1872 $20 Obsolete South Carolina, Columbia

Description

"Obsolete paper notes" refers to banknotes, scrip, and other forms of paper money issued by entities other than the federal government, such as state banks, businesses, and local governments, before the creation of a standardized national currency in the United States, typically between 1782 and the late 1860s. Before the Civil War and the establishment of a national currency, many banks and private institutions issued their own paper currency to support local commerce. These notes became considered "obsolete" as they could no longer be redeemed or were not widely accepted, especially with the rise of a more centralized monetary system. A variety of issuers, including state banks, railroad companies, businesses, and even individuals, created these notes, which came in a wide range of designs and denominations.