5 Dollars

By 1864, the Confederacy's monetary system was collapsing under runaway inflation — a 5 Dollar note issued this year was worth a fraction of its 1861 equivalent, and Richmond knew it. The February 1864 currency reform, which forcibly exchanged old notes at punitive rates, was specifically designed to contract the money supply, but Keatinge & Ball were simultaneously printing new obligations faster than the policy could take hold.

Keatinge & Ball had relocated from Richmond to Columbia after Union pressure on Virginia. When Sherman's forces burned Columbia in February 1865, the firm's plates, stock, and unissued notes were largely destroyed — making late production runs from this series harder to attribute and date precisely.