TheConfederate States dollar was first issued just before the outbreak of theAmerican Civil War by the newly formedConfederacy. 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.

Confederate States dollar

$1,000 depictingJohn C. Calhoun andAndrew Jackson $50 depictingJefferson Davis
Unit
Symbol	$ or C$‎
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 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 "Greyback", 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 Greyback 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 printedbanknotes, sometimes cut with scissors and signed by clerks, continue to stimulate debate among antique dealers, with even some of thecounterfeit notes commanding high prices.

The Confederate dollar, often called a "Greyback", 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 theSouth 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 ofinflation. For example, when news of theConfederate defeat at Gettysburg reached the public, the Confederate currency depreciated 20%.^[3]Confederate PresidentJefferson 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 SenatorLouis 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 wasbills 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 seeThe Federalist Papers, which also addressed this issue in the run-up to the ratification of theU.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 asfiat currency.

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 theGoddess of Liberty. Typical Confederate themes included naval ships and historical figures, includingGeorge 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 theUnion blockade and the inadequateConfederate railroads in the American Civil War.

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

Confederate Treasury Notes were hand signed by various clerks, with exception of the 50 cent issues that had the printed signatures of Robert Tyler andEdward 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]

As the Civil War continued, the cost of the war loomed large. Anyprecious 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. ofPhiladelphia was commissioned to design, engrave, and make a one cent piece for the Confederacy.^[16] On the obverse (front), he used the head ofMinerva (French Liberty Head), which he had used on several store cards. The coins were struck using the then Federal standard ofcupronickel 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 anddies 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 theSmithsonian Institution by Bashlow in 1962.

In the aftermath of secession, the Confederacy seizedU.S. Mint facilities atCharlotte, North Carolina,^[19]Dahlonega, Georgia,^[20] andNew 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. Circulatingspecie 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 Confederatehalf dollars were struck on a hand press by employees of the New Orleans Mint. Because of the high relief of thecoin die, a test striking was made to determine if coins would release from the Confederate die. The die was made by aprinting plate engraver (A.H.M. Peterson) inNew 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 asoriginals, 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 aNew 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 1861United 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 inwhite 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 PresidentJefferson Davis. This story has no basis in fact. In an 1879 letter to Ebenezer Mason, Davis confirmed that aUnion 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 agold so-called Jefferson Davisdime 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 insilver at theParis Mint. The Davis letter is the only known reference to a gold specimen, which was likely a special presentation piece made for Davis.

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 ofcurrency issued under the various acts of theConfederate 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 sincebanks 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.

• 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

• 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.

• The Story of Confederate Currency
• Collecting Confederate Paper MoneyArchived April 17, 2003, at theWayback 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 UniversityArchived January 1, 2017, at theWayback Machine