Early Paper Money of America / South Carolina / 1731

Early Paper Money of America (NNP Edition)|

£106,500 (£15,214 5s 8 1/2d sterling at 600% advance) in indented engraved legal tender Bills of Credit authorized by an Aug. 20, 1731 Act to exchange for all outstanding bills. Bills of 4s6d denominations were issued without authority but ratified by the May 4, 1733 Act. All prior issues were originally made invalid after June 1, 1732, but were extended to Mar. 25, 1733/34 by the May 4, 1733 Act. Because of counterfeits, genuine £3, £4, and £15 bills were called in by the June 7, 1735 Act and were reissued after overprinting. An additional emission of £10,000 was authorized by the June 7, 1735 Act to replace worn bills. Signers were Othniel Beale, John Champneys, John Hammerton, Gabriel Manigault, Charles Pinckney, Roger Saunders, and Francis Yonge.