The Confederate States of America dollar was first issued just before the outbreak of the Civil War by the newly-formed Confederacy. It was not backed by hard assets, but simply by a promise to pay the bearer after the war, on the prospect of Southern victory and independence. As the war began to tilt against the Confederates, confidence in this currency diminished, and inflation followed. By the end of 1864, the currency was practically worthless.
The Confederate Dollar (or "Greyback") remains a prized collector's item, in its many versions, including those issued by individual states and local banks. The various engravings of leading Confederates, Gods and Goddesses and scenes of slave-life, on these hastily-printed banknotes, sometimes cut with scissors and signed by clerks, continue to stimulate debate among antique dealers, with even some of the counterfeit notes commanding high prices.