Confederate money was issued by the Confederate States of America (CSA) during the Civil War. It was backed only by a promise to pay bearers within six months of ending the Civil War, contingent on a Southern victory and subsequent independence. These were more like promissory notes than cash.
The First Confederate Currency
The first Confederate paper currency was issued by the CSA in March of 1861, before the July 21 Battle of Bull Run.
It had a circulation of $1,000,000 and was not backed by any hard assets. They were called Greybacks to distinguish them from the new at the time Greenback dollars used by the USA.
Greyback Denominations
The CSA banknotes were issued in half dollar, $1, $2, $5, $10, $20, $50, $100, $500, and $1,000 denominations and were available in numerous designs from multiple issuers. There were 72 major types of CSA money issued between 1861 and 1864.
The total face value of currency issued by the Congress of the Confederacy was $1.7 billion.
What Happened to Confederate Currency?
As the Civil War progressed and the Union made tactical advances on the South, CSA currency began declining in value.
After Robert E. Lee’s surrender at Appomattox on April 7, 1865, the Confederate currency lost all remaining value. The individuals and banks who had invested in it lost great sums of wealth.
The Designs and Artistry of Confederate Currency
Greybacks were hand signed by clerks who issued them. They were printed hastily, and some were even cut with scissors.
Greyback notes portrayed daily life for many southern Americans, as well as depicting values the Confederate States stood for. These included portraits of leading Confederates like Lucy Pickins, Cement Clay, and Judah P. Benjamin.
Is Confederate Currency Valuable Today?
While its value has fluctuated with market demand, surviving Confederate currency is highly valuable to collectors today. Even bonds and counterfeit CSA notes have great historical significance!
Many collectors of Confederate money search for notes associated with specific battles and leadership within the Confederacy.
What is the Most Valuable Confederate Money?
The most valuable Confederate currency today is the $500 note. This large bill was only issued for a brief time and was primarily used by banks. The few remaining $500 CSA notes are worth magnitudes of their face value today due to their scarcity and demand.
