Watch List notes:

Columbia, South Carolina, State of South Carolina, $20, 2-3-1872, serial 4962, PMG Gem UNC 65 EPQ. Cr-7. The 1872 revenue bond scrip series was created to replace South Carolina's guarantee for the bonds of the Blue Ridge Railroad Company, which had failed. However, an unknown party placed and received a second order for these notes from the American Bank Note Company. Knowing that fraud had occurred, South Carolina cancelled their issuance and the notes never circulated. Excellent colors, margins, and edges, wholly deserving of grade and the EPQ designation. PMG #1035366-001.

Estimate: $150-225