STATE OF SOUTH CAROLINA FIFTY DOLLAR NOTE 1872. UNCIRCULATED/CRISP

Description

Taken to the Cleaners by the State of South Carolina!
In 1872, the state of South Carolina needed ,000,000 to finance the reconstruction of the Blue Ridge Railroad. It seemed like a no-lose deal. Railroads were in their heyday, and the state guaranteed repayment. Famed industrialist Edward P. Wesley coughed up the dough and received ,000,000 in notes designed like intricately engraved currency. But, in 1873, South Carolina reneged, leaving Wesley with the unredeemable notes.
Wesley fought the state in the courts but lost. He was left with nothing but the notes.