This also may help shed some light on how the monetary system worked during the period and is taken from:

http://www.shasta.com/suesgoodco/new...cles/lucre.htm


"Before the American Civil War, citizens generally conducted trade in the time-honored method of barter or exchange for metal coins. Only when the war left the U.S. bereft of metals did it print and distribute large amounts of paper currency as a way to pay soldiers, purchase supplies and create a standard medium of exchange for citizens.

The U.S. first issued paper money during the Revolutionary War. These square, printed notes were rarely worth their face value and became so distrusted by the citizenry that the practice of printing money was all but abandoned. States were prohibited by the constitution from issuing currency, but virtually anyone else could.
Banks, utilities, and businesses printed and distributed their own currency. The value of these notes was backed up solely by the reputation of the issuing entity. Since most notes could only be exchanged at the issuing establishment, a fistful of local dollars was useless if you traveled 10 miles from home. The value of these notes varied widely-from printed face value to zero. The public largely distrusted paper money, and traded their "faith paper" for metal coin whenever they could.
Within a few days of the outbreak of the Civil War, rampant inflation meant gold, silver and copper coins were worth more than face value. Metal coinage all but disappeared as they were hoarded. Paper money was reluctantly accepted by a distrusting public, as there was no other alternative. This led to a proliferation of paper money-both official and questionable.
Four basic types of currency notes were widely circulated in the Union during the Civil War era: Private Issue, Shinplasters, Federal Issue and Stamps & Fractional Notes.
Private Issue

Railroads, roads, utilities, manufacturers, associations, and banks issued currency notes. It was often a very confusing undertaking for a consumer to establish their value. Unfortunate employees could be paid in company scrip, which was redeemable only at the company store-a handy way for unscrupulous businesses to build on profits.
http://www.bdsmlibrary.com/forums/lucre1.jpgThe most universally accepted paper money were bank notes. Bank notes were promissory notes--more like a check of today. These notes could be exchanged for Federal issue notes, and as such had some value. Banking was not well regulated, and new banks would start up then become "broken" with frequency. Broken Bank currency was valueless--the consumer had to be wary.
Generally, the better the artwork on the note the more it was trusted. Fine examples of the engravers art can be found on private and bank notes. Favorite themes were allegorical or mythological scenes, scenes of industry, and scenes of the discovery and exploration of America. "Cheesecake" was often featured as bare breasted Liberty or unclad goddesses stalked across the note.
Shinplasters

Enterprising businesses adopted the practice of issuing a promissory note called a shinplaster in lieu of unavailable coins. These notes came in a variety of sizes and were redeemable for merchandise only at the merchant of issue. Customer pressure led businesses to promise an exchange of shinplasters for bank notes if the customer could save up one dollars worth. This promise was printed prominently on the face of shinplasters to inspire trust and acceptance.
Regimental sutlers generally gave change as shinplasters. Sutlers also printed special notes "for the accommodation of the officers", often featuring the image of the officer, thus appealing to their vanity as well as their graft. These sutler notes were purchased in bulk at discount by the regiment and distributed to the officers, who could exchange them for company and personal supplies. They might also hand them out to opportunistic lickspittles in the ranks as reward for special merit.
Postage Stamps & Fractional Notes

http://www.bdsmlibrary.com/forums/lucre.jpgThe lack of coin for making change was partially alleviated by using postage stamps. Stamps had a constant value and were official issue of a sort. They could be more widely exchanged than local shinplasters. Stamps, however, often became no more than a sticky mess in the pocket, and the Post Office was hard pressed to meet the demand for stamps due to this practice.
Fractional Postage Currency in a larger, more convenient size without glue was first issued in 1862. Originally these notes were issued on perforated sheets so that the required amount needed was torn off. These were popularly accepted, and as demand exceeded the perforation machinery, the notes were issued on plain sheets and the consumer cut off as many as were needed for a transaction.
Federal Issue

At the beginning of the war Demand notes and Interest Bearing Notes were available. Most pre-war issues were large denominations used for exchange of funds between banks. The US Notes of Series 1862 and 1863 represent the first generally accepted and circulated currency. Federal notes were printed by private companies (who also printed notes for the Confederate Government).
US notes were known as "greenbacks" due to the intricate design, in green, printed on the back of notes to discourage counterfeiting. It was not until 1863 that the US government halted the practice of private issue, and US currency began to be accepted as the standard of exchange.
By the end of the Civil War the US economy remained relatively strong and Federal issue was THE standard of exchange for U.S. citizens. The stability of paper currency and its convenience of use increased popular acceptance and "greenbacks are still the medium of exchange used today.

For more information, the Federal Reserve Bank's On-Line Exhibit of American Currency offers high quality images of Civil War currency and interesting miscellany on the economy. "