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Confederate States of America dollar
From Wikipedia, the free encyclopedia
The Confederate States of America dollar 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.
Notes were ultimately issued in $.10, $.50, $1, $2, $5, $10, $20, $50, $100, $500, and $1000 denominations with a variety of designs, issuers and redeemable obligations. The total 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" between 1861 and 1865.
At first, Confederate currency was accepted throughout the South as a medium of exchange with high purchasing power. As the conflict progressed, however, confidence in the ultimate success waned, the amount of paper money increased, and their dates of redemption were extended further into the future. The inevitable result was depreciation of the currency, and soaring prices characteristic of inflation. For example, by the end of the conflict, a cake of soap could sell for as much as $50 and an ordinary suit of clothes was $2,700. Near the end of the war, the currency became practically worthless as a medium of exchange. When the Confederacy ceased to exist as a political entity at the end of the conflict, the money lost all value as fiat currency.
Owing to the vast number of Confederate notes and varietals, not to mention the fact that Southern states and banks could issue their own notes, counterfeiting was a major problem for the Confederacy. Many of these contemporary counterfeits are known today and can be worth as much to a collector as a real note.
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The South, 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. Southern themes did prevail with designs of African-American slaves, naval ships, and historical figures, including George Washington. Images of slaves oftentimes had them depicted as smiling or happily carrying about their work.
Since most of the engravers and bank plates were in the North, Southern printers had to lift by offset or lithographic process 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 embargo of Confederate ports.
Later note issues pictured notable Southern politicians, military leaders, and citizens. Some Southerners who appeared on CSA currency included Jefferson Davis, Alexander Stephens, Lucy Pickens, George Randolph, and Stonewall Jackson.
C.S.A. notes were hand signed, with exception to 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 clerks were often hired to sign "for Register" and "for Treasurer"; up to 200 clerks were eventually hired for each.
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, Mr. Robert Lovett Jr. of Philadelphia was commissioned to design, engrave, and make a one cent piece for the Confederacy. He used the Liberty Head for the obverse. Using nickel, he made a few samples, of which only 12 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.
Unknown until 1879, the Confederacy did strike a half dollar at the New Orleans Mint. Only 504 coins are known to have been made; 500 of those were sold, the reverses smoothed down and restruck with the Confederate die. Those are known as restrikes. Four originals, minted on a hand press, were used as test specimens and distributed to government officials for approval.
- A Guide Book of United States Coins by: R.S. Yeoman ISBN 0-7948-1790-4
- 2005 Blackbook Price Guide to United States Paper Money ISBN 1-4000-4839-7
| United States currency and coinage | |
|---|---|
| Topics | Federal Reserve System · Federal Reserve Note · U.S. dollar · U.S. Mint |
| Current coinage | Cent (penny) · Nickel (5¢) · Dime (10¢) · Quarter dollar · Half dollar · Dollar |
| Paper money | $1 · $2 · $5 · $10 · $20 · $50 · $100 · Larger denominations |
| See also | Commemoratives · Confederate dollar · Fake denominations · Obsolete denominations |