1862 Issues: T-38 to T-55

Eighteen sixty-two saw the first issues of smaller denomination ($2 and $1) CSA notes, T-38, 42/43 and T-44/45, respectively. These notes were part of the Fourth Series, authorized by the Act of April 17th, 1862 and amended September 23rd, 1862.

The April 17th Act authorized the issue of $100 interest-bearing notes (T-39, 40 & 41), which bore interest at 2 cents per day, as well as $2 and $1 notes. The $100 notes often survive with interest paid stamps on their backs. Some collectors pursue these types by issuer or place of interest redemption. Also, some examples were issued in the field by CSA military officials - these military-issued notes are especially sought-after, and are a rich field of study. All three interest-bearing $100 types are dated in manuscript. The T-40 and T-41 occur with dates extending into early 1863.

One significant error type was made as part of the Fourth Series. The very rare T-38 $2 bore an error date of September 2nd, 1861; this was quickly replaced with the correctly dated T-42/43 version. In a similar manner, the T-46 $10 bore an erroneous date of September 2nd, 1862. These T-46 notes are actually part of the Third Series, but are traditionally included with the Fourth Series due to their 1862 date. T-47 and T-48 notes are contested issues that may have been test patterns or contemporary fantasies. Both are extremely rare and also not truly part of the Fourth Series.

Fifth Series notes (T-49 through T-55) arrived late in the year, authorized by the Act of October 13th, 1862 and dated December 2nd, 1862. These notes introduced the standard design types that would characterize the CSA currency for the remainder of the War. Denominations included $100, $50, $20, $10, $5, $2 and $1. The $100, $50 and $20 notes were printed on white paper. The $10 through $1 notes were printed on pink paper, probably as an anti-counterfeiting measure.