American Civil War CSA 1868 Bond (Damaged) . CWM322

American Civil War CSA (Confederate States of America) 1868 Five Hundred Dollar Bond with attached Interest Notes (Coupons). Twenty Dollars interest for each coupon for the six months interest on $500 Bond. Dates every six months, coupons left due from July 1868 to July 1865 interest payments. Overall size approximately 14 inches x 14 inches. Very heavily worn and damaged bond with some holes, edge tears, folds, stains, tape, and other repairs. Appears to have most of coupons cut from bottom with only a few left (only 7 coupons left on bottom section).

Additional Notes:  As with any war, the Confederate States of America (CSA) needed to raise money to finance their huge war effort. The two primary ways to do this was by taxes and debt. Confederate Secretary of the Treasury Christopher Memminger assumed his duties in February 1861 by floating government loans and creating an instant national debt. In 1861 the Confederacy sold bonds worth $150 million in the so-called Bankers Loans. These bonds were issued with semi-annual coupons that the bondholder could cash from the bond’s issuance to its expiration. Many of these bonds had coupons that were payable as late as 1894. Many of these bonds are found with stamps on the rear indicating certain overseas Bond Holders organizations hoping that the USA would pay off the Confederate bonds. The 14th Amendment to the US Constitution enacted in July of 1868 forbade recognition of the Confederate debt.

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