Arlie R. Slabaugh - Confederate States Paper Money: Civil War Currency from the South

11th Edition

Confederate States

PAPER
MONEY

Civil War Currency from the South

EDITED BY GEORGE S. CUHAJ

2008 Krause Publications

Published by

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Library of Congress Control Number: 2008928625
ISBN-13: 978-0-89689-706-9
ISBN-10: 0-89689-706-0
eISBN: 978-1-4402-2527-7

Designed by Katrina Newby
Edited by George S. Cuhaj
Printed in China

CONTENTS

Acknowledgments

Welcome to the eleventh edition

Welcome to this eleventh edition of Confederate States Paper Money. Sadly, Arlie Slabaugh died leading into the updating and production of this edition, and it has fallen to me to co-ordinate this edition. The big improvement visually we wished to make in this updated edition is color illustrations. Many of these have come from the R.M. Smythe & Co. Auctions and Pierre Fricke. That has been a major task, and we are well on our way to a fully color book in the near future. The listing description revisions and current pricing has been the work of Pierre Fricke. I am indebted to his assistance in this project.

In all respects, the editorial I used in the text is that of Mr. Slabaugh. However, due to current collecting trends, the listing of the Confrederate Currency now follows the Criswell numbering system, with a cross reference to the Slaughbaugh system.

George S. Cuhaj
Iola, Wis.

August 15, 2008

From the 2000 edition

Since the previous edition, a number of collectors and dealers, past and present, have added their input to this catalog. I apologize if I have missed a few among those who have contributed either directly or indirectly. Their names are very recognizable and include Dr. Douglas B. Ball, Herbert A. Brand, Lynn Chen, Grover Criswell, Tom Denly, Richard G. Doty, Pierre Fricke, Frank Hannah, Gene Hessler, Edward B. Hoffman, Paul Homer, Ron Horstman, Brent Hughes, Sydney C. Kerksis, Rudolph Kohler, Edward Lea Jr., Phil Lapsansky, Gene F. Mack, Clifford Mishler, Claud and Judith Murphy, Eric Newman, Philip H. Reisman, Jr., Kent Robertson, James C. Ruehrman, Hugh Shull and Luther B. Tuthill.

Others, who might be described as institutional include the Library of the American Numismatic Association, R.M. Symthe & Co. auctions, Virginia Numismatic Association and Raphael P. Thians book, Register of the Confederate Debt.

Illustrations are of specimens in the authors collection which were supplemented by others from Roger Adamek, Pierre Fricke, Frank Hannah, Brent Hughes, Claud Murphy, Eric Newman, Neil Shafer, Austin M. Sheheen, Jr., Hugh Shull, Hank Simmons, Howard Spain, The Library Company of Philadelphia, and Krause Publications.

Arlie Slabaugh
July, 2000

Preface

One problem with the study of the Civil War is a tendency toward nostalgia, particularly as it affects the Confederate States. This explains, in part, the continuous stream of books about this epochal event as historians reinterpret or add their own bias to what others have written before. As an indication of how deeply the American psyche has been affected by the Civil War, when we speak of the antebellum years, the reference is to that great dividing point, not the First or the Second World War.

On the other hand, a subject so intensely studied can hardly fail to unearth new data in old letters, forgotten archives, or elsewhere. The study of Confederate currency is no exceptionwe certainly know much more about it today than we did fifty years ago, although that was nearer to the time it was issued, and we have little doubt that collectors of fifty years from now will look back on this and other works as being merely a step in what may become virtually day-to-day knowledge of Confederate currency production and circulation.

This edition of Confederate States Paper Money is more than double the size of the first edition published in 1958. It could be even larger and more detailed, but it should be understood that this catalog is intended primarily for the general reader and collector rather than the specialist. Nevertheless, whether one is a novice or an advanced collector or student of the Civil War, we believe those consulting this catalog will find things of interest not readily available elsewhere. To further increase its value to collectors, the currency issued by the Southern States has been added and will be found listed in Part III.

We trust that you have read this far. Thanks. For, much as we hate to admit it, too many collectors and owners of coins and paper money tend to make a beeline to the catalog section that lists the prices of what each specimen is worth. This is a habit that must be broken if one is to become an informed collector. Not only that, the knowledge gained by studying catalogs in detail will bring you pleasure. Only then will you fully appreciate the value of what you own or seek to obtain.

In preparing this work, we have included various collateral aspects of Confederate finance and currency in addition to the actual notes issued during the Civil War. Some of these things you may consider mundane, others may be astonishing. Be that as it may, it is my hope that this book will add to your knowledge of Confederate currency and the Civil War.

Introduction by Arlie Slabaugh

I began to collect seriously early in 1938 on a planned basis, not just Confederate currency, but many other things. Of particular value at that time was the publication of TheStandard Paper Money Catalogue by Wayte Raymond in 1940, which provided me with a list of types so that I knew what to seek. I also learned about the notes from articles published in Raymonds Coin Collectors Journal to which I subscribed, as well as purchasing the 1915-1919 years of The Numismatist which contained H.D. Allens series of articles on the background of Confederate currency (later included in a 1945 reprint of Bradbeers catalog). By 1946, I had a rather good collection of types as well as some varieties that appealed to me. I was able to assemble all of the types with one exceptionthe Indian Princess note (T-35) and I could have obtained it, too, but at that time none was offered for sale in better than good condition and I was seeking a better example. (This is still largely true, although higher prices have since attracted better examples to the market.)

The purchase I remember best is that of the $500 Montgomery note (T-2) which I obtained in XF condition at Kosoffs New York auction in 1942, at what was then said to be a record price of $88. At that time, Raymond catalogued it at $75. Since that note now brings $60,000 or more in similar condition, you can see what unbelievable changes have occurred in the past 50 years. I wish I still had this note, but I sold my original collection many years ago when prices were yet low. In other words, prices listed in this catalog are unbiased, having been obtained from various sources and are not for my personal benefit.