In 1861 eleven 'slave-holding' states separated from the USA to form the Confederate States Of America. One result of secession was the immediate hoarding of United States coins, thus requiring the printing of paper currency. The first issue of Confederate Notes, in March 1861, were interest bearing notes and had a total circulation of $1,000,000. Christopher Memminger, the CSA Treasurer instituted a monetary plan for the new republic that was designed for a nation at peace. However, within a few months, after fighting broke out at Ft Sumter and Manassas, the Confederacy was at war with the USA. Eventually the Confederacy was blockaded and cut off from most of the world, making foreign trade impossible. To finance the war, the South made additional monetary issues through 1864. The result was rampant inflation. At Lee's surrender at Appomattox, the currency became worthless.
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