Search results
Results From The WOW.Com Content Network
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.
Civil War tokens became illegal after the United States Congress passed a law on April 22, 1864, prohibiting the issue of any one or two-cent coins, tokens or devices for use as currency. On June 8, 1864, an additional law was passed that forbade all private coinage.
Seal on a 1864 CS$500 banknote. According to the Richmond Whig of September 25, 1862, a design that passed the Senate represented in the foreground a Confederate soldier, in position to charge bayonet; in the middle distance, a woman with a child in front of a church, both with hands uplifted in the attitude of prayer; for a background, a homestead in the plain, with mountains in the distance ...
During the first seven weeks of the Civil War, the U.S. Post Office still delivered mail from the seceded states. Mail that was postmarked after the date of a state's admission into the Confederacy through May 31, 1861, and bearing U.S. (Union) postage is deemed to represent 'Confederate State Usage of U.S. Stamps'. i.e., Confederate covers franked with Union stamps. [4]
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.
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 ...
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 ...
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!