Paper Currency

During 1863, the US $1 greenback traded for 63-79 cents in coin, the CSA notes for 15-33 cents. After the defeats of Gettysburg and Vicksburg, the CSA dollar declined to 10 cents, and then 5 cents by December, 1863. A common pre-July, 1863 trade was $3 or $4 in CSA notes for a $1 greenback. In 1864, the CSA currency lost value quickly but so did the Greenback. On July 11, 1864, the Greenback was only worth 34 cents before recovering to 71 cents in the middle of 1865.

Chase, Philip Hartley, 1886-. Confederate Treasury notes : the paper money of the Confederate States of America, 1861-1865. Philadelphia, 1947. 148 p. : ill. ; 24 cm. Language: English
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Criswell, Grover C.. Confederate and southern state currency : a descriptive listing, including rarity / by Grover C. Criswell, Jr. [and] Clarence L. Criswell. Pass-A-Grille Beach, Fla. : Criswell's, 1957. 277 p. : ill. ; 26 cm. Series title: Criswell's currency series, v. 1 Language: English
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Criswell, Grover C. The official guide to Confederate money & Civil War tokens, tradesmen & patriotic / by Grover Criswell & Herb Romerstien, Hal L. Cohen, design & editorial. [1st ed.] [New York] : HC Publishers, [1971] 144 p. : ill. ; 15 cm. Language: English
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Dwinell, Olive Cushing. The story of our money : or, Our currency and credit--its sources, creators, control, and regulation of volume and value as set forth in quotations from great American historic figures and state papers, writings, letters, historians, Congressional records, Supreme court decisions and authorities / by Olive Cushing Dwinell. Boston : Meador publishing company, [1946] 208 p. ; 21 cm. Language: English
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Hepburn, A. Barton 1846-1922. A history of currency in the United States with new chapters on the monetary and financial developments in the United States from 1914 to 1922 and a preface by Mrs. Hepburn on the author's relation to the establishment of the Federal reserve system, (Rev. ed.) New York : The Macmillan company, 1924. xxiv p., 573 p. ; 23 cm. Language: English
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Krause, Chester L.. Standard catalog of U.S. paper money / by Chester L. Krause and Robert F. Lemke ; pricing editor, Robert E. Wilhite ; special consultants, Frederick J. Bart ... [et al.] 5th ed. Iola, WI : Krause Publications, c1986. 186 p. : ill. ; 28 cm. Language: English
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Morgan, James F., 1945-. Graybacks and gold : Confederate monetary policy / by James F. Morgan. Pensacola, Fla. : Perdido Bay Press, 1985. xii, 161 p., [40] p. of plates : ill., maps ; 24 cm. Series title: Southern history and genealogy series ; v. 2.
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Muhleman, Maurice Louis, 1852-1913. The money of the United States : Its character and legal status from 1793 to 1893 and its volume from 1873 to 1893 ... / by Maurice L. Muhleman. New York : The Safety valve, 1894. 72 p. : tables ; 19 cm. Language: English
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Nussbaum, Arthur, 1877-1964. A history of the dollar. New York : Columbia University Press, 1957. 308 p. ; 21 cm. Language: English
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Reinfeld, Fred, 1910-1964. The story of Civil War money. New York : Sterling Pub. Co., [1959] 93 p. : ill. ; 26 cm. Language: English
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Slabaugh, Arlie R.. Confederate States paper money : a type catalog of the paper money issued by the Confederate States during the Civil War, 1861-1865. Centennial ed. Racine, Wis. : Whitman Pub. Co., [1961] 64 p. : ill. ; 20 cm. Language: English
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Journal Articles

--. "Money, Money, Money: Gallery." Civil War Times Illustrated 1982 21(8): 36-39.
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Howard, Milo B. "Alabama State Currency, 1861-1865." Alabama Historical Quarterly 1963 25(1/2): 70-98.
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Jones, Walter B. "Alabama Obsolete Currency." Alabama Review 1977 30(1):213-226.
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Lerner, Eugene M. "Money, Prices, and Wages in the Confederacy." Journal of Political Economy 1955 63(1): 20-40.
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Morgan, James F. and Charles P. Wilson. "New Orleans and Confederate Louisiana's Monetary Policy: The Confederate Microcosm." Gulf Coast Historical Review 1989 4(2): 73-84.
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Pecquet, Gary M. "The Change Shortage and the Private and Public Provision of Small Currency Denominations in the Trans-Mississippi States 1861-1865." Southern Studies 1986 25(1): 102-110.
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Pecquet, Gary M. "Money in the Trans-Mississippi Confederacy and the Currency Reform Act of 1864." Explorations in Economic History 1987 24(2): 218-243.
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Pecquet, Gary M. "Public Finance in Confederate Louisiana." Louisiana History 1988 29(3): 253-297.
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Pecquet, Gary M. "State Finance in Arkansas, 1860-1865." Arkansas Historical Quarterly 1989 48(1): 65-72.
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Web resources

CSA Currency Home Page
A personal site devoted to currency issued by the Confederate States of America.


Federal Reserve Bank of San Francisco
Contains historical context of the Civil War as well as several images of currency. Also covers several other eras of currency history.


Major Henrick's Money page
The main page of a personal site detailing the history of Civil War currency. Contains both Confederate and Union sections.


Museum of American Financial History
This links to their Civil War history page. In-depth coverage of the period leading up to the Civil War, as well monetary, political, and societal history during the war.


North Carolina's Civil War Currency
The North Carolina Collection Gallery, at the University of North Carolina at Chapel Hill.

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