10 Dollars State of South Carolina

South Carolina's 1872 state currency issues emerged from the wreckage of Reconstruction finance. The state government, under Republican administration and accused by opponents of spectacular graft, was issuing scrip against revenues that were themselves contested — the tax base was unstable, bonded debt was climbing toward default, and faith in any paper carrying the state's name was limited at best. South Carolina formally repudiated much of its Reconstruction-era debt in the 1870s and 1880s, which complicates the redemption history of notes from this precise window.