One of the huge problems that a struggling government faces is how to maintain the value of its paper money, especially when it is issuing too much of it. The Confederate States of America was no exception. By 1863 the Confederate States of American was issuing paper money to finance its operations in huge quantities. Treasury secretary, Christopher Memminger, knew that too much money was in circulation, and that problem was only getting worse. In a rather ingenious move, he decided put on sunset clause on every series of 1863 note that ranged in value from $5 to $100. The 50 cent, $1 and $2 were excluded because they were mainly used for day to day living expenses. When each $5 to $100 note was issued, the month and year was stamped vertically on the front, in red, on the right side. For example, if a note was issued in May, a red notice reading “May, 1863” was stamped on the piece. The government recognized the value of the note for one year after it was issued. After that its value went zero, but it could be turned in exchange for Confederate bonds. The theory was that the money supply would be stabilized to an extent. Virtually every 1863 issued Confederate the Rebels issued had this mark. Any piece that does not have it is either extremely rare or a counterfeit. Here is a $5 note that has “SEPT’R 1863” stamped on it in large letters. And here is a $10 note with "MAY, 1863." stamped on it in small letters. I have not noted any consistency in the month or time of year with respect to the size of the stamp, but perhaps a Confederate money expert could comment on this.
These blue backs first got me into collecting CSA notes. Of course, once I had those, I couldn't stop now could I, oh no...
That is the fustest time I have seen them dates esplained, despite all the reading I has done and my Criswell.
Wow, great post. I've actually been on the hunt for my first CSA note to add to a growing collection of "historically interesting or important banknotes". Thanks, @johnmilton , I'll definitely be keeping this in mind.
