US4898.)CIVIL WAR STATE OF VIRGINIA $1 BANKNOTE: cataloged as 'Criswell #16 or CR16', Virginia Treasury Note of 1862. In a pristine state of preservation, no evidence of circulation. Central vignette is that of a woman holding milk pail (representing agriculture and commerce), steam ship in the background. In lower right corner is portrait of Virginia governor Letcher. Printed with 'VIRGINIA TREASURY NOTE' and date of issue 'Commonwealth of Virginia, Richmond July 21, 1862'. Hand inked with serial number '164922' and signed by both the Virginia Treasure and Auditor. In a superb state of preservation., most found are pretty worn, folded and soiled from use. EXC+++++

Starting in mid-1861 the circulation of hard money (coins) in the South virtually dried up due to heavy military commerce and civilian hoarding. In order to facilitate commerce Virginia along with several other Southern states started issuing small denominations themselves since the Confederate federal government only issued notes in much higher values.