20 Dollars

The Confederate Treasury issued multiple $20 types throughout 1862, and Pick 48 falls within the Richmond-issued series printed by Hoyer & Ludwig or Keatinge & Ball depending on the specific variant — attribution matters here because output quality and paper stock differ noticeably between the two contractors. The Confederacy's printing infrastructure was perpetually strained, relying on a patchwork of Southern lithographers who lacked the intaglio equipment standard in Northern currency production.

Counterfeiting was a serious problem by mid-1862, not only from Northern operations flooding Southern commerce with fake Confederate paper, but from domestic forgers who found the lithographic originals relatively easy to replicate. Congress authorized successive new designs partly to outpace the fakes already in circulation.