Description:

South Carolina, Charleston, Bank of the State of South Carolina, $5, 1855, Haxby: SC-45-G42b, Sheheen 563, Bald, Adams & Co. and Bald, Cousland & Co. imprints at bottom, Fort Moultrie at center, Robert Hayne at lower left, Langdon Cheves at lower right, historical vignettes found only on this note and an odd denomination, NO cut cancellations as normally found on these, rubber stamp cancellations on back and and ink notation at left, tiny hole at center, fine to very fine. 

"This bank was wholly owned by the State of South Carolina and was the fiscal agent of the State during its entire existence from 1812-1865. The privilege of issuing Bank notes under $5.00 in denomination was reserved to this bank only. It rendered invaluable service to the State, serving as the State Treasury, Paying Agent, and Depositary during its entire existence. The State of South Carolina was unique among the Southern States in having such an institution. South Carolina issued all of its notes through this bank thus there are no other State notes except these. They should be considered as State issues since the full faith and credit of South Carolina backed them. A Supreme Court decision, after the war, upheld the requirement that the bank could not go into bankruptcy, as the other private institutions did, but must pay off its obligations since the bank was a wholly owned institution of the State." (From "South Carolina Obsolete Notes and Scrip" by Austin M. Sheheen, Jr., Camden, SC, 2003)