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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.
The financing of war expenditures by the means of currency issues (printing money) was by far the major avenue resorted to by the Confederate government. Between 1862 and 1865, more than 60% of total revenue was created in this way. [4] While the North doubled its money supply during the war, the money supply in the South increased twenty times ...
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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Media in category "Confederate States of America currency" This category contains only the following file. NC 1861 5 cent rear.jpg 777 × 436; 164 KB
Money raised from the sale of the coins was combined with money raised by the United Daughters of the Confederacy and the Stone Mountain Confederate Memorial Association in order to fund the carving of a Confederate monument at Stone Mountain. [6]
New York issues followed in the spring of 1863, first with Lindenmueller currency store card tokens issued by New York City barkeep Gustavus Lindenmueller and then with Knickerbocker currency patriotic tokens issued by William H. Bridgens. It is estimated that by 1864, there were 25,000,000 Civil War tokens (nearly all redeemable for one cent ...
Most of this money was acquired by the sale or direct transfer of cotton which had successfully breached the Union Naval Blockade. During the first years of the Civil War the money for arms purchase was readily available and Huse had little trouble securing large contracts, seldom needing to rely on the traditional use of government credit ...