There was plenty of gold at the start of the Civil War. US gold pieces called Eagles were worth $10; double Eagles, Half Eagles and Quarter Eagles were common.
As the war progressed, people hoarded the gold, causing the coins to disappear from circulation.
Confederate-issued paper money took up the slack, but lost value quickly. By March 1863, $40 in CSA currency could buy $10 worth of gold in Atlanta. A month later, the price was $50. By July, a single Eagle was valued at $121.10!
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