$5 Confederate Note - T-60 - CR-450-64 - Confederate States of America

$5 CSA note, T-60, CR-450-64. Poor to Good Condition. At first, Confederate currency was accepted throughout the South as a medium of exchange with high purchasing power. As the war progressed, confidence in the ultimate success waned, the amount of paper money increased, and their dates of redemption were extended further into the future. Most Confederate currency carried the phrase across the top of the bill: "SIX MONTHS AFTER THE RATIFICATION OF A TREATY OF PEACE BETWEEN THE CONFEDERATE STATES AND THE UNITED STATES" then across the middle, the "CONFEDERATE STATES OF AMERICA WILL PAY [amount of bill] TO BEARER" (or "...WILL PAY TO BEARER [amount of bill]" or "...WILL PAY TO BEARER ON DEMAND [amount of bill]").

As the war progressed, the currency underwent the depreciation and soaring prices characteristic of inflation. For example, when news of the Confederate defeat at Gettysburg reached the public, the Confederate currency depreciated 20%. Confederate President Jefferson Davis asked private citizens to restore the value of the Confederate dollar by mutually agreeing to sell and buy items only at reduced prices. In October 1863, Confederate States Senator Louis Wigfall of Texas said that a Confederate soldier received $11 per month in pay, which was worth the same as $1 had been worth at the beginning of the war. In September 1864, one Confederate dollar was worth the same as three cents of United States currency. People tried to retain their wealth by buying gold to such an extent that, in Richmond, it was impossible to find someone who would sell their gold. At Christmas 1864, the Confederate dollar's worth had decreased to such an extent that a turkey sold for $155 and a ham for $300. By the war's end, a cake of soap could sell for as much as $50, and an ordinary suit of clothes was $2,700. Read more at https://en.wikipedia.org/wiki/Confederate_States_dollar

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