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Just as the currency issued by the Continental Congress was deemed worthless (witness the phrase "not worth a Continental;" and see The Federalist Papers, which also addressed this issue in the run-up to the ratification of the U.S. Constitution) because they were not backed by any hard assets, this too became the case with Confederate currency.
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 Confederate currency became worthless by its own terms after the war, since it could only be redeemed a stated number of years after a peace treaty was signed between the Confederacy and the United States (which never happened, as the Confederacy was defeated and dissolved).
Before the Civil War, the United States used gold and silver coins as its official currency. Paper currency in the form of banknotes was issued by privately owned banks, the notes being redeemable for specie at the bank's office. Such notes had value only if the bank could be counted on to redeem them; if a bank failed, its notes became worthless.
Just like coin collectors, paper bill collectors also know that these can be extremely valuable. And if you have old Confederate bills stashed away, their value could surprise you -- and it might ...
The couple is puzzled as to how someone ended up in the middle of the desert in the midday sun, but more so, why he offered up the gold as if it were really worth something.
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 ...
Conservation experts in Virginia’s capital Tuesday pulled books, money, ammunition, documents and other artifacts from a time capsule found in the remnants of a pedestal that once held a statue ...