State Bank, South Carolina $5 - 1860 dated Obsolete Note - Broken Banknote

$5. Charleston, South Carolina.

The Bank of the State of South Carolina (BSSC), established in December 1812, was a prominent financial institution with its primary branch situated in Charleston, the state’s financial hub. Serving as the state’s financial agent, the BSSC possessed the authority to circulate currency and manage government funds. It played a pivotal role in the state’s economy, catering to both commercial and agricultural interests and utilizing excess tax revenue to bolster its operating capital. Under the leadership of its inaugural president, Stephen Elliott, the BSSC flourished into a formidable and well-resourced institution. It championed currency stability and established branches in other cities such as Columbia, Georgetown, and Camden.

Although the BSSC was a state-run entity that operated until the conclusion of the Civil War, the name “Bank of South Carolina” was revived much later by a distinct entity. In February 1987, a new Bank of South Carolina was established in Charleston, proudly adopting the name of the inaugural bank in the nation. The original bank building from 1798, located at 50 Broad Street, was subsequently utilized by various institutions, including the Charleston Library Society and Citizens and Southern Bank, before returning to its original banking purpose. The modern-day Bank of South Carolina, imbued with its rich history, has since expanded to multiple offices across the Charleston-area tri-county region.