Confederate Currency -- Second Issue July 25, 1861
First Third Fourth Fifth Sixth Seventh
The Act of May 16, 1861 authorized treasury notes not exceeding a total of $20,000,000, "fundable in Confederate States stock bearing eight per cent interest" and which was payable "two years after date". The Act of July 24, 1861 authorized the Secretary of the Treasury to appoint clerks to assist the Register and Treasurer in signing the notes, since the quantity was too great for these men alone.
After Secretary of the Treasury Memminger found that the Southern Bank Note Company (see below) was inadequately equipped to produce currency quickly or on a large scale, he turned to the use of lithographic notes. Jules Manouvrier of New Orleans received a portion of the printing work, but his notes were poorly designed and easily counterfeited, and the Confederate Government gave him no further contracts.
$5 -- T12 -- Design without illustration. 15,556 issued.
All of the following notes of this issue were engraved and printed by Hoyer & Ludwig of Richmond, producer of many 1861 and 1862 Confederate postage stamps.
$5 -- T11 -- Liberty and eagle in center behind scroll. Sailor at lower left. 72,885 issued.
$10 -- T10 -- Center design similar to $5 but with shield containing Confederate flagf instead of "5". Hope with anchor at left. 170,994 issued.
$20 -- T9 -- Three masted ships in center. Total issue was 264,988.
$50 -- T8 -- Bust of George Washington in center. Tellus seated at lower left. Total issue was 123,564.
$100 -- T7 -- Ceres and Prosperine in center. Bust of George Washington at lower left. Total issue was 37,155.
The Confederate Treasury needed more $50 and $100 notes to be held for their interest by the smaller planters instead of the $500 and $1000 notes which were largely held by the bank. Secretary of the Treasury Memminger wanted the National Bank Note Co. to print more of the lower denominations, but before this could be accommplished hostilities broke out.
After contacting the manager of the New Orleans branch of the American Bank Note Company, a contract was made on May 13, 1861 for the production of $50 and $100 notes. In the meantime, the name of the branch was changed to Southern Bank Note Company. The Richmond Issue is considered to be part of the First Issue, but the notes did not appear until August 26, 1861, one month after the Second Issue Notes.
$50 -- T6 -- Industry and Agriculture seated on Cotton bale. Justice at left, George Washington at right. 5790 issued.
$100 -- T5 -- Railroad train rounding bend. Justice at left, Minerva at right. 5798 issued.
The Southern Bank Note Co. had insufficent equipment for production of notes on the scale needed by the Confederacy. Agents were sent to Europe to procure more plates, stones, inks, papers, and machinery.
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