Question

Why was the Confederate currency less successful than the Union greenbacks?

a. Lack of financial backing
b. Lack of public trust
c. Economic instability
d. Political conflicts

Answer 1

The Confederate currency was less successful than the Union greenbacks due to lack of public trust and economic instability. Confederate treasury notes lost value quickly because they were not backed by specie and people lost faith in the Confederate government. Efforts to improve the financial situation in the South were unsuccessful.

Step-by-step explanation:

The Confederate currency was less successful than the Union greenbacks due to a lack of public trust and economic instability. The Confederate currency was less successful than the Union greenbacks due to lack of public trust and economic instability. Confederate treasury notes lost value quickly because they were not backed by specie and people lost faith in the Confederate government. Efforts to improve the financial situation in the South were unsuccessful.

Confederate treasury notes lost value quickly because they were not backed by specie and people lost faith in the Confederate government. By the end of the war, $1 in Confederate currency equaled about $.02 in Union currency. The Confederate government attempted to make war bonds more attractive and implement a comprehensive tax policy, but these efforts did not improve the financial situation in the South.