When did Confederate money become worthless?

1865
But as the war grew worse for the South, inflation soared. When the war ended in 1865, Confederate paper money became worthless.

Why did the Confederate dollar fail?

The subsequent issuance of government debt and substantial printing of the Confederate dollars contributed to high inflation, which plagued the Confederacy until the end of the war. At the beginning of the war, the Confederate dollar cost 90¢ worth of gold (Union) dollars. By the war’s end, its price had dropped to .

Is Confederate money worth anything today?

Today, though, Confederate dollars have value as a collectible item. Just like people will pay money to own a Civil War hat or musket, they will pay money to own Confederate money. Some rare Confederate bills are now worth 10 times more than they were in 1861.

What happened to the Confederate money?

Are Confederate Dollars Worth Any Money? When the Confederacy was disbanded as a political entity following the end of the Civil War, the currency lost all existing value as a medium of exchange. Confederate dollars are not accepted as legal tender anywhere.

What is a Confederate $1 bill worth?

Many pieces of American currency are just worth 1\% to 10\% over the face value, but of course there are many examples that are worth thousands of dollars for a single $1 bill. Most Confederate currency bills are worth between $5 and $20 each.

What was Confederate money backed by?

In contrast to the U.S. dollar (USD), the Confederate dollar had no underlying backing nor was it pegged to any other tangible asset, such as gold. Instead, the money was a promissory note of credit, which promised the bearer compensation six months after the end of the war.

What happened to the Confederate money after the Civil War?

Is it illegal to have Confederate money?

Confederate dollars are not accepted as legal tender anywhere. However, for collectors and dealers of obsolete currency, Confederate dollars are valuable as collectible items.

What happened to the value of Confederate money after the war?

When the South started losing the war, the value of Confederate money dropped. In addition, prices for food, clothing and other necessities rose because many items were scarce during the war. Graybacks became almost worthless.

How much was the first series of Confederate paper money?

The first series of Confederate paper money, issued in March of 1861, bore interest and had a total circulation of $1,000,000.

What are the different denominations of Confederate currency notes?

Confederate Treasury Notes (banknotes) were ultimately issued in 50¢, $1, $2, $5, $10, $20, $50, $100, $500 and $1,000 denominations with a variety of designs, issuers and redeemable obligations.

What was the currency of the south during the war?

At first, Confederate currency was accepted throughout the South as a medium of exchange with high purchasing power. As the war progressed, however, confidence in the ultimate success waned, the amount of paper money increased, and their dates of redemption were extended further into the future.