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Early Paper Money of America / South Carolina / 1712 June 7 Act

£52,000 (£34,666 13s4d sterling at 50% advance) in indented Bills of Credit made legal tender up to 40s by the June 7, 1712 Act. Of this total £32,000 was to be loaned for 12 years on real estate mortgage security, £16,000 was to be exchanged for all outstanding bills except the Tusquerora Bills, and £4,000 was for general expenses. These were known as “Bank Bills” and the first use of paper money in America to stimulate economic progress. Signers were Richard Beresford, Thomas Broughton, Benjamin Godin, George Logan, Arthur Middleton, Joseph Morton, William Rhett, Peter Slann, and Christopher Wilkinson. Other denominations are probable.


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