Issue of May 8, 1703

The Issue of May 8, 1703 series of South Carolina Colonial Currency in the U.S. Currency contains 2 distinct entries.

£6,000 (£4,000 sterling at 50% advance) in indented interest bearing legal tender Bills of Credit, known as “Country Bills,” was issued to pay for the St. Augustine expedition. Engraved by Joseph Massey and containing the Colony seal. The Dec. 20, 1703 Act called £3,000 for redemption by Mar. 9, 1703/04 and the Nov. 4. 1704 Act called the balance for redemption by Mar. 9, 1705/06. Apparently this was not accomplished because the April 9, 1706 Act continued the remainder in circulation until they were exchanged pursuant to the July 5, 1707 Act. Signers were James Moore, Alexander Parris, and James LeSerurier (Smith). Additional denominations are probable.