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Early Paper Money of America / South Carolina / 1723

£120,000 (£20,000 sterling at 500% advance) in indented legal tender Bills of Credit authorized by the Feb. 23, 1722/23 Act. £80,000 was to be exchanged for all outstanding issues, which were to be invalid after Dec. 1, 1723. £40,000 was for public expenses. The Feb. 23, 1722/23 Act was repealed by England on Aug. 27, 1723 after the bills had been issued. The Act of Feb. 15, 1723/24 revived the bills but provided for removal of the four highest denominations from circulation by requiring their use for tax payments. Invalidity of prior outstanding issues was originally deferred to Oct. 15, 1724 and subsequently to Aug. 20, 1738. Printed from copper plates by Joseph Massey. Signers were William Dry, Thomas Hepworth, and Henry Howser.
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