Confederate Treasury Certificates: A Collector’s Guide to IDRs—Interim Depository Receipts of the Confederate States of America (review)

This meticulously illustrated volume on the inner workings of the Confederate treasury department is thoughtfully written for the collector of these obscure Confederate States of America (CSA) issues. Largely comprised from the collection of John Martin Davis Jr., the images of original Interim Depository Receipts (IDRs) is, in itself, a gold mine of original source material. Collectors of these instruments will be pleased with the scope and depth of information in this first comprehensive study of the subject. Not surprisingly, historians, genealogists, and students of the Civil War will also find a treasure trove of information in this book relating to the inner workings of the treasury of the CSA. The book details the implementation of monetary policies on citizens through the CSA’s field offices, called depositories, which were widely scattered throughout the South, including Texas.

IDRs were treasury certificates issued by these field offices that document virtually every exchange transaction during the Civil War. IDRs were issued when treasury notes (Confederate paper money) were deposited for future exchange into new treasury notes, often at a scaled down conversion rate for “Two Thirds of that sum in New Issue Notes” as well as for new issues of bonds of the Confederacy. Some of this currency was withdrawn because of rampant counterfeiting. Later issues of money were selectively withdrawn from circulation and earmarked for exchange into Confederate bonds. This was a noble but ineffective effort by the treasury to reduce the money supply in order to combat an ever-escalating rate of inflation. Less than 1 percent of these receipts survived.

The book is divided into three parts, followed by an extensive appendix. The first part (44 pages) lays the historical narrative, focusing primarily on the field operations of the Confederate Treasury Department. The second part (29 pages) is an essential introduction to the intricacies of the IDRs, cancellations, grading and rarity with a discussion of the regional issuance of these receipts. The third part (380 pages) is a handsomely illustrated color catalog of the receipts. It is organized by the eleven Confederate states in which the IDRs were issued (none were issued in Kentucky and Missouri), then further broken down by the city or town of issue, each listing given a notation of the legislative act under which it was issued, as well as the dates and the number issued (if known). This is followed by the authors’ estimate of rarity and value on the collector market at the time of writing (2010).

Like most reference books, the reading can be dry. At the same time, this book is well written, thoroughly illustrated, and scholarly. These authors did their homework. The historical narrative focuses intensely on the role in which these little known receipts served as instruments to validate claims for exchanges of treasury notes (paper money) deposited in anticipation of new treasury notes or bonds. Also covered is the role of the officials in these field offices in the implementation of the treasury’s policies at the local level.

The appendix is very readable and meticulously organized. The authors listed 656 different signers of the IDRs, organized both alphabetically and by the town and state of issue. A thorough discussion of each of the CSA’s respective revenue acts from 1861–65 is included, many with illustrations of obligations resulting from those various acts. There is also a good discussion of the key officers in the treasury department relating to their roles and duties in keeping the revenue streams functioning in order to perpetuate the great struggle against “Northern aggression.” This information lays the groundwork for placing the hundreds of examples into their proper context.