With the exceptions of red overprinting and the change in the expiration
date of redemption, this 1864 note is identical in design to North
Carolina's 1862 fifty-cent issue. By 1864 North Carolinians and their
fellow southerners were struggling to cope with soaring prices for food
and clothing. Given the high rate of inflation that gripped the economy,
it is surprising that North Carolina's government would elect in its last
authorization of currency to produce only fractional currencies, such as
this fifty-cent note, rather than notes of far larger face values.