How did inflation affect the South?
The inflation rate in the North was only about 80 percent. Although the collapse of the currency came with the loss of the war, it would have occurred shortly in any event. The inflation in the Confederacy ended in a complete loss of value of Confederate issues and exacerbated the burdens of the war upon southerners.
How much inflation did the South suffer from at the end of the war?
By the end of the war, the Confederate currency suffered over 5,000% inflation, making its money pretty much worthless.
How did the South get money?
Confederate Revenue Sources during the War There are three sources of government revenue: taxation, borrowing, and printing money. Tariffs, another potential source of tax revenue, were hampered by the Union blockade of Southern ports. The Confederacy then turned to debt issue as a means of war finance.
How much is a $20 Confederate bill worth?
Most Confederate currency bills are worth between $5 and $20 each. Condition is a big issue. If Confederate bills are very crisp and have not been folded or circulated, they can be worth $10 to $100 each.
How much is a Confederate $50 bill worth?
1861 Confederate 50-dollar bills can easily sell for between $170 and $200. Bills from the other printings are sold for some intermediate price.
What currency did the Confederacy use?
Confederate States of America dollar
How much money did the South lose in the Civil War?
(All the figures for the costs in Table 3 have been adjusted to reflect their discounted value in 1860.) The Goldin and Lewis estimate for the discounted value of lost consumption for the South was $6.2 billion; for the North the estimate was $1.15 billion.
Did the South have to pay after the Civil War?
In December 1860, as the Deep South voted for secession, there was not even enough money in the federal treasury to pay the salaries of congressmen, let alone fund a great war. At the outbreak of the war, federal spending in all departments was running at only $172,000 a day, raised almost entirely from tariffs.
How did the South finance the war?
In April 1861, the Union imposed a blockade of Southern ports that remained for the duration of the war, limiting sources of food, medicine, and war supplies. The Confederacy soon turned to issuing bonds and printing money to finance the war. The leniency of Confederate banks during the war encouraged speculation.
What was the primary aim of the war for the South?
For the South, the primary aim of the war was to preserve slavery. For the North, the primary goal was to preserve the Union. The basic strategy of the South was to conduct a defensive war. The Confederacy had a stronger fighting spirit and more soldiers than the Union.
What was the main advantage of the South?
The South’s greatest strength lay in the fact that it was fighting on the defensive in its own territory. Familiar with the landscape, Southerners could harass Northern invaders. The military and political objectives of the Union were much more difficult to accomplish.
What were 2 war strategies of the South to win?
The strategy for the United States was to surround the territory of the South in the Anaconda Plan, blockading the Atlantic Ocean and controlling the Mississippi, to keep goods from going into or out of the South and forcing them to surrender.