Elkton and Port Deposit Issued Paper Money During the Civil War

A Civil War-era photo of Main Street in Elkton. The photographer is probably taking this image from Minihane’s (Howard House) and is looking up East Main Street. Source: Private Collection. Kermit Deboard had the original of this photo and sold copies at his shop,

As that bloody conflict, the Civil War, smoldered in 1862, a serious shortage of coins for everyday commerce had Cecil County merchants shuffling around, trying to find ways to make change.   You could blame penny pinchers, hoarders, or simply the scarcity of the war, but whatever the cause, there was a shortage of gold, silver, and copper.

With coins largely out of circulation, the hue and cry for small change was at its height as the nation faced the second year of the tragic struggle.  If silver did not become more plentiful, one Elkton merchant told the Cecil Democrat he would be forced to issue shinplasters.  Shinplasters were paper currency issued privately in amounts as low as five cents.

civil war coins and money
A 25-cent Elkton note issued by the Mayor and Commissioners. Elkton printed $6,000 in paper currency. Source: private collection

To alleviate the shortage, the federal government authorized the issuance of paper currency in small denominations.   Two Cecil County municipalities, Port Deposit and Elkton, joined others across the nation in issuing batches of notes with values of five, ten, twenty-five, and fifty cents.  In Port Deposit, money bearing the municipality’s name began circulating in shops and businesses in November 1862.  Elkton’s board ordered engraved plates from the American Bank Note Company and issued $6,000 in paper in February 1863.  Soon people were using these small notes from the two towns to complete business transactions.

civil war coins and money
Civil War 10-cent paper money note issued by the Town of Port Deposit helped relieve the shortage of coins.

The newspaper editors didn’t approve of the paper money as they believed the “change panic” would soon be over.  As for these “greasy nuisances as currency”, the Whig had a suggestion for merchants and shoppers.  “Let everyone refuse them.”   That was the remedy for “shinplaster fever,” the paper remarked.   Regardless of the stance taken by the local editors, the issuance of municipal paper currency alleviated the hard coin crunch that was crippling the local economy.

A Civil War Kepi and the Slave Register (tax assessment book). Source: a photo of artifacts in the collection of the Historical Society of Cecil County

0 Replies to “Elkton and Port Deposit Issued Paper Money During the Civil War”

  1. This is a great article Mike, it is just another thing that adds to the history of this great county. I wish our leaders in Elkton would read this and see that many people such as yourself are proud of this county and the many things the people did for it back in the day. I myself have a great grand father from bayview who fought in the civil war for the north and is buried at bayview. Great job, keep it up.
    charlie

  2. Thanks Charlie. I’m always amazed at the deep history that Elkton and Cecil County had and I agree I wish the political leadership valued that more. It would seem that if you’re trying to get a strategy for revitalization that your clutural heritage one way to leverage the community potential. But I guess there are other staregies they’re trying to implement as I sure don’t see this one, despite the material they have to work with. Or perhaps they’re just not aware of it.

Leave a Reply