1861 H. H. Lloyd 'U.S. Dollar' Advertizing Broadsheet

Advertising currency promoting a mapmaker.

The only known surviving example of 1861 H. H. Lloyd advertising currency, produced in the early days of the American Civil War (1861 - 1865), to promote their printing and map publishing business. The recto is a facsimile of the $100 Interest Bearing Note then in circulation. It advertises Lloyd's printed products related to the war, including portraits of Union leaders and battle maps.

A Closer Look

On its face, the note imitates the $100 Interest Bearing Note issued by the U.S. Treasury in August 1861, bearing a portrait of General Winfield Scott, the main Union strategist at the start of the conflict. The verso explains Lloyd's approximation of the Treasury Note and the terms of the notes' maturity, while also advertising Lloyd's other printed products, including portraits of Union leaders, a 'new political chart for the times' (i.e., displaying the Confederacy), and maps of battles and campaigns.

Historical Context

During the U.S. Civil War, the Treasury Department faced the monumental task of funding a military effort that cost upwards of $2 million per day. To meet this demand without completely depleting gold reserves, the government issued several varieties of Interest Bearing Notes between 1861 and 1865. Unlike the more famous 'Greenbacks,' which were non-interest-bearing paper currency, these notes acted as a hybrid between money and short-term government bonds (a war bond). They could be used as legal tender within six months of issuance for the amount shown and would increase in value through accrued interest at a fixed rate in six-month intervals. These notes allowed ordinary citizens to directly fund the Union cause, providing a crucial influx of capital when traditional tax revenue and gold-backed loans fell short. In theory, they could function as an investment vehicle as well; this was somewhat dampened by relatively high wartime inflation, but the interest rates offered on the notes also encouraged their 'hoarding,' which itself helped to limit inflation. This clever design allowed the Union side to raise additional revenue in the early phase of the conflict without setting off runaway inflation (as indeed happened in the South over the course of the war).

More broadly, this piece of advertising ephemera and the issuing of Interest Bearing Notes coincided with the U.S. Treasury issuing its first paper currency (Greenbacks) at the same time, beginning in August 1861. Previously, all currency issued by the Treasury was gold, silver, or copper, though banks and private interests had issued paper currency. The Civil War was a chaotic transition period when the federal government sought to phase out privately issued notes and introduce Greenbacks. As a government-issued paper currency was a novelty and amid all the other upheavals of the Civil War, counterfeits were rampant.

Advertising Currency

Advertising currency, also called 'advertising notes' or 'advertising scripts', includes intentional differences to avoid accusations of counterfeiting. Similar types of advertising were widely used during the war and cleverly employed to attract customers; for instance, an entrepreneur might leave stray 'bills' lying on the ground for passersby to pick up, only to turn the bill over and find an advertisement. A wide variety of businesses used advertising scripts to market themselves, from railroads, printers, and tobacconists to snake oil salesmen. This is the only example we are aware of to promote a mapmaking firm.

Publication History and Census

This advertising broadsheet was produced by the New York printing house H.H. Lloyd and Co. in late 1861. We have been unable to locate any other examples in institutional collections or in market history.

Cartographer

H.H. Lloyd & Company (fl. 1860 - 1890) were 19th century American map and atlas publishers based in New York City. They should not be confused with the competing New York firm with of a similar name, J. T. Lloyd, with whom H. H. Lloyd had a ongoing conflict. The firm was founded by H. H. Lloyd and Benjamin S. Demarest in 1860. The H. H. Lloyd firm published numerous atlases, wall maps, and gazetteers before, during and after the American Civil War. These include some of the best maps of the period, many of which were used as battle plans by various Civil War generals on both sides of the conflict. From various offices around the city, the H.H. Lloyd firm worked with other prominent firms of the period including H. S. Stebbins, Warner and Beers to produce numerous state and county atlases. Around 1880 Demarest took full control of the firm, possibly suggesting that Lloyd either died or retired. Though H. H. Lloyd and Company continued to produce maps well in to the 1880s, the firm lost much of its momentum and eventually, by 1890, closed its doors. H. H. Lloyd is sometimes confused with J. T. Lloyd, another map publisher of the period who produced a small number of United States and regional maps sympathetic to the Confederacy. Both H. H. Lloyd and B. Demarest were Union supporters, Demarest having served as a Major in the Union Army.   Further Details...

Condition

Very good. Slight staining. Edge wear.