The Civil War took a costly toll on everyone involved, prompting wealthy individuals to contribute gold to the Confederate States of America. Frequently referred to as “treasure” by historians, this gold vanished after the war. For more than 150 years, its location has remained a mystery, sparking ongoing speculation about its fate.
Richmond, Virginia was the Confederate capital
The Confederate States of America was established shortly before Abraham Lincoln assumed office in March 1861, driven by their resistance to the abolition of slavery. Vice President Alexander Stephens articulated their ideology, stating, “Upon the great truth that the negro is not equal to the White man; that slavery, subordination to the superior race, is his natural and normal condition.”
Initially headquartered in Montgomery, Alabama, the Confederate capital was later relocated to Richmond, Virginia. Jefferson Davis, a Mississippi Congressman and former Secretary of War, was selected as its president.
Recognizing the immense costs of war, Confederate leaders began soliciting donations. Women contributed jewelry, and hundreds of containers filled with gold and silver were sent. Moreover, nearly half a million dollars in gold reserves were secured from a Richmond bank.
Jefferson Davis leaves Richmond with the gold
On April 2, 1865, General Robert E. Lee sent a telegram to President Davis, advising him and other Confederate leaders to evacuate Richmond to avoid being captured by Union forces. That evening, two trains departed the capital. One carried Davis, key government officials, and crucial documents, while the other transported roughly $1 million in cash, gold reserves, and jewelry.
The exact amount of money and gold that left Richmond with Davis remains uncertain. However, expensive payments were made along the way: $108,000 was paid to troops near the Savannah River, and $40,000 was spent on supplies in Georgia. The $450,000 in gold reserves, which were not the property of the Confederacy, remained untouched.
Jefferson Davis is arrested, but where’s the gold?
Throughout much of April 1865, Jefferson Davis was on the move. Following Abraham Lincoln’s assassination on April 14, Davis expressed regret, believing Lincoln might have been more lenient toward the South than Andrew Johnson would be.
On May 4, 1865, Davis, facing the decision to dissolve the Confederate government, entrusted $86,000 to two Confederate navy officers with instructions to smuggle it to England. However, this plan went awry, and the funds were reportedly stolen. Davis then deposited the remaining gold reserve in a vault in Washington, Georgia, before continuing his journey.
Davis was captured on May 10 by the 4th Michigan Cavalry. At the time of his arrest, he was seen wearing his wife’s shawl. Initial reports claimed he had disguised himself as a woman to evade capture, though it was later clarified he wore the shawl because of his extreme sensitivity to cold.
Most notably, Davis had only a few dollars in his possession when captured, leaving an enduring question: what became of the money and gold?
Theories abound over what happened to the money
What happened to the Confederate money? Some believe it was stolen by the Union soldiers who arrested Davis, while others speculate it was hidden long before his arrest, with the aim of keeping it out of the North’s hands. The gold from the Richmond bank was accounted for, but was later stolen by around 20 armed men in Danburg, Georgia.
Of what was taken, only $140,000 was recovered.
As for the rest of the money, little is known, and tales of money found in areas connected to the American Civil War have been told for more than 150 years.
Civil War historian William Rawlings explained, “People like to believe there’s something out there. They left Richmond with a bunch of money, and when [Davis’ group] was captured six weeks later, they didn’t have it. The question is, what happened? And people’s imaginations take over from there.”
Confederate gold is referenced in a number of books and movies
The legend of the Confederate gold is referenced in many films. In the Civil War-era movie, Gone With the Wind (1939), Rhett Butler, played by Clark Gable, is rumored to have stolen the treasure. The lost gold also played a key role in the legendary 1966 Western film, The Good, the Bad and the Ugly. In the movie, the characters are hunting for $200,000 worth of gold that is rumored to be hidden in a cemetery.
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The Confederate gold, again, showed up in the 1994 sci-fi movie, Timecop. In the film, a thief goes back in time to hijack the money using advanced technology. Another sci-fi production, 2012’s Alcatraz television show, also featured the gold, with its characters realizing the treasure was buried beneath the prison back in 1960.