Imagine life in the 1860s. Your country is torn apart in a civil war. Your side, the South, has officially split from the United States. Defiantly calling itself the Confederate States of America, your new government fights a terrible, bloody battle it is destined to lose. While young sons and neighbors are marching off to the battlefields and, dispiritingly often, never returning, a beleaguered but determined populace still has to conduct everyday business. Not wanting to use the currency of the Northern foes, the South prints up its own. Years later, this Confederate money will become a unique symbol of the chaotic and legendary era.
Now history buffs, paper currency collectors, and other banknote hobbyists still study, dissect, inspect, and buy and sell Confederate money. It’s a fascinating relic from a period of American history whose wounds have not yet completely healed.
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If you are a collector of banknotes and have some paper money from the Confederate States of America on your hands, you might be sitting on a gold mine. If you are new to this hobby, it is easy to get started collecting these artifacts of history. Confederate money dates from an important and controversial time in American history. For these reasons, the CSA collecting area of the hobby is growing rapidly. Now is the time to start your own collection.
The History of Confederate Money
The Confederate States of America (CSA) consisted of eleven states that seceded from the United States in 1860 after the election of Abraham Lincoln. Led by Senator Jefferson Davis of Mississippi, the CSA existed until 1865 but was never formally recognized as a sovereign state.
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Shorty before the start of the Civil War in April 1861, the Confederacy began to issue its own banknotes. Confederate money was continued until 1864. Although not backed by hard assets, Confederate dollars, known as greybacks or bluebacks, were accepted as currency throughout the South – at least, initially. However, as the war began to take a turn for the worse for the South, the CSA notes declined in value. The promised dates for payment were extended further and further into the future.
American Money in the 1860s
In both the North and in the South, people began using paper money during the Civil War because of the shortage of coins. In the North, the paper money came in increments of five, ten, and twenty dollars, and they resembled modern currency. A quick glance even from someone only used to today’s circulating US banknotes would instantly identify them.
The South faced greater shortages and economic problems at the beginning of the Civil War. Banks lent their coins to the CSA government which led to a coin shortage. This in turn led to bartering and the issuing of tokens (another hot area of CSA currency collecting, of course).
Because the Confederate States of America wanted to avoid using money with “United States of America” printed on it, they produced their own paper money. At this time, paper was made from rags and linen and was in short supply during the war. For the printing of money and for other uses, paper was smuggled into the South. As the CSA government did not collect much in taxes, inflation was high and the declining value of the notes doomed Confederate money.
The government promised to pay on the notes after the War. This came in the form of phrases printed directly on the bills themselves. For example:
“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 bearer…”
Whatever the financial reality, the Confederate government continued to print the bills even as their values fell. By the end of 1863, the Confederate dollar was worth only six cents. At the war’s end the greybacks had lost all of their value. Investors lost everything. But the notes that survived the ensuing decades are now brought and sold with a passion, especially in lively online marketplaces.
Between 1861 and 1865, the CSA circulated currency totaling over a billion dollars, more than twice the amount of that circulated by the United States. Counterfeiting was easy and widespread because of the variety of designs and issuers. The North contributed to the decline in value by printing many counterfeit Confederate notes themselves. Nowadays, even these various fake Confederate money pieces can be collectible, for they are all an interesting part of the heritage of America.
Types, Variations, and Face Values of Different CSA Notes
There are over seventy different types of Confederate banknotes. This of course includes some rare and some more common varieties. So while it may be tough to get a “one of each” type of complete collection, that’s a great ultimate goal to have for your own collection. Marking the notes off your checklist as they arrive at your house in the mail is a great feeling. As is flipping through your banknote album and studying echo of these historic bills that now rest safely in your personal possession!
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Because individual states and local banks issued Confederate money and printed it on large sheets of paper – cutting them apart by hand – many notes appear uneven. This is a characteristic beloved by many CSA note collectors who feel that each piece really is unique. Banknotes were engraved with images of Confederate leaders, mythical gods and goddesses, scenes of slave life (a particularly dark item from a modern collector’s point of view), naval ships, and historical figures.
Included among CSA currency subjects are two United States presidents who themselves owned slaves, George Washington and Andrew Jackson. Other figures printed on the notes include John C. Calhoun, Jefferson Davis, Judah P. Benjamin, and Lucy Holcolme Pickens, who became know as “Queen of the Confederacy.”
Signatures and Denominations on CSA Notes
Confederate banknotes were hand-signed by any of hundreds of clerks, most of whom were women. Securing different signatures in a collection is an approach that many buyers take. Notes were issued in several different denominations, if you’re the type of collector who likes to get one example of each available face value:
- Fifty cents
- One dollar
- Two dollars
- Five dollars
- Ten dollars
- Twenty dollars
- Fifty dollars
- One hundred dollars
- Five hundred dollars
- One thousand dollars
The Seven Series of Confederate Banknotes
The CSA made banknotes in seven different issues. Overall, a series of no fewer than seventy-two different designs and typesets were used.
- First Issue: March 9, 1861. 2,000 notes. Interest rate 3.65. Payable after 12 months. (Series 1-9)
- Second Issue: May 16, 1861. 20,000 notes. No interest. Payable after two years. (Series 10-24)
- Third Issue: August 19, 1861. 150,000 notes. Interest rate eight percent. Payable six months after the signing of a treaty with the US. (Series 25-42)
- Fourth Issue: April 17, 1862. 220,000 notes. Interest two cents per day. (Series 43-51)
One- and two-dollar notes introduced. - Fifth Issue: October 13, 1862. 90,000 notes. Payable six months after the signing of a treaty. (Series 52-58)
Lower denominations printed on pink paper. - Sixth Issue: March 23, 1863. 50,000 notes. Payable two years after the signing of a treaty. (Series 59-67)
- Seventh Issue: Feb 17, 1864. 200,000 notes. Payable two years after the signing of a treaty. (Series 68-72)
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Buying Confederate Money Today
These days, Confederate banknotes are absolutely collector’s items, not only among American collectors but for buyers the world over. In general, the earlier the issue, the higher the value. Even counterfeit notes are highly valued. Prices for the more common issues are not prohibitive for collectors just getting started, and banknotes can be purchased easily and safely from online distributors, often for less than $100. Less-common issues can be harder to come by of course, but many buyers get lucky by keeping an eye on ever-changing sales listings. The rarest notes can command prices of tens of thousands of dollars.
Confederate Money Value Guides and Other Supplies You Need
Whether you are just getting started or are a seasoned paper money enthusiast, there are many resources and supplies available for collectors of US Confederacy banknotes. The most pressing question for most is: What are Confederate banknotes worth? To know the value of a given note you’ll need a well-researched value guide for CSA notes. Remember, though, that such a price list is only a guide. As with every collectible, the monetary value is really “what people will pay for it.” (The sentimental value is entirely up to you, of course, and immeasurable.)
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Many guidebooks are available both for United States currency in general and for CSA currency specifically. Two popular titles are:
- Confederate Treasury Notes: An Illustrated Guide & Catalog to Confederate Money by Dave Nelson
- Confederate Currency by Pierre Frick
You will also need to invest in some collectors supplies such as banknotes binders, albums, and magnifiers to keep your collection safe and organized.
There are many good deals available for beginning collectors, and buying banknotes online is safe and secure. So whatever your budget, if you are interested in the history of currency and are looking for a new hobby – or a new branch of an existing collection – building an assortment of amazing Confederate money may be the perfect hobby for you.
