10 Dollars

Hoyer & Ludwig were lithographers, not engravers — a distinction that matters here. The Confederate Treasury turned to local Richmond firms precisely because the Union naval blockade cut off access to the Northern bank note companies that had printed most antebellum Southern currency. The result was lithography where intaglio printing would normally have been used, producing notes far easier to counterfeit, a problem that plagued Confederate finances throughout the war.

P#46 exists in multiple subtitle varieties depending on the text of the obligation clause, and these variants were issued across different tranches of the same broad authorization. Cotton paper was sourced domestically out of necessity, its quality varying considerably across the run.