2016-08-11 Thu

When the resources such as paper, ink, and skilled labour were exhausted during the Civil War, the banks belonging to the southern parts of the U.S. sometimes issued old or stored notes again. One of these Bank of the State of South Carolina 1862 $1 note is up for sale at the Heritage Auctions.

A large red “ONE” and an imprint of Underwood, Bald & Spencer are featured on the obverse. This note was originally issued by the company between 1835 and 1837. Experts believe that a stock of these 25-year-old notes were stamped with a red ONE protector using a local printer and reissued in 1862.

The paper was also watermarked “T. C. C. & Co”. The company named Toppan, Carpenter, Casilear & Co. ran from 1850 to 1855 independently. The paper could not have existed when this design was originally printed in 1830s.

The State of South Carolina had the printing plate used to produce the original design and had acquired bank note paper with Toppan, Carpenter, Casilear & Co.’s watermark.