Found the following in one of my currency books that may be of some assistance:
"Reconstruction in South Carolina extended from the close of the war in 1865 until 1877 when federal troops were finally withdrawn from the state. The Reconstruction government was corrupt at all levels and was responsible for stealing millions of dollars from the citizens of South Carolina by perpetrating all types of financial scams. Scams included the issuance of bonds without record of how many were sold or where the proceeds went, paper money that was issued without the authorization of the state legislature, at least initially, and the sale of worthless land at greatly inflated prices, by members and friends of the government, to the state land commission that was to be sold at favorable rates to the 'landless,' which included the freed slaves. The state debt increased from $8.6 million in October 1867 to approximately $20 million dollars by 1871. The majority of this money ended up in the pockets of members of the Reconstruction government and their friends.
South Carolina used the Bank of the State of South Carolina, which was wholly owned by the state, as its institution for the issuance of paper money, both before and during the Civil War. The bank was established in 1812 and the earliest known issues were dated 1815. The latest issues were dated during the Civil War years. Bonds for 'military defense' were issued by the bank during the war. The fractional paper issues dated 1861 through 1863 were issued by the state as a result of the lack of small change during the war due to the hoarding of specie."
A Guide Book of Southern States Currency - History, Rarity, and Values, pp. 297-298, Hugh Shull