Bank of the State of South Carolina - CR-S-968 - Obsolete Banknote - Currency

$10, CR-S-968. A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand. Banknotes were originally issued by commercial banks, which were legally required to redeem the notes for legal tender (usually gold or silver coin) when presented to the chief cashier of the originating bank. These commercial banknotes only traded at face value in the market served by the issuing bank. Commercial banknotes have primarily been replaced by national banknotes issued by central banks or monetary authorities.

National banknotes are often – but not always – legal tender, meaning that courts of law are required to recognize them as satisfactory payment of money debts. Historically, banks sought to ensure that they could always pay customers in coins when they presented banknotes for payment. This practice of "backing" notes with something of substance is the basis for the history of central banks backing their currencies in gold or silver.

Today, most national currencies have no backing in precious metals or commodities and have value only by fiat. With the exception of non-circulating high-value or precious metal issues, coins are used for lower valued monetary units, while banknotes are used for higher values. Code of Hammurabi Law 100 (c. 1755–1750 BC) stipulated repayment of a loan by a debtor to a creditor on a schedule with a maturity date specified in written contractual terms. Law 122 stipulated that a depositor of gold, silver, or other chattel/movable property for safekeeping must present all articles and a signed contract of bailment to a notary before depositing the articles with a banker, and Law 123 stipulated that a banker was discharged of any liability from a contract of bailment if the notary denied the existence of the contract.

Law 124 stipulated that a depositor with a notarized contract of bailment was entitled to redeem the entire value of their deposit, and Law 125 stipulated that a banker was liable for replacement of deposits stolen while in their possession. In China during the Han dynasty, promissory notes appeared in 118 BC and were made of leather. Rome may have used a durable lightweight substance as promissory notes in 57 AD which have been found in London.

However, Carthage was purported to have issued bank notes on parchment or leather before 146 BC. Hence Carthage may be the oldest user of lightweight promissory notes. The first known banknote was first developed in China during the Tang and Song dynasties, starting in the 7th century. Its roots were in merchant receipts of deposit during the Tang dynasty (618–907), as merchants and wholesalers desired to avoid the heavy bulk of copper coinage in large commercial transactions.

During the Yuan dynasty (1271–1368), banknotes were adopted by the Mongol Empire. In Europe, the concept of banknotes was first introduced during the 13th century by travelers such as Marco Polo, with European banknotes appearing in 1661 in Sweden. Counterfeiting, the forgery of banknotes, is an inherent challenge in issuing currency. It is countered by anticounterfeiting measures in the printing of banknotes. Fighting the counterfeiting of banknotes and cheques has been a principal driver of security printing methods development in recent centuries.

Charleston is the largest city in the U.S. state of South Carolina, the county seat of Charleston County, and the principal city in the Charleston–North Charleston metropolitan area. The city lies just south of the geographical midpoint of South Carolina's coastline on Charleston Harbor, an inlet of the Atlantic Ocean formed by the confluence of the Ashley, Cooper, and Wando rivers. Charleston had a population of 150,277 as of the 2020 U.S. Census. The 2020 population of the Charleston metropolitan area, comprising Berkeley, Charleston, and Dorchester counties, was 799,636 residents, the third-largest in the state and the 74th-largest metropolitan statistical area in the United States.

Charleston was founded in 1670 as Charles Town, honoring King Charles II, at Albemarle Point on the west bank of the Ashley River (now Charles Towne Landing) but relocated in 1680 to its present site, which became the fifth-largest city in North America within ten years. It remained unincorporated throughout the colonial period; its government was handled directly by a colonial legislature and a governor sent by Parliament. Election districts were organized according to Anglican parishes, and some social services were managed by Anglican wardens and vestries. Charleston adopted its present spelling with its incorporation as a city in 1783. Population growth in the interior of South Carolina influenced the removal of the state government to Columbia in 1788, but Charleston remained among the ten largest cities in the United States through the 1840 census.

Charleston's significance in American history is tied to its role as a major slave trading port. Charleston slave traders like Joseph Wragg were the first to break through the monopoly of the Royal African Company and pioneered the large-scale slave trade of the 18th century; almost one half of slaves imported to the United States arrived in Charleston. In 2018, the city formally apologized for its role in the American Slave trade after CNN noted that slavery "riddles the history" of Charleston.

Known for its strong tourism industry, in 2016 Travel + Leisure Magazine ranked Charleston as the best city in the world.

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