3 Dollars State of North Carolina

North Carolina financed a substantial portion of its Confederate-era operations through direct state emissions rather than relying solely on Confederate Treasury notes. This 1863 issue was part of an aggressive wartime borrowing program authorized by the General Assembly, with notes printed locally by Raleigh's John Spelman — one of the few Southern printers capable of sustaining output as Union blockades choked off access to Northern and European suppliers.

By 1863, depreciation was already severe. State notes circulated alongside Confederate currency in a crowded, confidence-starved market, and the $3 denomination was a deliberate attempt to reduce the need for fractional coinage, which had nearly vanished from circulation entirely.