The pound was the currency of South Carolina until 1793. Initially, Pound sterling circulated, supplemented from 1703 by local paper money. Although these notes were denominated in £sd, they were worth less than sterling, with 1 South Carolina shilling = 8d sterling. The first issues were known as Proclamation Money. They were replaced by the Lawful Money issue in 1748, with 1 Lawful shilling = 4+2⁄3 Proclamation shillings.