Most Confederate money found in drawers, books and old souvenir albums is not genuine. Millions of reproductions were printed in the 1950s and 1960s for the Civil War centennial, as cereal and gas station giveaways and as tourist souvenirs, and they are worth approximately $0-2 each. Genuine Confederate notes do exist in large numbers, though, and the common ones are not rare: a typical circulated 1864 note sells for $20-60, while scarcer types from 1861 and 1862 and notes in crisp condition can be worth hundreds or thousands. The paper, the printing and the handwriting on the note settle which one you have far more reliably than the date or the denomination.
Quick answer
- Uniform brown "parchment" paper, a printed burn mark or the word "FACSIMILE" or "COPY" means a reproduction worth a dollar or two.
- Genuine notes are on thin paper with signatures in ink by hand, and most bear a hand written or individually printed serial number.
- Common genuine 1864 notes sell for $20-60; earlier and scarcer types run from $50 to several thousand.
How to check yours, step by step
- Feel and look at the paper. Hold the note up to a window. Genuine notes are on thin, often slightly translucent rag paper that has aged unevenly, with soft folds and handling wear. Facsimiles are usually on stiff, even brown or tan paper that looks aged all over in the same shade.
- Read every margin and the back for small print. Look along the bottom and side margins and on the back for "FACSIMILE", "COPY", "REPRODUCTION", a company name or an advertisement. Many reproductions say it outright in tiny letters.
- Look at the signatures under a magnifier. On genuine notes two signatures, for the Register and the Treasurer, were signed by hand in ink by clerks. The ink sits on the paper, varies in thickness and often shows feathering into the fibers. On a facsimile the signatures are printed in the same ink and texture as the design.
- Check the serial number. Genuine notes carry a serial number that differs from note to note, written by hand on many issues, so two notes rarely match. If you have several notes of the same design with the same serial number, they are reproductions.
- Examine the printing under 10x magnification. Genuine notes were engraved or lithographed, which gives solid lines and fine linework. A pattern of tiny dots (halftone) means a modern photographic print.
- Read the date and denomination and match the design. The date on the note is the issue date, such as "February 17th 1864". Use the date, denomination and central vignette to find the type number in the tables below.
- Look at the back. Most 1861 and 1862 notes have plain backs. Several 1864 denominations have an ornate back printed in blue. A back covered in advertising or a printed history lesson is a reproduction.
Facsimile or genuine: the signs side by side
| Feature | Typical facsimile | Typical genuine note |
|---|---|---|
| Paper | Thick, stiff, evenly brown or "antiqued" | Thin rag paper, uneven toning, soft from use |
| Color tone | Same brown wash across the whole note | White to cream paper with local stains |
| Signatures | Printed, same ink as design | Hand signed in iron gall or brown ink |
| Serial number | Printed, identical across a set | Hand written or individually stamped |
| Printing | Dot pattern under magnification | Solid engraved or lithographed lines |
| Wording | "FACSIMILE", "COPY", advertising on back | No such text |
| Edges | Machine cut, perfectly straight, or printed burns | Hand cut, sometimes uneven, real wear |
| Typical value | $0-2 each, $5-20 for a full souvenir set | $20 to thousands depending on type |
Two special cases sit between these columns. During the war, Samuel Upham in Philadelphia printed "facsimile" Confederate notes with an advertising line in the bottom margin, which was often trimmed off so they could pass. Upham notes are collectible in their own right and usually sell for roughly $50-300. There were also contemporary counterfeits made to circulate in the South, some of which are worth more than the genuine note to collectors. Both need a specialist's eye, so treat them as "probably not a modern reproduction" rather than as genuine.
Where all the reproductions came from
The flood of copies has a short history. In the 1950s and early 1960s, companies printed sets of Confederate notes as premiums: packed in cereal boxes, handed out at gas stations, sold with history booklets and given away as advertising for products and restaurants. The Civil War centennial from 1961 to 1965 added souvenir packs sold at battlefields, museums and gift shops across the South, often on brown "parchment" paper with an old looking burn or water stain printed into the design. Many of these were later framed, glued into scrapbooks or tucked into family Bibles, and after sixty years they look old enough to fool anyone.
Two practical signs help with a whole stack. Reproduction sets usually contain one of each of several famous designs, all in the same paper, color and condition. A genuine group bought over time usually shows mixed wear, mixed paper tone and different serial numbers on notes of the same design.
Genuine issues by year and type
The Confederate Treasury issued notes from 1861 to 1864 in seven main series. Collectors identify each design by a type number from T-1 to T-72, used in the standard references by Criswell and by Fricke, with varieties beneath each type. The type is set by the date, denomination and vignette together.
| Issue | Types | What you see | Typical value, circulated |
|---|---|---|---|
| 1861 Montgomery issue | T-1 to T-4 | $50 to $1,000, "Montgomery" in text, interest notes | Several thousand to tens of thousands |
| 1861 Richmond issues | T-5 to about T-38 | Many designs, $5 to $100, some very rare | $30-150 for common types, rare types far more |
| 1862 issues | About T-39 to T-55 | $1 and $2 notes, $10, $20, $100 interest notes | $25-150 for common types |
| 1863 issue (April 6, 1863) | T-56 to T-63 | 50 cents to $500 | $25-100 common, $500 note much more |
| 1864 issue (Feb 17, 1864) | T-64 to T-72 | 50 cents to $500, many with blue backs | $20-60 common, more for $500 |
Within the 1864 issue, the one most families hold, values sit roughly like this:
| 1864 note | Type | Circulated | Crisp uncirculated |
|---|---|---|---|
| 50 cents | T-72 | $20-40 | $50-100 |
| $1 | T-71 | $30-80 | $100-250 |
| $2 | T-70 | $30-80 | $100-250 |
| $5 | T-69 | $20-40 | $50-100 |
| $10 | T-68 | $20-40 | $50-100 |
| $20 | T-67 | $25-50 | $60-120 |
| $50 | T-66 | $40-90 | $100-200 |
| $100 | T-65 | $50-120 | $150-300 |
| $500 | T-64 | $300-900 | $1,000-2,500 |
Confederate money was printed in such quantity, and lost value so fast during the war, that huge numbers survived. That is why a genuine $10 from 1864 is worth tens of dollars, not hundreds. The scarce notes are scarce because a particular printing was small or a design was withdrawn early, not because of age alone.
What changes the value of a genuine note
- Type and variety. A small number of types, such as the 1861 Montgomery notes and certain early Richmond designs, are rare. Within a common type, a scarce plate letter or printer variety can add a premium.
- Condition. Grades run from Good, with heavy folds and stains, to crisp uncirculated. A crisp note with full margins can be worth two to four times a worn one.
- Cancellations. Many notes were cancelled after redemption by cutting (cut cancelled, with triangle or slash cuts) or punching holes. Cancelled notes usually sell for roughly half of an uncut note in the same condition, sometimes less.
- Margins. Notes were hand cut from sheets. Wide even margins are a plus; a design cut into on one side is a minus.
- Damage. Tears, missing corners, tape, heavy foxing and pinholes lower value. Old repairs with tape or glue are common and should be left alone.
- Interest notes with endorsements. Some notes paid interest and carry stamped or written endorsements on the back. These can be worth more to specialists.
- Sheets and uncut pairs. Rare, and a different market entirely.
The broader rules for old paper money, seal colors and serial numbers are covered in old dollar bills worth money, and for the US notes most often found beside Confederate money, see silver certificate dollar value and two dollar bill value.
Common mistakes
- Treating the brown, aged look as a sign of age. On reproductions the "aging" is printed on.
- Assuming that a note in a frame or a souvenir album with a "historical" story is real. Many framed sets from the 1960s are reproductions.
- Pricing a cancelled or damaged note from an uncirculated price list.
- Missing the tiny "FACSIMILE" or advertising text in the margin or on the back.
- Cleaning, flattening with an iron or taping a genuine note. Each lowers value and can destroy the hand written ink.
- Believing a high asking price on a marketplace listing. Many listed "rare Confederate" notes are common 1864 types or reproductions.
- Calling an Upham or wartime counterfeit genuine. They are interesting, but they are a separate category.
What to photograph
- The full front and full back, flat, in daylight, with all four edges visible.
- A close-up of the two signatures, sharp enough to show whether the ink sits on the paper.
- A close-up of the serial number and the date line.
- Each margin, to show any small printed text or a trimmed edge.
- The note held up against a window, to show paper thickness and any watermark.
- Any stamps, endorsements or cancellation cuts on the back.
When to get it looked at in person
A paper money dealer who handles Confederate notes can separate genuine from reproduction in a minute with the note in hand, and a coin and currency shop can usually give a fair offer on common 1864 types. That route makes sense for a handful of notes worth $20-60 each.
Third party grading by PMG or PCGS Banknote is worth it for notes that are clearly genuine and either scarce by type or in crisp condition, roughly anything that would sell for $150 or more. Fees run about $20-75 per note for standard service, more for higher declared value, plus shipping, with turnaround from a few weeks to a couple of months. The grader states its opinion on genuineness along with the grade, and that is what serious buyers look for on any Confederate note that matters. A family album with dozens of notes is best shown to one specialist first; for the wider context of inherited paper collections, see inherited stamp collection worth.