As part of the Confederate Currency Reform Act of 1864 began new money began to circulate 150 years ago this month.
From the Richmond Daily Dispatch April 2, 1864:
The New issue.
–The new Treasury notes will be ready for general circulation about the 15th inst, except the $5’s, which will not be ready until the 1st of July next. Any person taking $60 of the old currency to the Treasury will receive $40 in the new.
The $500 notes are ornamented on the right side with a medallion likeness of Gen. T. J. Jackson, with the name of the illustrious hero under the likeness. On the left side is the Confederate seal and motto “Deo Vendice,” with emblematic surroundings. The denomination of the note is conspicuously printed in figures.
The $100 notes present, as before, a vignette likeness of Mrs. Pickens, of South Carolina, and a medallion likeness of Ex-Secretary Randolph on the right.
The only difference between the old and flew $50’s, except the color, is that the vignette likeness of President Davis is now presented in medallion style.
The $10 notes have a vignette representing a section of flying artillery in a battle. –Senator Hunter’s likeness again occupies the lower left hand corner.
From the same issue:
Calculating the old and New currency.
Richmond, April1, 1864.
To the Editor of the Dispatch:
Anticipating a great deal of vexation and difficulty in the calculations of sums due in the old currency by those who are not “good in figures,” and having observed a number of persons already (who are not deficient in that respect,) fall into an error which looks very plausible at the first glance, I thought proper to address you and submit to the public a very simple solution of the difficulty, viz: Multiply the sum due by 3 and divided by 2; the result will be the amount due in notes of any denomination above $5, and if change is required to be given of a less sum than $10, multiply the sum due by 2 and divide by 3; the result will be the amount required to be given in change. For example: A owes B $8.75; $8.75 multiplied by 3 and divided by 2 makes $13.12½. A gives B a $20 note in payment; $13.12½ from $20 leaves $6.87½ multiplied by 2 and divided by 3 and $4.58½ is the result, which B gives in change. Or thus; $20 is worth $13.33½ subtract $8.75, leaves $4.58½, as before.
The error mentioned above, which many fall into, is adding one-third to the amount due when payment is made in the old issue.
P. T. E.
