5 Dollars State of Georgia

Georgia's treasury notes of 1864 were issued against a backdrop of collapsing Confederate purchasing power and a state government increasingly unable to fund basic operations. By mid-1864, inflation had rendered most small-denomination paper nearly worthless in practice, and notes like this one circulated — when they circulated at all — at steep discounts even against Confederate currency.

The Howell imprint is notable. Most Southern states had long since lost access to Northern and European printers, forcing reliance on local engravers working with limited equipment. The result was often uneven plate work, and Georgia issues from this period are known for inconsistent ink coverage and variable impression depth.