All of the colonies that were to form the United States issued paper money. Massachusetts was first in 1690. North Carolina authorized its first paper money in 1712 and issued it in 1713, making the Old North State the eighth colony to resort to the necessary but disliked form of money.

Paper money was considered better than no means of exchange, and North Carolina, like the other colonies, relied on a paper money economy for most of the 18th century. The paper money habit continued into early statehood, ending with the issues emanating from 1785 legislation. The State did not issue more paper money, with the exception of a few issues in the 1814-1824 period, until the proliferation of treasury notes during the Civil War. After the colonial period, state and federal governments generally shied away from paper money until the feds began in earnest to print paper money during the Civil War. By then there was no turning back to a hard money-only economy.

Issues of North Carolina colonial paper money are identified by the legislation that enabled them. Usually, but not always, there is reference in the text on the note to that legislation, including a passage or legislative session date. There are 25 different issues, each with several denominations.