CONFEDERATEMONEY

Background• The 1st Confederate note from the CSA

Government was issued in April of 1861.• Almost every Confederate note was

painstakingly hand signed and numbered.• Not uncommon for these notes to have

uneven, or rough borders since scissors orshears were used to hastily cut the sheets of notes apart.

• 11 different printing were companies used.– Contributed to the breadth of design, types & varieties.

• Intaglio (engraved) & Lithography processes were employed.• Secretary of the Treasury, Christopher Memminger,

considered intaglio too slow to issue the amount of currency needed.

Lithographic Process Used on2nd Issue – May 16, 1861

1st Note Alone Totaled: 37,155

Intaglio vs. Lithography6 Notes - CSA Act of Congress – March 9, 1861 (First Issue)

Montgomery Notes Richmond Notes

Intaglio ProcessUsed on 1st Issue

Total : 16,022

Background• $1.7 billion currency was issued under the various acts of

the Confederate Congress.• Was never declared “legal tender” but Southerners &

military personnel were asked to accept it as such.• Bills were released in 70 different note "types" in seven

"series" between 1861 and 1865.• Confederate Soldiers only saw a few notes.• The $2, $1 and 50 Cent notes were used

to pay soldiers.• State notes of 5 cent, 10, 15, 20, 25 cents

& up to $2 were primarily used. • Only a few saw soldiers received $5

– Officers might see a $10, $20 and $50 and rarely a $100.

– No one wanted high denomination notes.

Fractional Currency• The CSA issued a fractional note - face value less than a dollar. • Most fractional currencies were issued by states.• North Carolina issued its own supply of fractional currency.• Mysteriously re-issued in 1864 when nearly worthless.

Designs (Vignettes) on CSA Currency

• South was limited in skilled engravers and printers as well as secure printing facilities.– Many were inexperienced in bank note production.– Often had to make do with unrelated designs.– Many designs were taken from Bank and State Notes.

• Some such designs were abstract depictions of mythological gods and goddesses.

“Ceres”Agriculture & Grain

“Proserpina”Daughter of Ceres

“Minerva” Goddess of Wisdom

“Liberty” “Justice”

Designs on CSA Currency (2)

Navigation

Sailor s & Soldiers Sailors

Capitol Buildings on CSA Currency

South Carolina

Virginia

Tennessee

Portraits on CSA Notes

Judah P. Benjamin 1811-84 (6 Notes)US Senator from Louisiana 1852-61CSA Attorney General 1861Secretary of War 1861-62Secretary of State 1862-65Escaped to England

John C. Calhoun 1782-1850 (2 Notes)US Senator from South CarolinaSecretary of War 1817-25Secretary of State 1844-45US Vice President 1825-32States rights advocate/Pro-Slavery

Portraits on CSA Notes (2)

Clement C. Clay 1816-82 (3 Notes)US Senator from Alabama 1843-61CSA Senator from Alabama 1862-64CSA agent in Canada 1864-65

Jefferson Davis 1808-89 (6 Notes)West Point graduateUS Congressman from Miss 1845-46US Senator 1847-1851, 1857-61Secretary of War 1853-57CSA President 1861-65

Portraits on CSA Notes (3)

R.M.T. Hunter 1809-97 (10 Notes)US Rep from Virginia 1837-43, 1845-47US Senator 1847-61CSA Secretary of State 1861-62CSA Senator 1862-65

Andrew Jackson 1767-1845 (1 Note)US Senator from TennesseeGeneral at New Orleans, War of 1812US Senator 1847-1851, 1857-61US President, 1829-37

Portraits on CSA Notes (4)

“Stonewall” Jackson 1824-63 (1 Note)Served in Mexican War 1846-48Civil War Lieutenant General Accidently killed, Battle of Chancellorsville

Christopher Memminger 1803-88 (7 Notes)SC Chairman of Finance CommitteeCSA Secretary of Treasury 1861-64“Hard money” man who adopted paper

Portraits on CSA Notes (5)

Lucy Holcombe Pickens 1832-99 (5 Notes)Wife of Francis Pickens, Gov of SC, 1860-62Equipped Holcombe’s RegimentFalsely identified as Mrs. Jefferson DavisProbably an allegory of women of the CSA

George W. Randolph 1818-67 (3 Notes)Grandson of Thomas JeffersonConfederate Brigadier GeneralSecretary of War 1862Resigned due to conflict with Pres Davis

Portraits on CSA Notes (6)

Alexander H. Stephens, 1812-83 (5 Notes)US Congressman from Georgia, 1843-59VP of CSA, 1861-65 Opposed many CSA policiesUS Congressman from Georgia, 1873-82Governor of Georgia, 1882-83

George Washington 1732-99 (4 Notes)Commander in Revolutionary WarFirst President US 1789-97Considered “Father of His Country”Southerners seized upon his many virtues

Portraits on CSA Notes (7)

John E. Ward, 1814-1902 (1 Note)Lawyer, banker, somewhat obscureU.S. Attorney for Georgia, 1838-39Mayor of Savannah, 1854 US Minister to China, 1859-61 Opposed Secession/Left South during War

Bank Note

CSA Note

Slaves on CSA Currency

Francis Marion’s Sweet Potato Dinner1861 - $10.00 Unc: $400 (T30)

Slaves Hoeing Cotton1862 - $100.00 Unc: $125 (T41)

Slaves Loading Cotton1861 - $100.00 Unc: $500 (T13)

Wagon Load of Cotton 1861 $10 Unc: $9,000 (T 23 )

Six Slave Vignettes Featured on 7 Notes

Slaves on CSA Currency (2)

Slave Picking Cotton 1861 $10 Unc: $6,500 (T 29 )

Slave Hoeing Cotton 1861 $50 Unc: $30,000 (T 4 )

Slave Loading Cotton 1861 $5 Unc: $60,000 (T 35 )

Miscellaneous Notes (1)Stonewall Jackson

• General "Stonewall" Jackson is the only military hero featured on CSA national currency.

• Designed in part as a memorial to Jackson. • Includes the circular seal of the CSA.• Includes George Washington on horseback and the Latin inscription

"DEO VINDICE" (translated "God Being the Defender.")

Miscellaneous Notes (2)

$100 Type 3 (1,606 issued) ($30K in UNC)• Considered one of the most beautiful• Bears interest “One Cent Per Day”

$50 Type 15 (14,860 issued) ($22K in UNC)• Considered most beautiful of Red & Black• Train engraving is outstanding

$20 Type 19 (14,860 issued) ($22K in UNC)• Outstanding engraving

$20 Type 21 (164,248 issued) ($2K in UNC)• Very attractive• Portrait of CSA VP – Alexander Stephens

Miscellaneous Notes (3)

$10 Type 22 (58,806 issued) ($4.5K in UNC)• Good black with red overprint• Group of Indians

$5 Type 31 (58,860 issued) ($4.5K in UNC)• Highest quality red-fiber note paper• Finest engraving workmanship available

$5 Type 32 (20,333 issued) ($15K in UNC)• Attractive, two color note

$5 Type 35 (7,160 issued) ($60K in UNC)• One of most famous – “Indian Princess”• Counterfeit is far rarer than genuine

Miscellaneous Notes (4)

$2 Type 38 (36,000 issued) ($9K in UNC)• South striking down Union allegory

$100 Type 49 (628,640 issued) ($900 in UNC)• Nearly got Secretary Memminger fired• Secretary of War Randolph had resigned & it was too late to substitute the portrait

$10 Type 68 (9,145,003 issued) ($55 in UNC)• Horses pulling artillery piece / Very popular

$5 Type 69 (5,525,264 issued) ($60 in UNC)• “Lincoln Note”

Miscellaneous Notes (5)• When Abraham Lincoln was shot at Ford’s Theatre on

April 14, 1865, he was carrying:– A brown leather wallet containing a $5 Confederate note

• Remained with the Lincoln family for more than 70 years.

Artifacts of the Assassination

The $5 Confederate Note At the National Archives in Wash, D.C.

Currency Backs

1862 $100 1862 $50

1862 $20“Blue Back”

1864 $5“Blue Back”

Cancelled CSA CurrencyNotes Withdrawn from Circulation Were Cancelled in a Variety of Ways

Many WereInterest Bearing Notes

“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 to the bearer on demand Fifty Dollars.”

Inscriptions

“Fundable in 8 Per Cert Stock or Bonds”

“Of The Confederate States of America”

“Receivable for Payment of All Dues Except Import Duties”

Interest Bearing Notes• Holders of interest-

bearing notes received interest

• Holder would present to authorized agent knownas assistant treasurers orpay depositories

State Notes• Ten of the thirteen states issued paper money during the

Civil War amounting to $65 million.

Other NotesPrivate Banks, counties, railroads, & merchants also issued notes

Renowned Counterfeiter• Counterfeiting became a major problem for the South.• A Counterfeit Confederate note is a note that was

produced during the War.• The best known counterfeiter of Confederate notes was

Samuel Upham, a Philadelphia businessman. • Upham was responsible for 2/3rds of the Counterfeits.• He produced counterfeit notes and CSA postage stamps in

early 1862 which he sold as novelties.• Upham's earliest notes had his name and

address on the bottom edge of the notes. – People were cutting off the name and address on

his notes & using them in the South to buy cotton.– In late 1862, Upham began printing the notes without

his name and address.

Upham Counterfeits• Towards the end of the War, Upham was offering

$20,000 in counterfeit CSA notes for only $5. • Years later Upham claimed that he had printed

1,564,000 notes between 1862 and 1863.• Confederate counterfeit notes are now very

collectable– Many are worth as much as the authentic note– Some are worth more.

Currency Eroded• By the end of the war, a cake of soap could sell for as much as

$50 and a suit of clothes was $2,700.• As the end of the war got closer, Southern citizens lost all

confidence in the Confederate currency.• Bartering, and the black-market Northern "greenbacks" took

over as main forms of exchange for goods and services. • Memminger was unfairly blamed by many for demise of

currencies.• The growing instability of CSA money was due to many

factors.– The South's lack of gold and silver reserves.– Its weak industrial base.– Mounting setbacks on battlefront.

Inflation $1,2001 May 1865(Last Exchange)

Fantasy/Bogus NotesNo Record of CSA Production/Highly Desirable

Female Riding Deer

Essay 10 Essay 11

Facsimile/Fake NotesProduced After the War

Genuine Fake

Facsimile/Fake Notes (2)Cheerios Cereal Collection

Facsimile/Fake Notes (3)

Coinage

• Confederacy took possession of the Federal Mints at New Orleans, Dahlonega, & Charlotte.– Facilities did not have a significant bullion.

• No coins were minted for general circulation. • Jefferson Davis, authorized production of a

Confederate Half Dollar.

New Orleans Dahlonega Charlotte

CSA Half Dollar• Took an ordinary (USA) Half Dollars with the Liberty

Sitting on the obverse.– Removed the reverse motif, added a shield with 7 stars

(only 7 states had joined by that time)– Added the words "CONFEDERATE STATES OF AMERICA -- HALF

DOLLAR– 4 were made as prototype

1861-O New Orleans Half Dollar

• Minted under three differentgovernments in the same year. – Produced 330,000 as a branch

mint of the US.• Jan 26, 1861, Louisiana seceded from the Union.

– Mint personnel were forced to produce another 1,240,000 half dollars.

• Feb 28, 1861, Louisiana gave the Mint to the CSA.– CSA produced an additional 962,633 half dollars .

• Combined total of 2,532,633 half dollars produced & are indistinguishable from one another.– Some CSA minted coins identified from SS Republic wreck

CSA 1 Cent Coin

• In 1861, Robert Lovett of Philadelphia was hired to make the 1 cent piece.

• Made 12 using nickel.– He stopped his work and hid everything. – 12 are currently known to exist.

CSA Restrikes• "Coin Restrike" is a coin that has been made

with the ORIGINAL DIES.– Otherwise, the coin is a copy or reproduction.

• There are thousands of CSA coins being sold today using the word restrike - they are not.

• Copies have NO COLLECTOR VALUE – Restrikes do.

CSA 1 Cent Restrikes

The Lost CauseMarch, 1865, by Major A. L. Jonas, of Mississippi

Representing nothing on God's earth now,And naught in the waters below it;

As a pledge of a nation that's dead and gone,Keep it, dear friend, and show it.

Show it to those who will lend an earTo the tale that this paper can tell

Of liberty born of the patriot's dream,Of a storm cradled nation that fell.

Too poor to possess the precious ores,And too much of a stranger to borrow,We issued to-day our promise to pay,

Hoping to redeem on the morrow.But days flew by, weeks became years,

Our coffers were empty still;Coin was so scarce our treasury'd quake

If a dollar would drop in the till.

The Lost Cause (Con’t)

We knew it had scarcely a value in gold,Yet as gold the soldiers received it

It looked in our eyes a promise to pay,And each patriot believed it.

But the faith that was in us was strong indeed,And our poverty well we discerned

And then little checks represented the payThat our suffering veterans earned.

But our boys thought little of prize or pay,Or of bills that were over due

We knew if it bought us our bread to-day'Twas the best our poor country could do.

Keep it, it tells our history overFrom the birth of the dream to its last;Modest, and born of the angel hope,

Like our hope of success it passed.

Credits

• Confederate Paper Money, Grover C. Criswell, 1996• Confederate States Paper Money, Arlie R. Slabaugh, 2000• Counterfeit Currency of the Confederate States of America,

George B. Tremmel, 2003• CSA Currency, Vance E. Poteat, 2003• Crutchfield's Currency, www.crutchwilliams.com• CSA Notes, www.csanotes.com• The Confederate Treasury, www.confederatetreasury.com

Backup Slides

Issue Inventory