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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.
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The '5 cent bill from 1861 was among the smallest denomination bills printed during the confederacy of North Carolina. It was also one of the smallest physical bills, measuring approximately 3" by 1 5/8". [citation needed]. By 1863 barter was replacing currency and a tenpenny nail was used in place of this note. [1]
A Confederate anti-conscription print. Substitution and the Exemption Act of October 11, 1862, soon dubbed the Twenty Negro Law, created hostile reactions from the poorer members of the Southern society and spread from drafted recruits into the army, causing concern for the morale of the fighting men. While substitution eventually was abolished ...
$100 Virginia, 1862 $1,000 Confederate States of America note is one of 607 issued and features images of John C. Calhoun on the left and Andrew Jackson on the right. Almost all of the Montgomery issued notes were signed by hand by Alex B. Clitherall, Register, and E.C. Elmore, Treasurer,1861
In February 1862, he acquired a sample of Confederate money and quickly started producing his own counterfeits. His first printing consisted of 3,000 five-dollar notes, each stamped at the bottom with the words, "Fac-simile Confederate Note – Sold wholesale and retail by S.C. Upham 403 Chestnut Street, Philadelphia."
The Confiscation Act of 1862 was passed on July 17, 1862. It stated that any Confederate official, military or civilian, who did not surrender within 60 days of the act's passage would have their slaves freed in criminal proceedings. However, this act was only applicable to Confederate areas that had already been occupied by the Union Army.