cost of the war loomed large. Any precious metals available in the South often made their way to Europe to procure war goods, but the CSA did manage to mint a few coins. In 1861, Robert Lovett Jr. of Philadelphia was commissioned to design, engrave, and make a one cent piece for the Confederacy.[16] On the obverse (front), he used the head of Minerva (French Liberty Head), which he had used on several store cards. The coins were struck using the then Federal standard of cupronickel for cent pieces. He made a few samples, of which only 12 had been said to exist by the popular stories[17] but research has shown that 14 are currently known to exist. Fearing prosecution for aiding the enemy, he stopped his work and hid the coins and dies in his cellar. The original dies were purchased later and used to make restrikes, first by John W. Haseltine and later by Robert S. Bashlow.[18] The dies were donated to the Smithsonian Institution by Bashlow in 1962.

In the aftermath of secession, the Confederacy seized U.S. Mint facilities at Charlotte, North Carolina,[19] Dahlonega, Georgia,[20] and New Orleans, Louisiana.[21] After seizing and appropriating the bullion reserves stored at the facilities, the Confederate Treasury, led by C. G. Memminger, determined that the cost of minting coins far outweighed the benefits. Circulating specie would be virtually nonexistent in the Confederacy throughout the entirety of the war. A wide variety of local token and scrip would attempt to fill this void, to little avail.[22]

In late April 1861, four Confederate half dollars were struck on a hand press by employees of the New Orleans Mint. Because of the high relief of the coin die, a test striking was made to determine if coins would release from the Confederate die. The die was made by a printing plate engraver (A.H.M. Peterson) in New Orleans who was unfamiliar with techniques required to engrave coining dies. These coins were struck using a U.S. obverse die (Seated Liberty) and the Confederate die made by Peterson. These coins are known as originals, and the location of all four of the coins is known today.

As the result of an 1879 article about the Confederate cent printed in a New York City newspaper, Benjamin F. Taylor, M.D. (Chief Coiner, New Orleans Mint, CSA) contacted coin dealer Ebenezer Mason. Taylor informed Mason of the existence of the Confederate half dollar and the die. Mason bought the die and coin from Taylor and sold them to J.W. Scott Co. of New York City, a coin and stamp dealer. Scott bought 500 1861 United States half dollars from a New York bank that were supposedly struck at the New Orleans Mint. Scott had the reverse of the half dollars planed down and performed a one-sided strike using the Confederate half dollar die. The Seated Liberty obverse of the coins were flattened some because of the one-sided strike. In addition, Scott struck 500 half dollar-sized tokens in white metal using the Confederate die and a newly made die to commemorate the restrikes of the Confederate half dollars. The Confederate half dollar die went missing during the 1920s and has not been seen since.

Popular stories claim one of the Confederate half dollars was given to Confederate President Jefferson Davis. This story has no basis in fact. In an 1879 letter to Ebenezer Mason, Davis confirmed that a Union soldier (actually a Federal Officer) stole a coin from one of his wife's trunks, but could not confirm that it was like the then known Confederate half dollar. It is possible that the coin was a gold so-called Jefferson Davis dime struck at the Paris (France) Mint, which Davis described to coin dealer Ed Frossard in an 1880 letter. All known Jefferson Davis dimes were struck in silver at the Paris Mint. The Davis letter is the only known reference to a gold specimen, which was likely a special presentation piece made for Davis.

Banknotes

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Confederate Treasury Notes (banknotes) were ultimately issued in 50¢, $1, $2, $5, $10, $20, $50, $100, $500, and $1,000 denominations with a variety of designs, issuers, and redeemable obligations. The amount of currency issued under the various acts of the Confederate Congress totaled $1.7 billion. Bills were released in 72 different note "types" in seven "series" from 1861 through 1864.

Since there were many types of Confederate notes as well as notes issued by the states of the Confederacy, and since banks could issue their own notes, counterfeiting was a major problem for the Confederacy. Many of these contemporary counterfeits are identifiable today and they can be as valuable to a collector as a real note.[23]

Confederate dollars and coins remain the subject of a lively trade, with careful grading of damage and deterioration similar to booksellers' gradings.

Series of CSA notes

[edit] Series and authorizing acts Confederate States dollar banknotes (1861–1864)

Series	Authorization	Amount	Denominations	Comments
First[24]	Act of March 9, 1861Amended August 3, 1861	$1,000,000 (i)$1,000,000 (ii)	$50, $100, $500, $1,000 (i)$50, $100 (ii)	Interest bearing at 3.65%, payable twelve months after date
Second[25]	Act of May 16, 1861	$20,000,000	$5, $10, $20, $50, $100	No interest, payable two years after date
Third[26]	Act of August 19, 1861Amended December 24, 1861	$100,000,000 (i)$50,000,000 (ii)	$5, $10, $20, $50, $100	Funded by 8% bonds, payable six months after a treaty/peace between the U.S. and CSA
Fourth[27]	Act of April 17, 1862Amended September 23, 1862	$170,000,000 (i)$5,000,000 (ii)	$1, $2, $10, $20, $100	Introduced $1 and $2 notes, and $100 interest-bearing notes (2 cents per day)
Fifth[28]	Act of October 13, 1862	$90,000,000[n 1]	$1, $2, $5, $10, $20, $50, $100	Payable six months after ratification of a treaty. Lower denominations issued on pink paper
Sixth[30]	Act of March 23, 1863	$50,000,000[n 2]	50¢, $1, $2, $5, $10, $20, $50, $100	Payable two years after ratification of a treaty
Seventh[32]	Act of February 17, 1864	$200,000,000[n 3]	50¢, $1, $2, $5, $10, $20, $50, $100, $500	Payable two years after ratification of a treaty

Banknote printers and engravers

[edit] Printers and engravers ofConfederate States dollar banknotes (1861–1864)

Engraver/Printer	Location	Types printed	Comments
National Bank Note Company	New York, NY	1–4	Part of the American Bank Note Company
Southern Bank Note Company	New Orleans, LA	5, 6, 15, 19, 22, 31	Southern branch of the American Bank Note Company[34]
Hoyer & Ludwig	Richmond, VA	7–11, 13–14, 17–18, 27–28, 35–36, 46	Louis Hoyer and Charles Ludwig, in operation 1861–64[35]
Jules Manouvrier	New Orleans, LA	12	Lithographer, contracted to print $10 CSA notes. Some were stolen and entered circulation with forged signatures. Contract cancelled[36]
Leggett, Keatinge & Ball	Richmond, VA	23, 24, 32, 33	Edward Keatinge (formerly a portrait engraver with the Southern Bank Note Company) joined Leggett & Ball shortly after the Civil War began. Leggett was forced out after being accused of spying for the Union, and the company became Keatinge & Ball.[37]
Keatinge & Ball	Columbia, SCRichmond, VA	16, 21, 25, 26, 34, 41, 49–62, 64–71	In 1862, Keatinge & Ball moved to Richmond.[37]
Blanton Duncan	Columbia, SCRichmond, VA	20, 29, 30, 37, 38, 42–45	Originally from Kentucky, Duncan moved to Richmond at the invitation of Christopher Memminger to open a paper mill and printing plant.[38]
J.T. Patterson	Columbia, SC	28, 36, 39, 40,
Archer & Daly	Richmond, VA	63	A lithographic firm specializing mainly in CSA stocks and bonds[39]
Archer & Halpin	Richmond, VA	72

Complete typeset of CSA banknotes

[edit] A complete typeset of the Confederate States dollar banknotes (1861–1864)

Series/Date	Type[n 4]	Value	Image	Comments[n 5]
1First Series	T–15 Apr 186121 Jun 1861	1000$1,000		John C. Calhoun, Andrew JacksonNational Bank Note Company(607 issued)[42]
	T–28 Apr 186123 Jul 1861	0500$500		Ceres, The Crossing (by James Smillie)National Bank Note Company(607 issued)[43]
	T–35 Apr 186121 Jun 1861	0100$100		Minerva, railroadNational Bank Note Company(1,606 issued)[44]
	T–45 Apr 186121 Jun 1861	0050$50		Slaves working in a fieldNational Bank Note Company(1,606 issued)[45]
	T–525 Aug 186123 Sep 1861	0100$100		Justice, Hudson River Railroad, MinervaSouthern Bank Note Company(5,798 issued)[46]
	T–625 Aug 186123 Sep 1861	0050$50		Justice, Agriculture and Industry, George WashingtonSouthern Bank Note Company(5,798 issued)[47]
2Second Series	T–729 Jul 186122 Oct 1861	0100$100		George Washington, Ceres, and ProserpinaHoyer & Ludwig (Richmond, VA)(37,155 issued)[48][n 6]
	T–829 Jul 186122 Oct 1861	0050$50		Tellus, George WashingtonHoyer & Ludwig (Richmond, VA)(123,564 issued)[50]
	T–925 Jul 186126 Oct 1861	0020$20		Sailing shipHoyer & Ludwig (Richmond, VA)(264,988 issued)[51]
	T–1025 Jul 18612 Nov 1861	0010$10		Liberty (seated), Liberty (leaning on shield)Hoyer & Ludwig (Richmond, VA)(170,994 issued)[52]
	T–1129 Jul 18617 Sep 1861	0005$5		Sailor (leaning), Liberty (seated)Hoyer & Ludwig (Richmond, VA)(73,355 issued)[53]
	T–12	0005$5		"Confederate States of America"Jules Manouvrier (New Orleans, LA)(15,556 issued)[54]
3Third Series	T–1322 Oct 186116 Apr 1862	0100$100		Sailor (standing), slaves loading cottonHoyer & Ludwig (Richmond, VA)(629,284 issued)[55]
	T–1422 Oct 186116 Apr 1862	0050$50		Sailors, Moneta with treasure chestHoyer & Ludwig (Richmond, VA)(469,660 issued)[56]
	T–158 Jan 186215 May 1862	0050$50		Hope, Hudson River Railroad, JusticeSouthern Bank Note Company(14,860 issued)[57]
	T–1617 Apr 186210 Dec 1862	0050$50		Jefferson DavisKeatinge & Ball (Richmond, VA)(425,944 issued)[58]
	T–1714 Sep 18615 Nov 1861	0020$20		Liberty, Ceres between Commerce and NavigationHoyer & Ludwig (Richmond, VA)(43,732 issued)[59]
	T–1824 Oct 186116 Aug 1862	0020$20		Sailor, Sailing shipHoyer & Ludwig (Richmond, VA)(2,366,486 issued)[60]
	T–198 Jan 186215 May 1862	0020$20		Minerva, Navigation, BlacksmithSouthern Bank Note Company(14,860 issued)[61]
	T–2021 Jun 18628 Dec 1862	0020$20		Alexander H. Stephens, Industry between Commerce and beehiveB. Duncan (Columbia, S.C.)(2,834,251 issued)[62]
	T–2128 Jun 186215 Nov 1862	0020$20		Alexander H. StephensKeatinge & Ball (Columbia, S.C.)(164,248 issued)[63]
	T–2213 Nov 186115 May 1862	0010$10		Thetis, Native Americans, Female with XSouthern Bank Note Company(58,860 issued)[64]
	T–2315 Nov 186130 Dec 1861	0010$10		John E. Ward, Wagon of cotton, Corn gathererLeggett, Keatinge & Ball (Richmond, VA)(20,333 issued)[65]
	T–2420 Feb 18628 Dec 1862	0010$10		Robert M.T. Hunter (left); Reverend Alfred L. Elwyn (vignette, as child)Leggett, Keatinge & Ball (Richmond, VA)(278,400 issued)[66]
	T–2512 May 18629 Aug 1862	0010$10		Robert M.T. Hunter (left); Hope; C.G. MemmingerKeatinge & Ball (Richmond, VA)(178,716 issued)[67]
	T–2612 Jul 18628 Dec 1862	0010$10		Robert M.T. Hunter (left); Hope; C.G. MemmingerKeatinge & Ball (Richmond, VA)(514,400 issued)[68]
	T–2726 Nov 18615 Dec 1861	0010$10		Liberty; TrainHoyer & Ludwig (Richmond, VA)(8,576 issued)[69]
	T–2823 Jan 186213 Dec 1862	0010$10		Ceres and Commerce; TrainHoyer & Ludwig (Richmond, VA)J.T. Patterson (Columbia, S.C.)(1,074,980 issued)[70]
	T–2917 Mar 186213 Sep 1862	0010$10		Slave picking cotton; canalB. Duncan (Richmond, VA)(286,627 issued)[71]
	T–3014 Jun 18623 Jan 1863	0010$10		Robert M.T. Hunter (left); engraving of the painting General Marion Inviting a British Officer to Share His Meal by John Blake White; MinervaB. Duncan (Columbia, S.C.)(1,939,810 issued)[72]
	T–3113 Nov 186115 May 1862	0005$5		Navigation; Commerce, Agriculture, Justice, Liberty, and Industry; George Washington statueSouthern Bank Note Company(58,860 issued)[73]
	T–3215 Nov 186130 Dec 1861	0005$5		Boy; Machinist with hammerLeggett, Keatinge & Ball (Richmond, VA)(20,333 issued)[74]
	T–3313 Mar 186219 Jun 1862	0005$5		C.G. Memminger; MinervaLeggett, Keatinge & Ball (Richmond, VA)(136,736 issued)[75]
	T–3412 May 18628 Dec 1862	0005$5		C.G. Memminger; MinervaKeatinge & Ball (Richmond, VA)(228,644 issued)[76]
	T–3526 Nov 18615 Dec 1861	0005$5		Slaves load cotton; Indian princessHoyer & Ludwig (Richmond, VA)(7,160 issued)[77]
	T–3631 Mar 18623 Jan 1863	0005$5		Sailor; Commerce (seated)Hoyer & Ludwig (Richmond, VA)J.T. Patterson (Columbia, S.C.)(3,694,890 issued)[78]
	T–377 Apr 186213 Sep 1862	0005$5		C.G. Memminger; Sailor (seated); Justice and CeresB. Duncan (Richmond, VA)(1,002,478 issued)[79]
4Fourth Series	T–38	0002$2		Judah P. Benjamin; The South striking down the UnionB. Duncan (Columbia, S.C.)(~36,000 issued)[80]
	T–39	0100$100		Milkmaid; train with straight steamHoyer & Ludwig (Richmond, VA)J.T. Patterson (Columbia, S.C.)(284,000 issued)[81]
	T–40	0100$100		Milkmaid; train with diffused steamJ.T. Patterson & Co. (Columbia, S.C.)(214,400 issued)[82]
	T–41	0100$100		John C. Calhoun; Slaves working; ConfederacyKeatinge & Ball (Richmond, VA)(670,400 issued)[83]
	T–42	0002$2		Judah P. Benjamin; The South striking down the UnionB. Duncan (Columbia, S.C.)(1,520,000 issued)[84]
	T–43	0002$2		Judah P. Benjamin; The South striking down the UnionB. Duncan (Columbia, S.C.)(194,900 issued)[85]
	T–44	0001$1		Liberty; Steamship at sea; Lucy PickensB. Duncan (Columbia, S.C.)(1,689,860 issued)[86]
	T–45	0001$1		Liberty; Steamship at sea; Lucy PickensB. Duncan (Columbia, S.C.)(412,500 issued)[87]
	T–46	0010$10		Ceres; Robert M.T. HunterHoyer & Ludwig (Richmond, VA) (635,250 issued)[88]
	T–47	0020$20		Ceres; Robert M.T. HunterTest pattern or fantasy note[89]
	T–48	0010$10		Ceres; Robert M.T. HunterTest pattern or fantasy note[90]
5Fifth Series	T–49	0100$100		Soldiers; Lucy Pickens; George W. RandolphKeatinge & Ball (Richmond, VA)(628,640 issued)[91]
	T–50	0050$50		Jefferson DavisKeatinge & Ball (Richmond, VA & Columbia, S.C.)(414,200 issued)[92]
	T–51	0020$20		Tennessee State Capitol; Alexander H. StephensKeatinge & Ball (Columbia, S.C.)(776,800 issued)[93]
	T–52	0010$10		Proposed state capitol (Columbia, S.C.); Robert M.T. HunterKeatinge & Ball (Columbia, S.C.)(3,060,000 issued)[94]
	T–53	0005$5		Virginia State Capitol; C.G. MemmingerKeatinge & Ball (Columbia, S.C.)(2,833,600 issued)[95]
	T–54	0002$2		Judah P. BenjaminKeatinge & Ball (Columbia, S.C.)(607,000 issued)[96]
	T–55	0001$1		Clement Claiborne ClayKeatinge & Ball (Columbia, S.C.)(1,141,200 issued)[97]
6Sixth Series	T–56	0100$100		Soldiers; Lucy Pickens; George W. RandolphKeatinge & Ball (Columbia, S.C.)(1,950,400)[98]
	T–57	0050$50		Jefferson DavisKeatinge & Ball (Richmond, VA and Columbia, S.C.)(2,349,600 issued)[99]
	T–58	0020$20		Tennessee State Capitol; Alexander H. StephensKeatinge & Ball (Columbia, S.C.)(4,429,600 issued)[100]
	T–59	0010$10		Proposed state capitol (Columbia, S.C.); Robert M.T. HunterKeatinge & Ball (Columbia, S.C.)(7,420,800 issued)[101]
	T–60	0005$5		Virginia State Capitol; C.G. MemmingerKeatinge & Ball (Columbia, S.C.)(7,745,600 issued)[102]
	T–61	0002$2		Judah P. BenjaminKeatinge & Ball (Columbia, S.C.)(689,200 issued)[103]
	T–62	0001$1		Clement Claiborne ClayKeatinge & Ball (Columbia, S.C.)(1,645,600 issued)[104]
	T–63	0000.50$0.50		Jefferson DavisArcher & Daly (Richmond, VA)(1,831,517 issued)[105]
7Seventh Series	T–64	0500$500		Confederate seal and second national flag; Stonewall JacksonKeatinge & Ball (Columbia, S.C.)(~154,000 issued)[106]
	T–65	0100$100		Soldiers; Lucy Pickens; George W. RandolphKeatinge & Ball (Columbia, S.C.) (~964,000 issued)[107]
	T–66	0050$50		Jefferson DavisKeatinge & Ball (Columbia, S.C.) (1,671,444 issued)[108]
	T–67	0020$20		Tennessee State Capitol; Alexander H. StephensKeatinge & Ball (Columbia, S.C.)(~4,150,000 issued)[109]
	T–68	0010$10		Horses pulling cannon; Robert M.T. HunterKeatinge & Ball (Columbia, S.C.)(~9,071,000 issued)[110]
	T–69	0005$5		Virginia State Capitol; C.G. MemmingerKeatinge & Ball (Columbia, S.C.)(~5,526,100 issued)[111]
	T–70	0002$2		Judah P. BenjaminKeatinge & Ball (Columbia, S.C.)(~944,000 issued)[112]
	T–71	0001$1		Clement Claiborne ClayKeatinge & Ball (Columbia, S.C.)(~681,500 issued)[113]
	T–72	0000.50$0.50		Jefferson DavisArcher & Halpin (Richmond, VA)(~1,100,000 issued)[114]

See also

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• Economy of the Confederate States of America
• Fourteenth Amendment to the United States Constitution § Section 4: Validity of public debt, which banned the Federal recognition of Confederate debts or currency
• Samuel C. Upham, a notorious counterfeiter of Confederate bills
• Texas dollar
• United States dollar

Notes

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1. ^ Despite the authorized amount, $138,000,000 was issued.[29]
2. ^ Despite the authorized amount, over $517,900,000 was issued.[31]
3. ^ Despite the authorized amount, over $400,000,000 was issued.[33]
4. ^ "T" numbers refer to the categorization system widely used in Confederate banknotes and denote major design changes.[40] Dates underneath "T" numbers (when available) indicate the beginning and end dates of issue for the particular note[41]
5. ^ Comments include the portraits or vignettes listed from left to right, the engraver and/or publisher of the note, and the number of notes issued. The single reference citation applies to all information in the cell.
6. ^ Federal authorities forbid the National Bank Note Company (and their affiliate Southern Bank Note Company) from printing currency for the Confederate States of America. The CSA turned to local lithographer Hoyer & Ludwig to print the next series of notes. The paper quality and printing technique is noticeably inferior to the prior First Series.[49]

References

[edit]

1. ^ Friedberg, R., Friedberg, I. S., & Friedberg, A. (2017). Paper money of the United States: A complete illustrated guide with valuations (21st ed.). Williston, Vermont.: Coin and Currency Institute. Pg. 252
2. ^ "The Finances of the Rebel Confederacy". The New York Times. November 13, 1864. p. 4.
3. ^ Weidenmier, M. D. (2002). Turning Points in the U.S. Civil War: Views from the Grayback Market. Southern Economic Journal, 68(4), 875–890.
4. ^ a b "Flounderings of the Rebel Financiers". The New York Times October 16, 1863. p. 4.
5. ^ a b "Grant's Army: Gold Out of Sight in Richmond: Rebel Paper Absolutely Worthless". The New York Times. September 28, 1864. p. 5.
6. ^ "A Conferate Christmas: The Hard Lines of the Southerners in the Winter of '64". The Washington Post. January 2, 1881. p. 2.
7. ^ "Confederate Inflation Rates (1861 - 1865)".
8. ^ Shull, H. (2007) A Guide Book of Southern States Currency. Whitman Publishing LLC.
9. ^ "$1,000 1861 Confederate States of America Note". Pmgnotes.com. Retrieved January 20, 2012.
10. ^ "Virtual Gettysburg-Featured Confederate Currency-Criswell Type 45". Virtualgettysburg.com. Retrieved January 20, 2012.
11. ^ "NMAH | Legendary Coins & Currency: Confederacy, 5 Dollars, 1862". Americanhistory.si.edu. October 24, 2008. Archived from the original on March 13, 2011. Retrieved January 20, 2012.
12. ^ "NMAH | Legendary Coins & Currency: Confederacy, 10 Dollars, 1863". Americanhistory.si.edu. October 24, 2008. Archived from the original on March 13, 2011. Retrieved January 20, 2012.
13. ^ "Confederate Currency". Rebelstatescurrency.com. Retrieved January 20, 2012.
14. ^ "Type 8 confederate money 50.00 George Washington scarce Choice Unc". Deerrunmercantile.com. Archived from the original on February 4, 2010. Retrieved January 20, 2012.
15. ^ McNeil, Michael; Derby, Charles (2022). Confederate Treasury Notes The Signers and Their Stories. BookLogix.
16. ^ "1861 1C CSA Original (Special Strike)". pcgs.com. Collectors Universe, Inc. Retrieved March 25, 2025.
17. ^ "1861 1C CSA Original (Special Strike)". pcgs.com. Collectors Universe, Inc. Retrieved April 16, 2025.
18. ^ Flynn, Kevin (2022). Restrikes, Storied Treasures of the U.S. Mint. Troy, Virginia: Kevin Flynn. p. 235.
19. ^ "Charlottes US Mint". museumofthesouth.com. LEVINE MUSEUM OF THE NEW SOUTH. Retrieved March 30, 2025.
20. ^ Bulfinch, Chris. "The Dahlonega Mint Lived a Short, Eventful Life". stacksbowers.com. Stack’s Bowers Numismatics, LLC. Retrieved March 31, 2025.
21. ^ Bugeja, Michael. "Coins struck under control of three governments". coinworld.com. Amos Media Company. Retrieved March 30, 2025.
22. ^ "History Through Coins: America's Civil War". ngccoin.com. Numismatic Guaranty Company. Retrieved April 18, 2025.
23. ^ Rothman, Jordan. "A Pledge of a Nation: Charting the Economic Aspirations, Political Motivations and Consequences of Confederate Currency Creation" (PDF). Bir.brandeis.edu. Retrieved November 19, 2012.
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Bibliography

[edit]

• Cuhaj, George S. (December 28, 2012). Confederate States Paper Money. Krause Publications. ISBN 978-1-4402-3086-8.
• "Seigniorage in the Civil War South. Explorations in Economic History". Explorations in Economic History. 72: 74–92. April 2019. doi:10.1016/j.eeh.2018.11.001. S2CID 92991941.
• Fricke, Pierre (2005). Collecting Confederate Paper Money - Field Edition 2008. Spink. ISBN 978-0-9710821-5-1.
• Fricke, Pierre (December 2, 2013). Collecting Confederate Paper Money - Field Edition 2014. Pierre Fricke. ISBN 978-0-9844534-9-8.
• Friedberg, Arthur L.; Friedberg, Ira S. (2013). Paper Money of the United States: A Complete Illustrated Guide With Valuations (20th ed.). Coin & Currency Institute. ISBN 978-0-87184-520-7.
• Levi, Harold; Corell, George (2006). The Lovett Cent; a Confederate Story. Lulu.com. ISBN 978-1-84728-878-3.[self-published source]
• Hessler, Gene (1993). The Engraver's Line – An Encyclopedia of Paper Money & Postage Stamp Art. BNR Press. ISBN 978-0-931960-36-9.
• Matthews, James M. (1862). Public Laws of the Confederate States of America Passed at the First-Fourth Sessions of the Second Congress.
• Yeoman, R. S. (June 1, 2004). A Guide Book of United States Coins. ISBN 978-0-7948-1790-9.
• Hudgeons, Tom; Hudgeons, Marc (June 1, 2004). 2005 Blackbook Price Guide to United States Paper Money. ISBN 978-1-4000-4839-7.

External links

[edit] Wikimedia Commons has media related to Money of the Confederate States of America.

• The Story of Confederate Currency
• Collecting Confederate Paper Money Archived April 17, 2003, at the Wayback Machine
• Professional Grading Service
• Coin Facts
• Mintmark Numismatics, Inc
• Photos and descriptions of Confederate Currency in McCune Collection
• Boston Athenæum: Paper Currency from the Confederate States of America, Digital Collection
• Civil War Confederate Currency Collection from Georgia State University Archived January 1, 2017, at the Wayback Machine

v t e United States currency and coinage
Topics	U.S. dollar Federal Reserve System Federal Reserve Note U.S. Mint Denver Philadelphia San Francisco West Point Carson City Charlotte Dahlonega New Orleans Manila Mint The Dalles Mint Bureau of Engraving and Printing Mutilated currency
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v t e Currencies named dollar or similar
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v t e American Civil War
Origins Origins Timeline leading to the War Bleeding Kansas Border states Compromise of 1850 John Brown's raid on Harpers Ferry Kansas–Nebraska Act Lincoln–Douglas debates Missouri Compromise Nullification crisis Panic of 1857 Popular sovereignty Secession South Carolina Declaration of Secession States' rights Proclamation 80 Slavery African Americans Cornerstone Speech Crittenden Compromise Dred Scott v. Sandford Emancipation Proclamation Fire-Eaters Fugitive slave laws Plantations in the American South Positive good Slave Power Treatment of slaves in the United States Uncle Tom's Cabin Abolitionism Abolitionism in the United States Susan B. Anthony James G. Birney John Brown Frederick Douglass William Lloyd Garrison Lane Debates on Slavery Elijah Parish Lovejoy J. Sella Martin Lysander Spooner George Luther Stearns Thaddeus Stevens Charles Sumner Caning Harriet Tubman Underground Railroad
Combatants Theaters Campaigns Battles States Combatants Union Army Navy Marine Corps Revenue Cutter Service Confederacy Army Navy Marine Corps Theaters Eastern Western Lower Seaboard Trans-Mississippi Pacific Coast Union naval blockade Major campaigns Anaconda Plan Blockade runners New Mexico Jackson's Valley Peninsula Northern Virginia Maryland Stones River Vicksburg Tullahoma Gettysburg Morgan's Raid Bristoe Knoxville Red River Overland Atlanta Valley 1864 Bermuda Hundred Richmond-Petersburg Franklin–Nashville Price's Missouri Expedition Sherman's March Carolinas Mobile Appomattox Major battles Fort Sumter 1st Bull Run Wilson's Creek Fort Donelson Pea Ridge Hampton Roads Shiloh New Orleans Corinth Seven Pines Seven Days 2nd Bull Run Antietam Perryville Fredericksburg Stones River Chancellorsville Gettysburg Vicksburg Chickamauga Chattanooga Wilderness Fort Pillow Spotsylvania Cold Harbor Atlanta Crater Mobile Bay Franklin Nashville Five Forks Involvement States andterritories Alabama Arkansas Arizona California Colorado Connecticut Dakota Territory District of Columbia Delaware Florida Georgia Hawaii Idaho Illinois Indian Territory Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina Ohio Oregon Pennsylvania Rhode Island South Carolina Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Cities Atlanta Charleston Chattanooga New Orleans Richmond Washington, D.C. Winchester
Leaders Confederate Military R. H. Anderson Beauregard Bragg Buchanan Cooper Early Ewell Forrest Gorgas Hill Hood Jackson A. S. Johnston J. E. Johnston Lee Longstreet Morgan Mosby Polk Price Semmes E. K. Smith Stuart Taylor Wheeler Civilian Benjamin Bocock Breckinridge Davis Hunter Mallory Memminger Seddon Stephens Union Military Anderson Buell Burnside Butler Du Pont Farragut Foote Frémont Grant Halleck Hooker Hunt McClellan McDowell Meade Meigs Ord Pope D. D. Porter Rosecrans Scott Sheridan Sherman Thomas Civilian Adams Chase Ericsson Hamlin Lincoln Pinkerton Seward Stanton Stevens Wade Welles
Aftermath Constitution Reconstruction Amendments 13th Amendment 14th Amendment 15th Amendment Reconstruction Alabama Claims Brooks–Baxter War Carpetbaggers Colfax riot of 1873 Compromise of 1877 Confederate refugees Confederados Eufaula riot of 1874 Freedmen's Bureau Freedman's Savings Bank Homestead Acts Southern Homestead Act of 1866 Timber Culture Act of 1873 Impeachment of Andrew Johnson trial efforts timeline first inquiry second inquiry impeachment managers investigation Kirk–Holden war Knights of the White Camelia Ku Klux Klan Ethnic violence Memphis riots of 1866 Meridian riot of 1871 New Orleans riot of 1866 Pulaski (Tennessee) riot of 1867 South Carolina riots of 1876 Reconstruction acts Habeas Corpus Act of 1867 Enforcement Act of 1870 Enforcement Act of February 1871 Enforcement Act of April 1871 Reconstruction era Reconstruction military districts Reconstruction Treaties Indian Council at Fort Smith Red Shirts Redeemers Scalawags South Carolina riots of 1876 Southern Claims Commission White League Post-Reconstruction Commemoration Centennial Civil War Discovery Trail Civil War Roundtables Civil War Trails Program Civil War Trust Confederate History Month Confederate Memorial Day Decoration Day Historical reenactment Robert E. Lee Day Confederate Memorial Hall Disenfranchisement Black Codes Jim Crow Historiographic issues Lost Cause mythology Modern display of the Confederate flag Red Shirts Sons of Confederate Veterans Sons of Union Veterans of the Civil War Daughters of Union Veterans of the Civil War Military Order of the Stars and Bars National Society Daughters of the Union 1861-1865 Southern Historical Society United Confederate Veterans United Daughters of the Confederacy Children of the Confederacy Wilmington insurrection of 1898 Monumentsand memorials Union List Grand Army of the Republic memorials to Lincoln Confederate List artworks in Capitol memorials to Davis memorials to Lee Removal Cemeteries Ladies' Memorial Associations U.S. national cemeteries Veterans 1913 Gettysburg reunion 1938 Gettysburg reunion Confederate Memorial Hall Confederate Veteran Grand Army of the Republic Military Order of the Loyal Legion of the U.S. Old soldiers' homes Southern Cross of Honor United Confederate Veterans
Related topics Military Arms Armies Campaign Medal Cavalry Confederate Home Guard Confederate railroads Confederate revolving cannon Field artillery Infantry Medal of Honor recipients Medicine Naval battles Official Records Partisan rangers POW camps Rations Signal Corps Turning point Union corps badges U.S. Balloon Corps U.S. Home Guard U.S. Military Railroad Political Committee on the Conduct of the War Confederate States presidential election of 1861 Confiscation Act of 1861 Confiscation Act of 1862 Copperheads Diplomacy Emancipation Proclamation Habeas Corpus Act of 1863 Hampton Roads Conference National Union Party Politicians killed Radical Republicans Trent Affair Union Leagues U.S. Presidential Election of 1864 War Democrats Music Battle Hymn of the Republic Dixie John Brown's Body A Lincoln Portrait Marching Through Georgia Maryland, My Maryland Names from the War When Johnny Comes Marching Home Daar kom die Alibama By ethnicity African Americans German Americans Irish Americans Italian Americans Native Americans Catawba Cherokee Choctaw Seminole Other topics Baltimore riot of 1861 Battlefield preservation Bibliography Confederate war finance Confederate States dollar Espionage Confederate Secret Service Great Hanging at Gainesville Great Revival of 1863 Gender issues Juneteenth Naming the war New York City Gold Hoax of 1864 New York City riots of 1863 Photographers Richmond riots of 1863 Salt Supreme Court cases Tokens U.S. Sanitary Commission Women soldiers Related List of films and television shows about the American Civil War
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