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← Confederate Hyperinflation
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Question
Why was Confederate currency fundamentally less credible than Union greenbacks from the outset?
1
Confederate banks refused to accept Treasury notes for deposits, limiting the currency's acceptance in commerce
2
The Union naval blockade prevented Confederate currency from circulating in international markets
3
Confederate states had not established a unified monetary system before secession, creating multiple competing currencies
4
Confederate currency rested only on a Confederate military victory — it had no backing from a functioning tax system or institutional credibility
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