Early Paper Money of America / South Carolina / 1718/19 February 20 Act
£15,000 (£3,000 sterling at 400% advance) in interest bearing “Rice Bills” issued in anticipation of collection of taxes in rice at 30s per hundredweight (112 pounds). Those redeemed from this and the following issue were reissued pursuant to the Sept. 21, 1721 Act by endorsing “Interest already paid” in red ink across the face. By the 1721 Act taxes were made payable in paper medium instead of rice because of a rise in the price of rice due to inflation. Denominations are not known.
