20 Dollars

Keatinge & Ball relocated their operations to Columbia, South Carolina after the Union blockade made Northern-sourced printing materials increasingly difficult to obtain. The Confederate Treasury relied on multiple regional printers precisely because no single firm could meet demand — P#34 represents one slice of a fragmented, improvised currency system that was never fully centralized.

Cotton-fiber paper was chosen partly from necessity and partly from Southern agricultural pride, though the choice did little to prevent counterfeiting, which plagued Confederate issues almost from the start. Northern presses were producing convincing fakes within months of initial circulation.