Civil War 150 -- Funding a War
Funding a War
Money is necessary to wage a war. Both the Union and the Confederacy thought the war would be a minor conflict that would end in months; both planned their budgets for that duration. As the war dragged on, each side felt pressure to keep currency circulating and governments out of the red. Multiple problems arose concerning the production of money. Confederates were cut off from their printing sources in the North. Citizens hoarding metallic coins and runaway inflation were risks to both sides. This section displays objects that show how the Union and the Confederacy dealt with money problems, while also exploring what was considered money then and who produced it.
12
Page 1 of 1
-
Civil War Token, 1863
- Description
- This particular Civil War Token depicts a patriotic theme. The obverse, front of the coin, depicts a profile image of George Washington while the reverse, back, shows two hands shaking between laurel sprigs and the words “PEACE FOREVER.” One hand is labeled as the North and the other hand is labeled as the South.
- Location
- Currently not on view
- date made
- 1863
- ID Number
- 1977.0779.108
- catalog number
- 1977.0779.108
- accession number
- 1977.0779
- Data Source
- National Museum of American History
-
10 Dollars, Demand Note, United States, 1861
- Description (Brief)
- One (1) 10 dollar note
- United States, 1861
- Obverse Image: Bust of Abraham Lincoln at the left. Eagle with a shield in center. Allegorical representation of Art at right.
- Obverse Text: 10/ X / AMERICAN BANKNOTE CO. NEW YORK / WASHINGTON AUGUST 10TH, 1861. / A / ACT OF JULY 17, 1861 / ON DEMAND, THE UNITED STATES PROMISE TO PAY TO THE BEARER TEN DOLLARS / PATENTED 30 JUNE 1857. / NO. 42821 / PAYABLE BY THE ASST. TREASURER OF THE U.S. AT PHILADA. / RECEIVABLE IN PAYMENT OF ALL PUBLIC DUES
- Reverse Image: A star in a circle at each of the four corners. A grid of X's create the background.
- Reverse Text: TEN DOLLARS / UNITED STATES OF AMERICA / X / 10 / TEN
- Description
- This ten-dollar “greenback,” given this name because of the fraud-deterrent green ink on the back of the bill, features Abraham Lincoln and was redeemable for coinage. Demand notes, like this one, were released in August 1861, the first time government paper money was issued since the Revolutionary War. Although this money was distributed by the government, it was made by the American Bank Note Company, the same company that produced private bank notes.
- Location
- Currently not on view
- date made
- 1861
- depicted
- Lincoln, Abraham
- maker
- American Bank Note Company
- ID Number
- NU.78.5.747
- accession number
- 1978.0941
- catalog number
- 78.5.747
- serial number
- 42821
- Data Source
- National Museum of American History
-
5 Cents, Fractional Currency Note, 1862-63
- Description
- Francis E. Spinner became the Treasurer of the United States in March of 1861. He conceived the idea of “emergency” money by using groups of stamps pasted onto treasury paper. On July 17, 1862 Congress authorized the use of postage stamps as payment. This five-cent postage stamp currency looks like a regular stamp, but it had no adhesive backing and could not be used on mail.
- date made
- 1862-1863
- ID Number
- 1979.1263.0407
- accession number
- 1979.1263
- catalog number
- 1979.1263.0407
- Data Source
- National Museum of American History
-
1 Dollar, Proof, United States, 1861
- Description (Brief)
- One (1) dollar coin, proof
- United States, 1861
- Obverse Image: Seated Liberty with shield and cap on staff. 13 stars.
- Obverse Text: LIBERTY / 1861
- Reverse Image: Eagle with shield over chest, clutching arrows and branch in talons.
- Reverse Text: UNITED STATES OF AMERICA / ONE DOL.
- Description
- Coins, like this silver dollar, were hoarded at the outbreak of war. This coin had inherent value because it was made from a precious metal. By 1862 metallic coins were rarely found in circulation. The Federal Government and private businesses alike felt the pressure to keep their financial and economic interests in check. Both thought the solution was to introduce new forms of currency.
- Location
- Currently not on view
- date made
- 1861
- mint
- U.S. Mint. Philadelphia
- designer
- Gobrecht, Christian
- ID Number
- 1985.0441.0609
- accession number
- 1985.0441
- catalog number
- 1985.0441.0609
- Data Source
- National Museum of American History
-
5 Dollars, Central Bank of Pennsylvania, United States, 1859
- Description (Brief)
- One (1) 5 dollar note
- Pennsylvania, United States, 1859
- Obverse Image: At left, Ceres with harvest. In center, man in middle of ornate V. At top right, young boy with older man and dog. At bottom right, portrait of a woman.
- Obverse Text: 5 / V / THE CENTRAL BANK OF PENNSYLVANIA WILL PAY FIVE DOLLARS TO BEARER ON DEMAND. / HOLLIDAYSBURG FEB 14 1859 / A / NO. 2197
- Description
- Bank notes were another resource to pay for goods and services instead of relying on the dwindling supply of federally coined money. However, if the business that issued the notes failed, then the money was worthless. This five-dollar note soon became obsolete after it was issued since the Central Bank of Pennsylvania stopped operating in 1862.
- Location
- Currently not on view
- date made
- 1859
- maker
- Danforth, Wright & Co.
- ID Number
- 1992.0281.1724
- catalog number
- 1992.0281.1724
- accession number
- 1992.0281
- catalog number
- 92.281.1724
- serial number
- 2197
- Data Source
- National Museum of American History
-
50 Cents, Fractional Currency, Bank of Catasauqua, Pennsylvania, ca. 1862
- Description (Brief)
- One (1) 50 cent note, Bank of Catasauqua
- Catasauqua, Pennsylvania, ca 1862
- Obverse Images: Man with plough being pulled by two horses; woman with pail of milk standing in front of two cows with a cottage surrounded by mountains in the background; an eagle with arrows in its talon; and a bull.
- Obverse Text: BANK OF CATASAUQUA / NO / CATSAUQUA, PA / OCTOBER 1, 1862 / WILL PAY THE BEARER FIFTY CENTS / FRIEDENSBOTE PRINT
- Reverse Image: N/A
- Reverse Text: N/A
- Description
- Fractional currency, coined or paper money of smaller denomination than the standard denomination, was used in America during the Civil War. Fractional currency came in many forms. This fifty-cent note issued by the Bank of Catasauqua, Pennsylvania is another example of fractional currency.
- Location
- Currently not on view
- date made
- ca 1862
- ID Number
- 2013.0023.003
- accession number
- 2013.0023
- catalog number
- 2013.0023.003
- Data Source
- National Museum of American History
-
Civil War Token, United States, 1861
- Description (Brief)
- One (1) Civil War token
- United States, 1861
- Obverse Image: Man with a large hat, bandanna around his neck, and a shirt decorated with stars.
- Obverse Text: I AM READY / 1861
- Reverse Image: Approximately forty (40) stars.
- Reverse Words: THE UNION MUST & SHALL BE PRESERVED
- Edge: Smooth
- Description
- There are numerous examples of Civil War Tokens that display sentiments in favor of the Union. Many of the patriotic series Civil War Tokens were issued in New York. The lack of tokens in the South has been attributed to the fact that the majority of private minters were located in the North. This token depicts a pro-Union stance: “I AM READY” and “THE UNION MUST & SHALL BE PRESERVED.” Once these tokens were circulated, they would remind their user of the Union’s justifications for war and buoy up nationalist spirits.
- Location
- Currently not on view
- date made
- 1861
- ID Number
- 2013.0023.006
- accession number
- 2013.0023
- catalog number
- 2013.0023.006
- Data Source
- National Museum of American History
-
5 and 10 Dollars Plate, Made in New York, Captured in New Orleans, Louisiana, July 2, 1861
- Description
- After the war began and the Union cut off trade with the South, Confederate Treasury Secretary Christopher G. Memminger found that he could no longer rely on Northern printers. He turned instead to the New Orleans branch of the American Bank Note Company, the only shop in the South with the skilled engravers and printing equipment required to produce high-quality bills that were hard to counterfeit. Samuel Schmidt, general manager of the New Orleans branch, changed the name of the bank to the Southern Bank Note Company and was contracted to produce notes using this plate, which was made in New York for the Confederacy. Just two weeks before the capture of New Orleans, Schmidt finished his contract and shipped the last batch of 2,760 notes to Memminger. But, soon after the Confederate city fell, the plate was confiscated by Union forces.
- Location
- Currently not on view
- date made
- 1861-07-02
- maker
- unknown
- ID Number
- NU.35527
- catalog number
- 35527
- accession number
- 91728
- Data Source
- National Museum of American History
-
Plate wrapper, June 20, 1862
- Description
- On June 22, 1862, U.S. Treasury Secretary Salmon P. Chase received this package that came from Union-occupied New Orleans. General Benjamin Butlerr’s wax seals covered the front ensuring that the valuable contents would remain undisturbed. The package contained four engraved steel plates used to print Confederate notes, the South’s financial lifeblood. The loss of those plates, seized after New Orleans fell in late April 1862, was a blow to Confederate sovereignty and solvency. Butler had quickly sent them to Washington, D.C. as trophies.
- Location
- Currently not on view
- date made
- 1862-06-20
- associated person
- Butler, Benjamin Franklin
- Chase, Salmon Portland
- maker
- unknown
- ID Number
- NU.35531
- catalog number
- NU35531
- accession number
- 91728
- Data Source
- National Museum of American History
-
Civil War Token, 1864
- Description
- Although most Civil War Tokens were made out of copper, like this specimen, they were struck in other materials as well. Tokens made out of brass, silver, lead, and rubber are known to numismatists.
- Location
- Currently not on view
- date made
- 1864
- ID Number
- NU.71.167.45
- catalog number
- 71.167.45
- accession number
- 296443
- Data Source
- National Museum of American History
-
Civil War Token
- Description
- This Civil War Token depicts a portrait of General G. B. McClellan on the obverse and the Knickerbocker Currency logo on the reverse. Knickerbocker Currency was stuck by William H. Bridgens, the same man who was the die-cutter for Lindenmueller Currency.
- Location
- Currently not on view
- ID Number
- NU.72.118.75
- accession number
- 302411
- catalog number
- 72.118.75
- Data Source
- National Museum of American History
-
Civil War Token, 1863
- Description
- In the beginning of 1862, citizens went on a hoarding frenzy as high inflation plagued the market after the outbreak of the Civil War. Their target: coins of gold, silver, and copper. The hoarding problem was so extreme that the government halted the minting of coined money and by the end of 1862 there were hardly any metallic coins in circulation. This was acutely felt by business men and customers alike since coinage in small denominations was most commonly tendered at that point in time. In order to alleviate the situation, merchants and tradesmen sought alternatives to government issued small change. Privately issued tokens, typically one cent and made of copper and similar in size to government issued coinage, were used instead and by late 1862 these Civil War Tokens were circulating in Cincinnati and New York. This particular token’s text, “FOR PUBLIC ACCOMODATION,” reflects the pecuniary problem that was happening at that time.
- Location
- Currently not on view
- date made
- 1863
- ID Number
- NU.72.118.76
- accession number
- 302411
- catalog number
- 72.118.76
- Data Source
- National Museum of American History
