20 Dollars

The Confederate Treasury produced this note amid catastrophic fiscal pressure — by 1863, inflation in the South had already made earlier issues worth a fraction of their face value. Richmond's own printers were working under blockade conditions, with degraded ink supplies and increasingly inconsistent paper stock sourced from whatever mills remained accessible. The Treasury Department's attempt to consolidate printing under local control, rather than continue relying on Northern or European firms, is visible in the uneven quality across surviving examples of this series.

P#61 is one of several denominations from the February 17, 1864 Act that authorized yet another currency reset — notes like this one were being issued even as Congress was debating the terms of their own replacement.