50 Dollars

Hoyer & Ludwig were lithographers, not engravers — a distinction that matters. The Confederate Treasury turned to them early in the war precisely because lithography was faster and cheaper than intaglio work, and the South had almost no intaglio capacity to speak of. The tradeoff was a note that was far easier to counterfeit, and counterfeiting became a genuine problem throughout the Confederate currency's short life, aided by Northern operations that flooded the South with convincing fakes as deliberate economic warfare.

Pick 35 belongs to the first wave of Confederate issue, before the Treasury had time to establish consistent printing standards. Hoyer & Ludwig produced multiple note types simultaneously under contract pressure, and paper quality varied considerably across runs.