One of the darkest times in American history affected the entire world. The Great Depression began after the stock market crashed in 1929; its catastrophic collapse led to the loss of billions of dollars overnight. Banks and businesses failed and unemployment skyrocketed across the country. Local municipalities were without cash, so to improvise they issued pay warrants, a kind of scrip that could be used within the community for goods and services. At specific times of the year, merchants could redeem the scrip for cold hard cash. This genuine $1 pay warrant was issued by the city of Charleston, South Carolina during the height of the Depression. Housed in an informative folder.