This listing is for the photographed 1862 City of Portsmouth Virginia 1 Dollar Treasury Note. Issued during the Civil War after Virginia Seceded from the Union in 1861. Virginia coat of arms, Virtue defeating Tyranny, engraved in center. Great piece of history.
During the Civil War the Confederate States of America attempted to establish an independent currency system in order to fund their war efforts, resulting in an array of Confederate currency from each of its states. Many of these banknotes were made out of necessity during the war, which causes them to be varied in condition and design throughout the states. One design many of these notes had in common was detailed vignettes, often of prominent Confederate leaders or imagery supporting their war efforts.
Obsolete bank notes are also called "broken bank notes." In the days prior to the Federal Reserve, any bank could produce currency for use by the clients and members of the community. Unfortunately, not many safeguards were taken to ensure that banks stood behind the currency they were producing and circulating. Banks, more often than not, failed and their currency was rendered worthless. As a result, most bank notes of the period did not trade at their full retail value. Oftentimes notes were worth 50 cents on the dollar because the public expected the banks to fail.
This piece offers a great deal of insight into Civil War era political and economic history, making it an excellent addition to any collection!
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1862 City of Portsmouth Treasury Note 1 Dollar Banknote - Virginia Confederate Currency - 1862 One Dollar Portsmouth VA Civil War Bank Note