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The Confederate dollar was not based on gold or any other real assets. It was simply based on a promise to redeem the banknotes in the event of Southern victory, and consequent independence.
When it was clear that the South was bound to lose, after the double Union victories of July 1863, the currency went steadily downhill. After Lincoln won the 1864 election, it became worthless.
Wiki User
∙ 11y ago
Wiki User
∙ 8y agoFor the most part the Confederacy created a huge degree of inflation in its currency. With hardly any gold to back it up, The Confederacy resorted to printing Confederate dollars to the degree they became worthless.
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What caused the Northern Businesses to suffer during the war?
Inflation made supplies more expensive.
What reasons caused the northern businesses to suffer during the war?
Inflation made supplies more expensive
What were inflation rates in the north and south by the end of the war?
South 9000% North 80%
What were the inflation rates in the north and south by the end of the war?
South 9000% North 80%
What of the reasons caused northern businesses to suffer during the war?
Inflation made supplies more expensive (Apex)
What caused northern businesses to suffer during war?
Inflation made supplies more expensive.
What caused the Northern Businesses to suffer during the war?
Inflation made supplies more expensive.
What reasons caused the northern businesses to suffer during the war?
Inflation made supplies more expensive
Which side in the US Civil War had worse inflation?
the south
What were the inflation rates in the north and south by the end of the war?
South 9000% North 80%
What were inflation rates in the north and south by the end of the war?
South 9000% North 80%
What of the reasons caused northern businesses to suffer during the war?
Inflation made supplies more expensive (Apex)
Why did food cost so much for the South during the Civil War?
inflation
What was the lasting impact of the Civil War?
The impact that the Civil War had on the North and the South was: North: * North abolished slavery after the war because of the Emancipation Proclamation South * South grew poor * South experienced inflation
In order to finance a war the government prints a great deal of paper money What is the result?
inflation
What caused northern businesses to suffer during the Civil war?
Inflation made supplies more expensive than they had been.
Why would a country in a state of war suffer high inflation rates?
Government raises taxes to pay for the war. People retaliate by raising their prices to keep making the same amount of money.
