1860's $100 Citizens Bank of Louisiana, Obsolete -PMG 63-SEE STORE WW1 MEDALS

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Add this rare currency to your collection today Banking and the Civil WarBanking and the Civil War, or, Floating Away on a Sea of Paper MoneyBeginning in March 1861, the Confederate States of America began printing its own paper banknotes. The earliest notes, known as the Montgomery Issue, after the Confederacy’s first capital in Montgomery, Alabama, were printed in New York by the National Bank Note Company and smuggled across the Union lines. Subsequent issues were printed in New Orleans; Richmond, Virginia; and Columbia, South Carolina. As the war stretched on and major industrial centers, including New Orleans, fell to Union forces, the Confederacy had difficulty maintaining access to the supplies and safe passage needed to print and distribute CSA money not only to banks, businesses, and private citizens, but also to the hundreds of thousands of officers and soldiers fighting for the Confederate cause. Furthermore, because the CSA printed money without tying the value of its notes to actual treasury resources (which were limited despite efforts to raise funds through bond issuances), the notes were subject to widespread inflation.State treasuries were also actively engaged in financing the war and state economies. They, too, printed money without regard for gold and silver specie on hand. Louisiana mobilized its state banking system in support of the war in 1861, and Governor Thomas Overton Moore issued an order to all Louisiana banks to suspend specie payments in November of that year, leaving the state and its inhabitants to operate in an economy based entirely on paper money. Note issuances were not limited to the CSA and state. Forty of Louisiana’s forty-eight parishes printed their own paper money during the Civil War, and towns across the state—from Shreveport to Alexandria, from Natchitoches to Clinton, from Thibodaux to Baton Rouge—all sought to satisfy the demand for a circulating currency by turning to the printing press. Even private businesses, including Magazine Street saddlers Magee and George, issued notes redeemable for goods and services when national, state, and even municipal notes were too scarce to offer as change.The Battleground of BankingDuring the Civil War, some legitimate Northern engravers turned to counterfeiting Confederate money in an effort to both make a profit and undermine the Confederate cause. Philadelphia’s Samuel Upham’s bogus notes sold like “hot cakes,” despite their being marked along the border “Fac-simile Confederate Notes Sold, Wholesale and Retail.” Enterprising soldiers carrying the notes into the South simply shaved off the incriminating border. War Bonds for SoldiersWars are expensive, necessitating large expenditures for munitions, supplies, and labor. The American Civil War was no exception, and as the war dragged on, Southern states faced a new financial crisis in the form of insufficient funds available for the support of the families of those in service to the Confederacy. Measures such as the 1863 act from the Louisiana legislature below mandated that parish police juries disburse funds to qualified families across the state and then apply to the state treasury for reimbursement.Greenback RevolutionThe Greenback Revolution and the Creation of a Unified National CurrencyWhile the Confederacy began printing money at breakneck speed as early as March 1861, the United States struggled to devise its own system for financing the war. Because the Constitution explicitly authorized only the minting of hard currency rather than paper money, the US first relied on short-term loans from private banks and income derived from customs duties, taxation, and the sales of bonds and public lands to underwrite costs. None of these income streams, however, allowed the government to surmount the obstacle posed by individuals and banks—fearful of their financial futures—hoarding gold and silver specie.Like the Confederacy, the US government turned to paper money. The first federal banknotes, made possible by an act of Congress, appeared the summer of 1861. These notes, known as Demand Notes, circulated throughout the Union and were officially declared legal tender with the passage of the Legal Tender Act on February 25, 1862. The Legal Tender Act ushered in a new era in American banking. Under the act, paper money equaled the value of gold and silver specie and was to be treated as a universal currency accepted as payment for all debts, regardless of when they were incurred. To avoid further specie hoarding and in recognition of the Treasury’s own specie shortage, the notes could not be redeemed for coin. The act also authorized the issuance of a new type of note, Legal Tender or United States Notes. These green-backed notes appeared in denominations of $1, $2, $5, $10, $20, $50, $100, $500, and $1,000 and were first issued between March of 1862 and March of 1863.The National Banking Acts of 1863 and 1864 further strengthened federal authority by bringing all banking activities under federal jurisdiction. The acts also prohibited nonfederal entities from issuing coins, and perhaps most importantly, at least in terms of the creation of a national currency, they made the issuance of banknotes by nonfederal entities subject to taxation, which led the vast majority of banks to cease printing paper alternatives. By 1870 federally issued notes reigned supreme throughout the newly reconciled United States. The Citizens' Bank of LouisianaLouisiana banknotes from prominent financial institutions circulated far and wide during the antebellum period. Chartered in 1833, the Citizens' Bank of Louisiana was the largest financial institution of its kind with an initial capitalization of $12 million, second only in the nation to the Second Bank of the United States. Ten-dollar notes from the Citizens’ Bank of Louisiana, their red backs printed with the French “dix” (“ten”), were familiarly known as “dixie” notes, leading to the belief that the term “Dixieland” derives from these Louisiana banknotes. This popular origin story has made “dixie” notes desirable among collectors and spurred numerous modern reproductions. A Nation of Counterfeiters”In the July 4, 1818, edition of the Niles Weekly Register, editor Hezekiah Niles railed against the proliferation of counterfeit notes in the United States, warning that “we seem about to become liable to be called a nation of counterfeiters!” Niles went on to note that “counterfeiters and false bank notes are so common, that forgery seems to have lost its criminality in the minds of many.” Indeed the problem of counterfeit notes stemmed in large part from the sheer number of banks, public works companies, and railroads all printing their own notes, which made it difficult for a merchant in New Orleans, for example, to know that the 100-dollar Bank of Memphis note he received as payment for goods was in fact a forgery.By the 1830s the problem had become so severe that some enterprising publishers began producing counterfeit detectors, pamphlets intended to help shopkeepers and bankers identify phony notes. More than eighty such detectors were published prior to 1870, but their use produced mixed results. Some merchants successfully prevented the passing of forged notes, but more often counterfeiters themselves benefited by using the guides’ illustrations—and examples of real bank treasurers’ signatures—to refine their bogus creations.Financing Progress: Canals, Hotels, Railroads, and Public InfrastructureLouisiana chartered three different types of banks in the antebellum period: commercial banks that serviced merchants, factors, and manufacturers; property banks that dealt in land and slave mortgages; and improvement banks. This last category included the Canal and Banking Company (1831), New Orleans Gas Light and Banking Company (1835), Exchange and Banking Company (1835), Carrollton Railroad and Banking Company (1835), Atchafalaya Railroad and Banking Company (1836), and New Orleans Improvement and Banking Company (1836). Each improvement bank’s charter required that it fund a variety of public improvements ranging from the construction of canals, railroads, and even hotels, to the creation and maintenance of gas streetlights in towns throughout the state.The United States Mint in New OrleansThe US Mint building, located at 400 Esplanade Avenue, was designed by architect William Strickland, who had apprenticed with Benjamin Latrobe and designed US Mint buildings in Philadelphia, Pennsylvania; Charlotte, North Carolina; and Dahlonega, Georgia. Built upon the original site of Fort St. Charles at the foot of what became Esplanade Avenue, the New Orleans Mint began operations on March 8, 1838. In the twenty-three years prior to the Civil War, the mint produced a variety of gold and silver coins, including the examples displayed in this section, stamped with local mint mark “O.”When Louisiana seceded from the Union in January 1861, the state seized the mint and its remaining bullion, continuing production of US coins until the Confederate States of America (CSA) took control of operations in April of the same year. Only four proof coins of Confederate currency from New Orleans survive. CSA minting activities ceased before they ever truly started, however. Within a month of the takeover, the secretary of the Confederate Treasury, Christopher Memminger, shuttered the facility due to the difficulty of obtaining bullion. Minting operations resumed in 1879 but were halted permanently in 1909, when the US Treasury Department closed the New Orleans branch.Special CoinageAt thirteen millimeters in diameter, the solid gold Liberty Head dollar is the smallest American coin ever minted. Designed by engraver James Longacre, the coin entered production in 1849, after gold bullion from California began flowing into the US Treasury. The Liberty Head’s size, however, made it easy to lose, and minting ceased in 1854. Its replacement, the slightly larger fifteen-millimeter Indian Princess coin, featuring Lady Liberty wearing Longacre’s interpretation of an American Indian headdress, had greater staying power. Production continued until 1889. The Seated Liberty design was developed by Christian Gobrecht and used on a variety of silver coins. The earliest, a dollar, was produced from 1836 to 1873. Other denominations included half dimes (1837–73); dimes (1837–91); twenty-cent pieces (1875–78); quarters (1838–91); and half dollars (1839–91).The Barber series, named for designer Charles Barber, first appeared in 1892 on dimes, quarters, and half dollars. Production of Barber coins continued through 1916.Produced from 1878 to 1921, Morgan dollars bear the likeness of Philadelphia teacher Anna Willess Williams, chosen by designer George T. Morgan based on what he considered her all- American features. Morgan’s choice represented a break with previous depictions of Lady Liberty, which had been inspired by classical figures. Municipal Currency in New OrleansBetween 1836 and 1852 the city of New Orleans was divided into three semiautonomous municipalities united under a single mayor. Each municipality had its own council, police force, service providers, tax-collection entity, and note-issuing bank. Below are examples of currency from all three municipalities: the First (present-day French Quarter and Tremé), Second (present-day Central Business, Warehouse, and Lower Garden Districts), and Third (present-day Marigny and Bywater neighborhoods).Citizens’ Bank of Louisiana at New Orleans ten-dollar noteApril 23, 1860; engravingby National Bank Note Company, printerThe Historic New Orleans Collection, 1974.15.13 (detail)Citizens’ Bank of Louisiana at New Orleans ten-dollar note (reverse)April 23, 1860; engravingby National Bank Note Company, printerThe Historic New Orleans Collection, 1974.15.13 (detail)Citizens’ Bank of Louisiana at New Orleans twenty-dollar notebetween 1847 and 1858; engravingby Rawdon, Wright, Hatch, and Edson, printer (New Orleans)The Historic New Orleans Collection, 1989.95.18Citizens’ Bank of Louisiana at New Orleans one-hundred-dollar notebetween 1847 and 1858; engravingby Rawdon, Wright, Hatch, and Edson, printer (New Orleans)The Historic New Orleans Collection, 1989.95.19Citizens’ Bank of Louisiana at New Orleans five-dollar notebetween 1847 and 1858; engravingby Rawdon, Wright, Hatch, and Edson, printer (New Orleans)The Historic New Orleans Collection, 1989.95.21Citizens’ Bank of Louisiana at New Orleans one-thousand-dollar noteca. 1840; engravingby Rawdon, Wright, Hatch, and Edson, printer (New Orleans)The Historic New Orleans Collection, 1970.19.20 Citizens’ Bank of Louisiana at New Orleans five-dollar note printing plate (obverse)ca. 1858; steelby Keim and Yeager, manufacturer (Philadelphia)The Historic New Orleans Collection, gift of Lee H. Schlesinger, 1998.7.6Citizens’ Bank of Louisiana at New Orleans uncut sheet of five-dollar notesca. 1858; engravingby American Bank Note Company, printerThe Historic New Orleans Collection, 1974.15.6 Citizens’ Bank of Louisiana at New Orleans one-hundred-dollar note (reverse)June 30, 1857; engravingby American Bank Note Company, printer (New Orleans)The Historic New Orleans Collection, 1989.95.20

Price: 199.99 USD

Location: Gulfport, Mississippi

End Time: 2024-12-23T13:14:22.000Z

Shipping Cost: 4.5 USD