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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. The first series of Confederate paper money, issued in March 1861, bore interest and had a total circulation of $1,000,000. [1]
If it is assumed that real incomes remained constant in the South during the war (Lerner actually concluded that they fell by about 40% [3]) then the equation implies that for the price level to increase 92 times in the presence of a 20 times increase in money supply, the velocity of money must have increased 4.6 times over (92/20=4.6 ...
The main prewar agricultural products of the Confederate States were cotton, tobacco, and sugarcane, with hogs, cattle, grain and vegetable plots. Pre-war agricultural production estimated for the Southern states is as follows (Union states in parentheses for comparison): 1.7 million horses (3.4 million), 800,000 mules (100,000), 2.7 million dairy cows (5 million), 5 million sheep (14 million ...
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The money was mostly wasted on ships that were never delivered (because of the Union blockade) and in futile efforts to prop up the price of Confederate bonds to fool Europeans that the new nation was doing well. [33] The British had money to invest. They bought some Confederate bonds but spent far more on the blockade runners as in Confederate ...
The war eventually ended quickly, and the price of gold fell. American Confederates developed cotton bonds to sell in England to fund their efforts in the Civil War. Once New Orleans fell to the Union, the value of Confederate cotton bonds declined. England stopped investing in the cotton bonds, and the Confederate’s economy became doomed.
Greenbacks were emergency paper currency issued by the United States during the American Civil War that were printed in green on the back. [1] They were in two forms: Demand Notes, issued in 1861–1862, [1] and United States Notes, issued in 1862–1865. [2]
The 1926-D Wheat Penny value ranges from about $900 for Mint State brown varieties to $22,000 for Mint State red varieties. Explore More: 3 Valuable Coins To Keep an Eye Out for in 2025 1914-D ...