10 Dollars

Keating & Ball operated out of Columbia, South Carolina, having relocated from Charleston earlier in the war when the coastal city became too exposed to Union naval pressure. Their output for the Confederacy was considerable but technically constrained — engraving quality declined as the war progressed and materials grew harder to source, and the P#47 series reflects that squeeze.

Confederate notes of this period circulated under severe inflationary pressure. By late 1862 the Confederate dollar had already lost more than half its purchasing power against gold, and public confidence in paper issues was eroding fast. Many notes were accepted only at steep discounts by merchants who had any choice in the matter.