1864 CONFEDERATE CURRENCY – Atlanta

CONFEDERATE CURRENCY

1864

History

Just as the Revolutionary War prompted the Continental Congress to issue paper currency, the financing of the Civil War provided the catalyst for the continuing evolution of U.S. currency. In 1861, the U.S. Treasury issued its first paper currency since the Continentals--Demand notes. They were printed in $5, $10, and $20 denominations, redeemable in coin on demand. Demand notes were also called "greenbacks" because their reverse sides were printed in green ink. Although Demand notes were no longer printed after 1862, they're still valid today, redeemable in current cash at face value.

Demand notes were replaced by Legal Tender notes, which were issued in denominations ranging from $1 to $10,000. To save metals during the Civil War, Legal Tender notes were originally backed by faith in the government, rather than gold or silver.