For sale is a rare 1864 CONFEDERATE STATES OF AMERICA $5 CURRENCY NOTE from Richmond, Virginia. This obsolete currency note was issued during the seventh and last issue of Confederate currency. The $5 note is individually signed and numbered 95055. The center of the note features an illustration of the Confederate Capitol at Richmond, Virginia and a portrait of Confederate Secretary of the Treasury C.G. Memminger. This note is of particular fascination for collectors, as an 1864 $5 Confederate Note was found in Lincoln’s wallet on the day he was assassinated. This note is in very good condition with some vintage tape repairs. Thes note measures about 7 inches by 3 1/8 inches. An superb historic collectible.
When the Civil War began the Confederate Government still accepted United States currency. To pay for the war, the Confederate government issued a vast array of paper currencies. Confederate States of America (CSA) promissory notes, also known as “graybacks,” were issued during the Civil War as a form of currency, promising payment after a Southern victory, but ultimately became worthless after the Confederacy’s defeat. The notes were nicknamed “graybacks” after the color of Confederate soldiers’ uniforms. In addition to the central government, individual states and even cities issued their own currency, further complicating the situation.
Making things even more confusing, state governments issued their own currencies — as did banks, insurance companies, and businesses. None of this paper money could be redeemed, or traded for, gold or silver — as was common in the early nineteenth century. The Confederate government had no gold or silver to make coins. Instead, Confederate paper money was like a loan — a promissory note or promise to pay at a later time. At the start of the war, when southerners expected to win the war, they were willing to trust that their paper dollars would continue to hold value. But as the South started to slide towards defeat, they lost faith in not only their chances of victory but their money as well.
The Confederate Government printed a million dollars’ worth of notes, which were treated more as bonds than bills since they were issued in such large denominations including $50, $100, and $500. Early in the civil war, much of the Confederate currency was produced in New York City. Eventually other printing firms such as the Southern Bank Note Company in New Orleans also made notes.
