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Curious Booklets about Curious US Paper Money
Researching for a project to create a Local Currency, I borrowed four
books from the ANA Library. 1. The Copper and Iron Dollars of the Upper Peninsula (Curto) 2. Michigan Depression Scrip (Curto) 3. Kinds of Scrip Issued by School Districts in Financial Emergencies (Muscalus) 4. Odd Bank Note and Scrip Denominations (Muscalus) Copper and Iron Dollars are banknotes (scrip) issued by mining companies. The region was opened in the late 1850s. Federal money was scarce enough. Once the Civil War started, money was really scarce. So, the mining companies issued their own. They apparently stood behind the issues with federal money at clearing houses. Michigan Depression Scrip is a book often referred to -- and I have some of the scrip from Howell and Detroit -- but this is the first time I have actually gotten my hands on the book. The School District Scrip is an interesting footnote to the Depression moneys. One quote is that scrip went easier among teachers and school boards. They understood the problem and the solution right away. Also, holding some extra status in society, teachers imparted a halo effect to the paper money substitutes. One problem that the local currecy committee is having is dealing with the federalization of the denomination. In other words, they think in terms of Ten Dollars or Twenty Dollars. This is all very convenient and all, but does it relate well to the economic reality of our region? Perhaps a Time Dollar good for $15.38 3/8 makes more sense. |
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