Counterfeit Confederate Currency


1st Lieutenant
Mar 16, 2016
Ma'ams / Sirs, had read about Samuel Curtis Upham's exploits before. Found this paper - never knew that counterfeit notes were coming into the Confederacy via Havana...

Butler University
Digital Commons @ Butler University
Undergraduate Honors Thesis Collection Undergraduate Scholarship

Northern Entrepreneur's Counterfeiting of Confederate Currency and The Impact It Had On Inflation
by Raymond Rector

Butler University
This Thesis is brought to you for free and open access by the Undergraduate Scholarship at Digital Commons @ Butler University. It has been accepted for inclusion in Undergraduate Honors Thesis Collection by an authorized administrator of Digital Commons @ Butler University. For more information, please contact [email protected].

When the Confederate States of America succeeded from the Union in 1861, they quickly began to issue their own currency to fund their war efforts. Due to the poor quality of these bills, counterfeiting quickly ran rampant within the Confederacy. By the end of the Civil War in 1865, the Confederate economy had completely collapsed due mainly the defeat of the Confederate army along with hyperinflation. The purpose of this paper is to analyze the effect of counterfeiting in the Confederate economy by using a more accurate estimation of the total amount of counterfeit bills in circulation. I will also investigate some of the important but overlooked sources of Confederate counterfeits such as Havana, Cuba, as well as a new source from New York City named “Haney.” Finally, I will examine the interesting dilemma that the United States government faced: officials were effectively unable (or at least unwilling) to prosecute counterfeiters because to do so would give de facto recognition of the Confederacy as a legitimate country.



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Here is one of Upham's post-war advertisements for his counterfeits

Upham Broadside advertisementpg 2019.jpg