Detroit Community Scrip
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Detroit Community Scrip, also called Detroit Cheers, was a
local currency In economics, a local currency is a currency that can be spent in a particular geographical locality at participating organisations. A regional currency is a form of local currency encompassing a larger geographical area, while a community curren ...
used in
Detroit, Michigan Detroit ( , ; , ) is the largest city in the U.S. state of Michigan. It is also the largest U.S. city on the United States–Canada border, and the seat of government of Wayne County. The City of Detroit had a population of 639,111 at ...
, first issued in April 2009. Modeled upon the local
scrip A scrip (or ''chit'' in India) is any substitute for legal tender. It is often a form of credit. Scrips have been created and used for a variety of reasons, including exploitive payment of employees under truck systems; or for use in local co ...
that were used during the Great Depression, it was being used to restore local financial confidence following decades of economic decline. The Cheers are backed by U.S. currency and are fully exchangeable for an equal amount of
U.S. dollar The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the officia ...
s, backed by several Detroit-based businesses. In April 2009, there were $4,500 worth of cheers in circulation. Businesses could sign up to be issuers and print scrip after depositing a matching amount in U.S. dollars and then be entitled to print Cheers.


History

The Detroit Scrip was first issued in April 2009, by Foran's Grand Trunk Pub and The Park Bar or Motor City Brewing Works. Including the issuers, there were 17 initial businesses accepting the Cheer. By November 22, 2009, the official website of the Detroit Community Scrip was no longer live.


Design

Detroit Cheers were available in only the $3 denomination; the standardized face of the Cheer features ''
The Spirit of Detroit ''The Spirit of Detroit'' is a monument with a large bronze statue created by Marshall Fredericks and located at the Coleman A. Young Municipal Center on Woodward Avenue in Detroit, Michigan. Description ''The Spirit of Detroit'' is a monumen ...
'' over the Detroit skyline. The back of the bill was designed by the issuing business and could vary.


References


External links

*{{Official website, https://web.archive.org/web/20090511092534/http://www.detroitscrip.org/index.htm Private currencies Local currencies of the United States Economy of Detroit